Rongfu Receives Contract to Manage Major Co-Op Fish Farming Park

GUANGZHOU, China, Aug. 23 /PRNewswire-FirstCall/ -- Rongfu Aquaculture, Inc (OTC Bulletin Board: RNFU), a leading company in the business of cultivating, harvesting, and trading of tilapia, snakefish, and other aquatic products in People's Republic of China, announced today that the local government has designated it to operate the 3,300-acre Qingqi aquatic park. This will be the first stage in the implementation of Rongfu's co-op model.

In the Qingqi Project, located in Shanshui, Guangdong province, the government will spend 150 million RMB to create a modern aquatic production base. The government will construct ponds for fish farming, upgrade water conservation, construct roads, and install utilities. The land will then be leased to the farmers for aquaculture.

Rongfu has been granted a 30 year exclusive contract to manage the project. It will provide the farmers with fish fry (baby fish), feed, medicine, and training. It will also be able to purchase the production and distribute the fish through its extensive distribution network. Rongfu will also be entitled to receive special subsidies and other preferential treatment from the local government.

"We are very excited to implement the first step in our 'company and farmers co-op model'," Chen Zhisheng, Chairman of Rongfu said. "The government in Guangdong has large tracks of land and wants to encourage fish farming. The co-op model allows the farmers to grow and harvest the fish, while we provide the fry, feed, technology, and training."

"Our goal is to build the aquatic park into a model aquaculture base," Mr. Chen continued. "We have been working very closely with the government as well as with local farmers and believe this model will be profitable and easy to expand. We also plan to launch a 'Fish Fry Mall' within the park to create a platform for matching fish fry providers with fish farmers."

About Rongfu Aquaculture, Inc.

Founded in 2003, Rongfu Aquaculture, Inc., is headquartered in Fushan, Guangdong Province in the PRC. Through its subsidiaries and the contractual agreements, Rongfu is engaged in commercial freshwater aquaculture in the PRC. Rongfu cultivates its fish, mostly tilapia and snakehead, in fresh water, sells fish and fish fry, and also acts as a dealer of freshwater fish. Rongfu operates 13 adult fish breeding farms, three of them located in Hainan Province, and the other ten in Guangdong Province.

SOURCE Rongfu Aquaculture, Inc.