Tianli Agritech Secures Subsidy for Enshi Black Hogs Project
WUHAN CITY, China, Aug. 10, 2012 /PRNewswire-Asia/ -- Tianli Agritech, Inc. (NASDAQ: OINK) ("Tianli" or the "Company"), a leading producer of breeder hogs and market hogs based in Wuhan City, China, today announced it has secured an agricultural subsidy from Hubei Province.
The Bureau of Animal Husbandry and Veterinary of Hubei Province, China, awarded Tianli Agritech a subsidy in support of the Company's work with black hog farmers in Hubei Province's Enshi Prefecture. The subsidy will last between five to eight years and will include yearly subsidy payments of approximately $150,000 to $200,000 (800,000 CNY to 1,000,000 CNY) in support of Tianli's breeding and commercialization of black hogs in Hubei Province. The Company expects the subsidy to be paid once per year with the first subsidy payment expected in 2013. Specifically, the subsidy is directed towards Tianli's contribution and efforts on the breeding and development of high-quality black hogs, and is intended to show support for the program from the provincial government. The Company believes that such support by the provincial government will provide additional benefits in building its black hog sales channels in Hubei Province.
"This is an important validation of our Black Hogs Program which we began in 2011 and have just begun selling black hogs in the market place," began Hanying Li, Chairwoman and CEO of Tianli Agritech. "Throughout Tianli's existence, we have worked closely with the Animal Husbandry and Veterinary Bureau in our Province and many other Agricultural Associations. We believe in close cooperation with our local institutions which in turn provide us with greater insight to agricultural and farming initiatives which impact our business and greater visibility in the community. This particular subsidy has been heralded by our management team and the farming base which we work as a solid certification of our approach and farming methodologies. Additionally, this subsidy award represents strong support from the Hubei provincial government which we believe will help us market and sell black hogs not only in Hubei Province but also in the North China Area. The ancillary benefit for our shareholders is yet another confirmation of our operations in the market which we intend to use as a differentiator of the quality of our black hog meat and integrity of Tianli's operations."
About Tianli Agritech, Inc.
Tianli Agritech, Inc. is in the business of breeding, raising and selling hogs in the People's Republic of China. The company is focused on growing high quality hogs for sale for breeding and meat purposes. The company conducts genetic, breeding and nutrition research to steadily improve its production capabilities.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Tianli Agritech, Inc.