Zhongpin Inc. Updates New Facilities Construction Progress
02 Giugno 2008 - 4:38PM
PR Newswire (US)
CHANGGE CITY, Henan, China, June 2 /Xinhua-PRNewswire-FirstCall/ --
Zhongpin Inc. (NASDAQ:HOGS) ("Zhongpin"), a leading meat and food
processing company in the People's Republic of China ("PRC"), today
provided an update on the construction of its new prepared meat
facility at Zhongpin's Industrial Park located in Changge City,
Henan Province and its frozen and chilled pork processing
facilities in western and eastern Henan Province. On March 12,
2008, Zhongpin began construction of its new processed meat
facility with an annual production capability of 28,800 metric
tons, bringing Zhongpin's total capacity of prepared meats to
54,000 metric tons. Construction is moving forward on schedule and
the company is currently evaluating and purchasing equipment for
the facility. Zhongpin plans to equip its prepared meat facility
with over 40 pieces of the most advanced, automated,
state-of-the-art equipment, including sausage filling and cooking
equipment, from top-tier equipment manufacturers in Germany.
Zhongpin has twice sent members of its research and development
team to Europe to evaluate equipment and the latest technology.
Other supporting equipment will be provided by Chinese
manufacturers. By combining imported and domestic equipment,
Zhongpin can lower capital investment while guaranteeing that the
quality of its products will meet international standards. The
Company is confident that the prepared meat facility will begin
production in September 2008 as planned. Construction of Zhongpin's
new factory in Luoyang City, Henan province is also proceeding on
schedule and the company expects to begin trial production at the
end of June. Zhongpin is in the process of signing supply contracts
with hog producers in the surrounding areas and has signed letters
of intent with several major farms and sales agents for the
purchase of more than 2,000 hogs per day. Zhongpin's marketing and
sales divisions have completed market research, identified target
markets and signed letters of intent with Zhongpin's major
customers. In addition, staff for the Luoyang facility is being
trained in the most effective processes and procedures at the
factory at Zhongpin's headquarters in Changge as well as its
facilities in Zhumadian and Anyang. Once completed, the new
processing facility will add 70,000 metric tons of annual capacity
of chilled and frozen pork. Construction at Zhongpin's eastern
Henan Province facility in Shangqiu City continues and the facility
is expected to begin operations in the fourth quarter of 2008. Once
the new western and eastern facilities are completed, Zhongpin will
have total capacity of 471,560 metric tons of chilled and frozen
pork, excluding outsourcing from OEMs. "Our new factories in
eastern and western Henan Province will allow us to further expand
production of chilled and frozen pork in order to meet demand for
high-quality pork in China. At the same time, our prepared meat
facility will allow us to expand our product lines to target mid-
and high-end consumers by appealing to their evolving tastes and
nutrition requirements with a variety of prepared pork products,"
said Mr. Xianfu Zhu, CEO of Zhongpin. "We are confident that we
will complete these facilities on schedule, which will further our
efforts to build a leading brand of pork products in China." About
Zhongpin Zhongpin is a meat and food processing company that
specializes in pork and pork products, and fruits and vegetables,
in the PRC. Its distribution network in the PRC spans more than 20
provinces and includes over 2,900 retail outlets. Zhongpin's export
markets include the European Union, Eastern Europe, Russia, Hong
Kong, Japan and South Korea. For more information, contact CCG
Elite directly or go to Zhongpin's website at
http://www.zpfood.com/ . Safe Harbor Under the Private Securities
Litigation Reform Act of 1995: Certain statements in this press
release constitute forward-looking statements within the meaning of
Federal securities laws. Forward-looking statements are statements
that are not historical facts. Such forward-looking statements are
based upon the current beliefs and expectations of the company's
management and are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements:
unanticipated changes in product demand, interruptions in the
supply of live pigs/raw pork, downturns in the Chinese economy,
delivery delays, freezer facility malfunctions, poor performance of
the retail distribution network, changes in applicable regulations,
and other information detailed from time to time in the company's
filings and future filings with the United States Securities and
Exchange Commission. For more information, please contact: Crocker
Coulson, President CCG Elite Tel: +1-646-213-1915 Email: Web:
http://www.ccgelite.com/ Yuanmei Ma, Chief Financial Officer
Zhongpin Inc. Tel: +86-10-82861788 DATASOURCE: Zhongpin Inc.
CONTACT: Crocker Coulson, President of CCG Elite, +1-646-213-1915,
or ; Yuanmei Ma, Chief Financial Officer of Zhongpin Inc.,
+86-10-82861788 Web Site: http://www.zpfood.com/
http://www.ccgelite.com/
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