BEIJING and CHANGGE, China, March 24, 2011 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. (Nasdaq: HOGS, "Zhongpin"), a leading meat and food processing company in the People's Republic of China, today announced that Chinese Vice Prime Minister Hui Liangyu led an agricultural delegation to visit Zhongpin and praised its operations.
On March 21, 2011, Mr. Hui Liangyu, Vice Prime Minister of China, visited Zhongpin, accompanied by vice governors and deputy mayors who are primarily in charge of agriculture in many provinces, cities, and districts. Officers of the Ministry Of Agriculture and the Development and Reform Commission also attended. The delegation's visit was part of the National Agricultural Conference.
Mr. Zhu Xianfu, Chairman and CEO of Zhongpin, reported on Zhongpin's recent developments to the Vice Prime Minister and the delegation.
Mr. Hui acknowledged the rapid development of Zhongpin, saying, "When I first became Vice Prime Minister in March 2003, the first stop on my tour within China was in Henan province. At that time, when I visited your company, your revenues were around several hundred million RMB per year. Now Zhongpin has become so large in eight years, it clearly was not very easy to accomplish."
Mr. Zhu responded, "Zhongpin's rapid development has been largely attributable to our supply chain consolidation and standardization of our management processes."
Mr. Hui added, "What is the largest industry in the world -- that would be the food industry. It produces something that everyone needs every day. It is an industry that will never decline and is a one-time consumption industry.
"Zhongpin's business incorporates all three levels of industry – primary, secondary, and tertiary – into one complete and extended chain that also has been increasing its value added."
During his inspection, Mr. Hui visited Zhongpin's production operations and cold storage facilities in Changge, and gave high praise for the company's food safety, farming cooperative model, product development, industrial layout, and cold-chain logistics.
The Vice Prime Minister's visit signifies an important opportunity for Zhongpin to expand its market share and gain favorable government policies.
Zhongpin Inc. is a meat and food processing company that specializes in pork and pork products, vegetables, and fruits in China. Its distribution network in the China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,300 retail outlets. Zhongpin's export markets include the Europe, Hong Kong, and certain countries in Asia.
Safe harbor statement
Certain statements in this news release are forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Zhongpin has based its forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its business strategy, results of operations, financial condition, and financing needs. These forward-looking statements can be recognized by the use of words such as "anticipates," "estimates," "expects," "intends," "plans," "projects," "will," or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company's operations, and are subject to risks, uncertainties, and other factors beyond the Company's control.
These projections involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include but are not limited to such factors as downturns in the Chinese economy, unanticipated changes in product demand, interruptions in the supply of live pigs and or raw pork, the effects of weather on hog feed production, poor performance of the retail distribution network, delivery delays, freezer facility malfunctions, Zhongpin's ability to build and commence new production facilities according to intended timelines, the ability to prepare Zhongpin for growth, the ability to predict Zhongpin's future financial performance and financing ability, changes in regulations, and other information detailed in Zhongpin's filings with the United States Securities and Exchange Commission. These filings are available from www.sec.gov or from www.zpfood.com.
You are urged to consider these factors carefully in evaluating Zhongpin's forward-looking statements, whether written or oral, and whether made by or on behalf of Zhongpin, and are cautioned not to place undue reliance on those forward-looking statements, which are expressly qualified in their entirety by this cautionary statement. All information provided in this news release is as of the date of this release. Zhongpin does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
For more information, please contact:
Mr. Sterling Song (English and Chinese)
Investor Relations Manager
Telephone +86 10 8286 1788 extension 101 in Beijing
Mr. Warren (Feng) Wang (English and Chinese)
Chief Financial Officer
Telephone +86 10 8286 1788 extension 104 in Beijing
Mr. Han Fang (English and Chinese)
Mobile +86 134 6631 2957 in Beijing
Mr. Tom Myers (English)
Mobile +86 139 1141 3520 in Beijing
Ms. Kathy Li (English and Chinese)
Telephone +1 212 618 1978
SOURCE Zhongpin Inc.