FUZHOU, China, Jan. 14, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (NASDAQ: PME)
("Pingtan" or the "Company"), a
fishing company based in the People's republic of China, today announced a substantial
year-on-year revenue guidance increase of over 100% for the
fiscal year 2021.
The Company currently operates a fishing fleet of 92 vessels,
including 89 harvesting vessels and 3 refrigerated transport
vessels, with a total gross tonnage of over 110,000. Among the 89 active harvesting vessels,
approximately 77 were operating in their respective fishing grounds
during the 4th quarter of 2020. Based on this, the Company
estimates that the revenue for the full fiscal year 2020 would be
approximately $85 million.
Previously in December 2020, the
Company announced the approval of modification and rebuilding for
20 inactive vessels. Upon the completion of these 20 vessels, the
number of active harvesting vessels of the Company is expected to
reach 109 by the end of 2021. In addition, the Company has
discovered new seasonal fishery stock in international waters early
this year and have arranged a group of harvesting vessels to the
waters for fishing operations. Given the above, the Company expects
the revenue for the full fiscal year 2021 to increase by 100% or
higher.
Mr. Xinrong Zhuo, Chairman and
CEO of the Company, commented: "There is a lot of positive
inertia in our business right now. Whether it is more vessels
fishing, new seasonal fishery stock discovered in the international
waters, or the vertical integration of our business model into the
retail sector, we are excited about the Company's prospects. The
demand in China is increasingly
great for our catches."
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing
through its subsidiary, Fujian Provincial Pingtan County Ocean
Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended. Words
such as "estimate," "project," "forecast," "plan," "believe,"
"may," "expect," "anticipate," "intend," "planned," "potential,"
"can," "expectation" and similar expressions, or the negative of
those expressions, may identify forward-looking statements.
Although forward-looking statements reflect the good faith judgment
of our management, such statements can only be based on facts and
factors currently known by us. Consequently, forward-looking
statements are inherently subject to risks and uncertainties and
actual results and outcomes may differ materially from the results
and outcomes discussed in or anticipated by the forward-looking
statements, including general economic and market conditions and
other risk factors contained in Pingtan's SEC filings available
at www.sec.gov, including Pingtan's most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
Pingtan undertakes no obligation to update or revise any
forward-looking statements for any reason, except as required by
law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.