Pingtan Marine Enterprise Announces Additional Public Information Relating to Its Fishing Vessels Published by the Ministry of Agriculture
FUZHOU, China, April 3, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced additional public information relating to its fishing vessels which has been published by China Distant Water Fisheries (www.cndwf.com or "CNDWF"), an information network website run by the Bureau of Fisheries of the Ministry of Agriculture of the PRC.
The report, published on March 21, 2014 from CNDWF, records the daily operation (in hours) during February 2014 of each of China's fishing vessels, a total of 2,298, operating in foreign waters by the 150 China-based fishery companies. This report is updated monthly directly by the Bureau of Fisheries of the Ministry of Agriculture of the PRC.
Below is a link to the "Distant Water Fishing Vessels Position Monitor Monthly Report - 2014 February" from China Distant Water Fisheries (in Mandarin): http://www.cndwf.com/bencandy.php?fid=19&id=8507
The Company currently operates 126 fishing vessels and is the second largest China based Fishery Company operating its vessels outside of China waters. Among the 126 fishing vessels, 114 of these vessels are operating in the Arafura Sea in Indonesia, and the remaining 12 vessels are operating in the Bay of Bengal in India. Among the 126 fishing vessels, 60 fishing vessels were directly owned by the Company at the time of the February 2013 business combination, 46 fishing vessels were acquired by the Company from Fuzhou Honglong Ocean Fishery Co., Ltd. in June 2013 and 20 fishing vessels were added to the Company's fleet in connection with a previously announced transaction involving the sale of the Company's dredging operations subsidiary in December 2013 and for which we have exclusive operating rights for 25 years. The 46 fishing vessels acquired from Fuzhou Honglong Ocean Fishery Co. are in the process of completing the registration process with the China Fujian Government which is necessary for recording change ownership of the vessels.
Pingtan includes a full list of all of its vessels on its website at the following link: http://www.ptmarine.com/fishing-operations/our-vessels
Pingtan's Chairman and CEO, Mr. Xinrong Zhuo, stated, "We strive to provide additional useful third party public information to our investors, as we believe that transparency supports investors' confidence and our credibility. We will keep investors apprised of our progress."
Pingtan is a global fishing company, engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in the Company's SEC filings available at www.sec.gov, including the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statement and Registration Statement on Form S-3. 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.
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
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SOURCE Pingtan Marine Enterprise Ltd.