Synutra Announces Confirmation of Infant Formula Safety Infant Formula Passes Government Tests
QINGDAO, China and ROCKVILLE, Md., Jan. 13, 2012 /PRNewswire-Asia/ -- Synutra International, Inc. (NASDAQ: SYUT), ("Synutra" or the "Company"), which owns subsidiaries in China that produce, market and sell nutritional products for infants, children and adults, today announced that the People's Government of Duchang County in Jiangxi Province concluded after product testing that the Company's infant formula products are compliant with all government safety standards. The tests were performed due to the incident involving the Jiangxi twins that the Company announced yesterday. The government also found that the death of the male infant and the illness of his twin sister were both not due to food poisoning or related to food.
Mr. Liang Zhang, Chairman and CEO of Synutra, reacted to the government finding, "We are gratified to learn that government testing has confirmed our own test results earlier today to show that our products are safe. Given the turbulent history of China's dairy industry, we recognize our consumers are more focused than ever on product safety. We hope that the government's swift response and confirmation of the safety of our infant formula products will alleviate the concerns of our consumers and the general public. As the government testing results reinforce, Synutra is a company dedicated to producing safe and high quality products to better safeguard the health and nutrition of infants in China."
Please contact the Company at IR @Synutra.com with any further inquiries.
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company in China. It principally produces, markets and sells its products through its operating subsidiaries under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of September 30, 2011, this network comprised over 670 independent distributors and over 900 independent sub-distributors who sell Synutra products in over 72,000 retail outlets.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Synutra International, Inc. and its industry. All statements other than statements of historical fact in this release are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "will," "aim," "potential," "continue," or other similar expressions. The forward-looking statements included in this press release relate to, among others, Synutra's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the nutritional products and infant formula markets in China; market acceptance of Synutra's products; the safety and quality of Synutra's products; Synutra's expectations regarding demand for its products; Synutra's ability to stay abreast of market trends and technological advances; competition in the infant formula industry in China; PRC governmental policies and regulations relating to the nutritional products and infant formula industries, and general economic and business conditions in China. These forward-looking statements involve various risks and uncertainties. Although Synutra believes that the expectations expressed in these forward-looking statements are reasonable, these expectations may turn out to be incorrect. Synutra's actual results could be materially different from the expectations. Important risks and factors that could cause actual results to be materially different from expectations are generally set forth in Synutra's filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release. Synutra International, Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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Synutra International, Inc.
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SOURCE Synutra International, Inc.