UCHC Clarifies Status of Company
SHENZHEN, China, May 7, 2013 /PRNewswire/ -- Uni Core Holdings Corporation (OTC Bulletin Board: "UCHC"), a Hong Kong based holding company, clarifies and clears the shareholders' concern that UCHC is a solid company with actual business operations and revenues.
Although it was and still is a very difficult situation financially due to the sub-standard performance of one our segments, APT Paper Group, management of UCHC continues to work hard to revitalize the company, including building up the farm business of the Shaanxi Prosperous Agriculture Company Limited.
Mr. James Wu, CEO of UCHC, is pleased to release the positive news that the Korean "Phyllite" has contributed greatly to building up the farm business and has been developed into various new products. Furthermore, a manufacturing facility can be built to handle the sub-contract work for other farm products, such as farm medicines for fish farms and animal farms, etc., which can be exported to Japan as well as distributed in the China market.
Management of UCHC further explained that UCHC is waiting for the completion of the U.S. Audit results. This is the reason why the farm business results have not been consolidated into the books of UCHC, although UCHC owns 51% controlling interest of the farm business. It is expected that the farm business results will be included in the next quarter report, in June 2013.
To summarize, UCHC is still very much alive and active, the management is working hard to try to rebuild the company back to a profitable company. Fund raising is critical to the pace of the farm business expansion or the business may move slower.
About Uni Core Holdings Corporation (UCHC.OB)
Uni Core through its subsidiaries develops, manufactures and distributes environmental friendly paper and agricultural products based upon its proprietary technology and supply chains. The Company was founded in 1998 and is headquartered in Hong Kong.
APT Paper Group, founded in November 1993, is a wholly owned subsidiary with factories in Suzhou and Qingdao, China. UCHC acquired 100% of APT in June 2010. Based upon proprietary technology, production, marketing and global supply chains, APT is one of the leaders of the modern environmentally friendly packing and honeycomb paper products industry in China. APT's products are produced from recycled materials and are recyclable. APT's products include honeycomb paper pallets, honeycomb paper panels, honeycomb paper cartons, honeycomb paper coffins, honeycomb paper cushions, paper slip-sheets, paper corner protectors and corrugated paper products. APT holds patents throughout the world on many of its products. Some of APT's customers include Wal-Mart, Costco, Sam's Club, Sony, Nokia, DHL, Haier, Hisense, among others.
Prosperous Agriculture, 51% of which is owned by UCHC, is headquartered in Xi'an, Shaanxi Province, China. Prosperous Agriculture manufactures and distributes agricultural brands and also establishes a national agricultural resources chain direct sales platform through the opening and acquiring of agricultural resources direct sales outlets and dealers, and by working with well-known manufacturers of agricultural products. Prosperous Agriculture integrated more than 2,000 agricultural resources.
Safe Harbor Statement:
Except for statements of historical fact, this document contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of the Company's products. Such forward-looking statements are based on present circumstances and on the Company's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include the Company's ability to raise capital to engage in operations, general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors that the Company has little or no control. Such forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by the Company with the Securities and Exchange Commission.
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SOURCE Uni Core Holdings Corporation