NEW YORK, March 15, 2011 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. ("Zhongpin" or "the company," Nasdaq: HOGS), a leading meat and food processing company in the People's Republic of China ("China"), today commented on its high quality pork sourcing and processing and its expectations as the pork industry consolidates in China.
Mr. Xianfu Zhu, Chairman and Chief Executive Officer of Zhongpin Inc., said, "There are three primary reasons that we expect Zhongpin to do very well in the premium pork markets within the context of the pork industry consolidation in China.
"First, Zhongpin's upstream hog suppliers are mainly standardized live hog breeding farms and brokerages. Zhongpin's hog suppliers share the same commitment to the strictest quality assurance and control systems as Zhongpin and make their own quality control guarantees. In this way, national quality standards, quality assurance and control requirements, and high-end clients' requirements for the highest quality are satisfied.
"Second, Zhongpin possesses national-level quality inspection centers, and each of its slaughtering and processing facilities meet and comply with all relevant qualifications, including ISO9001, HACCP, GMP, and SSOP and other related standards. All live hogs, half-finished products, and finished products are processed under the strictest quality inspections. As standard operating procedure, if contaminants or illicit or poisonous chemicals, such as the lean drug clenbuterol, are found to exist in the processing lines, Zhongpin immediately conducts harmless disposal to eliminate all possibly contaminated material and contaminates. This standard practice is rigorously followed. To help assure consumers that they will receive the safest meat, the Chinese government will provide relevant subsidies for such quality assurance and quality control actions.
"Third, because Zhongpin starts with the highest quality hogs and has the most advanced quality assurance systems plus quality control inspections, Zhongpin is recognized as the leader in providing premium quality pork products that attract and retain the highest percentage of high-end clients and customers. The premium brand image of Zhongpin is widely recognized by the Chinese pork industry and Chinese consumers.
"With the acceleration of the pork industry's consolidation and growth of our company, Zhongpin expects to continue to capture more share in the markets for high-quality products in the near future."
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 European Union, Russia, Hong Kong, South Africa, and Southeast Asia. For more information about Zhongpin, please visit Zhongpin's website at http://www.zpfood.com.
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 Zhongpin's website at www.zpfood.com.
You are urged to consider these factors carefully in evaluating Zhongpin's forward-looking statements and are cautioned not to place undue reliance on those forward-looking statements, which are 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)
Telephone +86 10 5971 2001 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.