Shineco, Inc. Reaches Consensus on Cooperation with Wuchang Municipal Government of Heilongjiang Province
December 16 2019 - 9:30AM
Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a
producer and distributor of Chinese herbal medicines, organic
agricultural produce, hemp products, and various health and
well-being focused plant-based products in China, announced
today that Mr. Yuying Zhang, Chairman and Chief Executive Officer
of Shineco, has reached a consensus on cooperation with Vice Mayor
Zhang Jianchun of Wuchang municipal government of Heilongjiang
Province (the Government) regarding Shineco’s industry hemp
development plan in Heilongjiang Province (the “Plan”).
Wuchang City of Heilongjiang Province has a
superior geographical location and convenient transportation. It is
located 24 kilometers north of Harbin, the provincial capital, and
close to Changchun, the capital of Jilin Province. The
transportation network of Wuchang includes a Labin Railway that
runs through the north and south, and the main highways such as
Heida and Hawu. Now Wuchang City has been included in the core
development plan of the Harbin-Daqi Industrial Corridor.
Wuchang City has fertile soil with a total
arable land area of approximately 3.8 million mu (among which 1.75
million mu are wet land and 2.05 million mu are dry land). It is an
important commodity grain base in China and ranked Top 10 advanced
counties (cities) by production in China and named Top 5 rice
county in China. "Wuchang Rice" has received multiple awards:
"Geographical Landmark Protected Products in China", "Certificate
of Origin", "Chinese Famous Brand Products", "Chinese Famous Brand
Agricultural Products" and "China Well-Known Trademarks". Dry land
mainly refers to high-quality black soil which is the most precious
soil resource on the earth and only located in four places in the
world (the Great Plains of Ukraine, the Mississippi Basin in North
America, the Pampas Grasslands in South America and the Northeast
Plain in China). Black soil has moderate pH and good permeability
for fiber accumulation and formation, which is an excellent place
for industry hemp cultivation.
The Government attaches great importance to the
Plan and agrees to cooperate with the Company. The Plan is highly
consistent with Heilongjiang's industry development plan. The
Company has been invited to Wuchang to conduct field inspections to
complete the project of Industry hemp comprehensive utilization
industrial park as soon as possible, and build an industry hemp
industrial chain system. The Government believes that this move
will increase the income of local farmers and promote the
adjustment of the agricultural industrial structure. At the same
time, it is also of long-term significance to the development and
expansion of the Plan, and both parties are excited for the
forthcoming cooperation.
Mr. Yuying Zhang, Chairman and Chief Executive
Officer of Shineco, commented, “Shineco has always adhered to
serving local economic development, maintaining long-term and close
cooperative relationships with local governments and enterprises,
working to promote the optimization of local agricultural
structures, strengthening rural economic strength, and achieving
industry hemp industry integration. We believe that this
cooperation between Shineco and the Government will focus on
industrial hemp cultivation to establish a series of industry hemp
related industry chain development. The cooperation is to make
"Wuchang Industry Hemp" a new city landmark besides "Wuchang Rice"
and also to lay a solid foundation for Shineco’s future development
plan of industry hemp in Harbin. It will greatly promote the
comprehensive utilization value of industry hemp and further
stimulate local economic growth. Shineco will also fully grasp the
development opportunities of the industry hemp, actively integrate
high-quality resources, and accelerate the implementation of our
projects.”
About Shineco, Inc.
Incorporated in Delaware in August
1997 and headquartered in Beijing, China, Shineco is
a holding company. Through its subsidiaries and variable
interest entities, Shineco undertakes vertically- and
horizontally-integrated production, distribution, and sales
channels to provide health and well-being focused plant-based
products in China. Utilizing modern engineering technologies
and biotechnologies, Shineco produces, among other products,
Chinese herbal medicines, organic agricultural produce, and
specialized textiles. For more information about Shineco, please
visit http://tianyiluobuma.com.
Forward-Looking Statements
This press release contains information about
Shineco's view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Shineco encourages you to review other
factors that may affect its future results in Shineco's
registration statement and in its other filings with the Securities
and Exchange Commission.
For more information, please contact:
Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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