Pingtan Marine Enterprise LTD. Announces Joint Venture with China Co-op (Hainan) Industry Development Co., Ltd.
FUZHOU, China, July 2, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan") a global fishing company based in the People's Republic of China ("PRC"), today announced that the Company finalized its joint venture with China Co-op (Hainan) Industry Development Co., Ltd., one of China Co-op Group's wholly-owned companies. The Company had previously announced a strategic cooperation framework agreement for the two companies to work together as part of Pingtan's intention to develop into a seller of fish products directly to end markets.
The joint venture, known as Global Deep Ocean Fishing (Pingtan) Industrial Limited Company, will process, cold storage, and transport deep ocean fishing products. The two companies under this joint venture will be constructing a fishing processing plant in Pingtan County as soon as all permits are obtained, and will establish selling branches to distribute its fishing products to end markets directly across China.
Mr. Xinrong Zhuo, Pingtan's Chairman and CEO, stated, "It is important that we continue to expand our presence in mainland China as the demand for deep ocean seafood domestically continues to grow. This joint venture with China Co-op (Hainan) is a great leap forward to reaching our goal of capturing more sales directly to end-customers and to raise awareness of Pingtan's brand. We are excited about this joint venture, and believe it is truly a win-win opportunity for both companies."
China Co-op (Hainan) Industry Development Co., Ltd. is one of China Co-op Group's wholly-owned companies. China Co-op Group is China's largest federal-level food industry integrated enterprise group engaged in food trading. China Co-op (Hainan) Industry Development Co., Ltd. operates its supermarket chains across China, with a current asset size of 190 billion RMB and annual revenue of more than 130 billion RMB.
For more information regarding China Co-op (Hainan) Industry Development Co., Ltd, please visit http://www.ccoopg.com/.
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.
Tel: +86 591 87271753
The Equity Group Inc.
Katherine Yao, Associate
86 10 6587 6435
Adam Prior, Senior Vice President
SOURCE Pingtan Marine Enterprise Ltd.