China New Borun Announces on-Schedule Completion of Three New Projects
BEIJING, Sept. 27, 2011 /PRNewswire-Asia-FirstCall/ -- China New Borun Corporation (NYSE: BORN; "Borun" or the "Company"), a leading producer and distributor of corn-based edible alcohol in China, today announced the completion and placing into service of three important business projects for crude corn oil, liquid carbon dioxide, and grade-A edible alcohol production.
- The Company's crude corn oil project is located in its Shandong facility and has a designed capacity of 13,000 tons per year. The project is currently producing approximately 1,000 tons per month.
- The Company's liquid carbon dioxide project, also located in Shandong, has a designed capacity of 40,000 tons per year. The project is currently producing approximately 3,000 tons per month.
- The Company's grade-A edible alcohol project is located at its Daqing facility. The project has a designed capacity of 50,000 tons per year and is currently producing approximately 4,000 tons per month.
Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented, "We continue to see strong demand for our edible alcohol product, as well as for crude corn oil, and liquid carbon dioxide. With the on-schedule completion of our three new projects, we have improved our capability to increase the yield we get from processing corn and expanded our capacity for crude corn oil and liquid carbon dioxide. Both crude corn oil and liquid carbon dioxide provide us with greater revenue diversification and a larger customer base, which coupled with our expanded capability to produce grade-A edible alcohol, give us confidence that our plans for strong growth in the fiscal 2011 are on track."
About China New Borun Corporation
China New Borun Corporation (NYSE: BORN) is a leading producer and distributor of corn-based edible alcohol in China. Borun's edible alcohol products are primarily sold as an ingredient to producers of baijiu, a popular grain-based alcoholic beverage that is sold throughout China in retail stores, restaurants and bars. The Company also produces DDGS Feed, Corn Germ, liquid carbon dioxide and crude corn oil as by-products of edible alcohol production. China New Borun is based in Shouguang, Shandong Province. Additional information about the company can be found at http://www.chinanewborun.com and in documents filed with the U.S. Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov.
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Three Part Advisors, LLC
SOURCE China New Borun Corporation