Shineco, Inc. Enters into Strategic Cooperation Agreement to Establish the Apocynum Industrial Park in Xinjiang, China
BEIJING, September 22, 2017 /PRNewswire/ -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, today announced that the company has entered into a Strategic Cooperation Agreement (the “Agreement”) with Mr. Jianjun Wang, an expert in Apocynum industry in China, to establish the Apocynum Industrial Park in Xinjiang, China.
Pursuant to the Agreement dated on September 21, 2017, both parties have agreed to invest 50 Million RMB (approximately $7.57 Million USD) in total as the capital to establish the Apocynum Industrial Park under the joint venture company name of Xinjiang Shineco Taihe Agriculture Technology Ltd. (the “Xinjiang Taihe’) Upon the closing of the Agreement, Shineco will own 95% of the equity interest of the Xinjiang Taihe.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, stated "We intend to establish a 300,000 mu (approximately 50,000 acres) modern Apocynum Industrial Park to implement the Industrialization of Apocynum in three years. The Apocynum Industrial Park is expected to contribute $40 million revenue to Shineco by the end of 2018. Mr. Zhang continued: “Today’s announcement is another milestone for the growth of our business in apocynum market and reflects our strong commitment to Chinese apocynum development."
About Shineco, Inc.
Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. ("Shineco" or the "Company") is a Delaware holding company that uses its subsidiaries' and variable interest entities' 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 the Company, please visit www.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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