China Marine's acquisition of Xianghe was finalized after management's due
Xianghe's flagship product, "Hi-Power" algae-based soft drink, was
developed by the Yellow Sea Fisheries Research Institute of Chinese Academy of
Fishery Science in coordination with Xianghe's founder, Mr. Qiu Shang Jing.
Hi-Power is marketed as a high-protein content drink, low in calories and fat,
which provides the consumers a combination of immune system benefits, improved
digestion and reductions in hyperglycemia and hypertension. Hi-Power's target
market focuses on health-conscious consumers in
Similar to China Marine, Xianghe has developed a network of distributors
with exclusive territories in
As part of the acquisition, the management team of Xianghe and all
associated sales and marketing staff will join the China Marine team.
Collectively, the team plans to meet the strategic goals of Hi-Power's
marketing strategy and also collaborate with China Marine's
Mingxiang(R)-branded seafood-based snack food sales team to leverage China
Marine's current distribution in seven provinces and future distribution
"We are very pleased to announce the closing of the acquisition of Xianghe
Revised 2010 Guidance
Based on the revenue and net income projections from Xianghe for 2010,
China Marine will increase its previously stated guidance of
About Xianghe Food Science and Technology
Shishi Xianghe Food Science and Technology Co., Ltd. is a
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack
foods, and fresh and frozen marine catch to seven provinces in the PRC.
Founded in 1994, China Marine has grown steadily and positioned its
"Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC.
The Company has received "The Famous Brand" and "Green Food" awards. China
Marine is located in the
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
For more information, please contact: COMPANY Marco Hon Wai Ku, CFO Suite 815, 8th Floor Ocean Centre, Harbour City Kowloon, HONG KONG Tel: +852-2111-8768 Email: firstname.lastname@example.org Web: http://www.china-marine.cn INVESTOR RELATIONS John Mattio, SVP HC International, New York Tel: +1-203-616-5144 (U.S.) Email: email@example.com Web: http://www.hcinternational.net
SOURCE China Marine Food Group Ltd.