BEIJING, Dec. 06, 2019 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products in China, announced today that it completed its first board meeting (the "Meeting") for fiscal year 2019 held on November 26, 2019 in Beijing, China and pursuant to which the Company’s directors:
· Re-elected Mr. Yuying Zhang as the Chairman of the Board of Company to hold office until the next annual general meeting.
· Elected Mr. Baolin Li as the Vice Chairman of the Board of Company to hold office until the next annual general meeting.
· Elected Mr. Harry Edelson as an independent director of the Board of Company.
Mr. Harry Edelson has worked in the venture capital industry for more than 20 years, and his investment performance was ranked first among all venture capital companies in the east coast of United States. Even during the catastrophic decline in the stock market from 2000 to 2002, his fund's annual return (IRR) averaged 27%. Harry creates and manages a series of strategic venture capital funds for 10 large companies in different industries worldwide. He is also the first venture capital investor for 11 early-stage companies with a market value range from USD 1 billion to USD100 billion. Harry greatly enhances the Company's ability in investment and financing.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, commented, “The changes in the personnel of the new board of directors will better support the management and boosting the efficiency of decision-making. Vice Chairman Mr. Baolin Li is a new strategic investor of the Company and he will be fully responsible for the strategic development and specific business of the industrial hemp sector in Shanxi Provenience. Vice Chairman Baolin Li has rich management experience, a keen strategic vision and excellent execution capabilities, and he has many years of practical experience and outstanding performance in the field of investment, financing and fund management.”
Mr. Zhang continued, “This year, the Company officially entered the industrial hemp industry and achieved certain results. In the future, we will increase the comprehensive utilization of the hemp industry and follow the principle of maximizing shareholder value, focus on our customs and market, leverage our advantages in product technology innovation and management efficiency in the field of industrial hemp. Look forward, we expect to constantly strengthen the Company’s core competitiveness, become an industry hemp industry benchmark and improve our shareholder returns. At the same time, the Company will also explore opportunities to develop strategic emerging businesses in the high-tech industry.”
About Shineco, Inc.
Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company. Through its subsidiaries and variable interest entities, Shineco undertakes vertically- and horizontally-integrated production, distribution, and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visit http://tianyiluobuma.com.
This press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission.
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Ascent Investor Relations LLC