Zhongpin Inc. Resumes Production at Facility in Sichuan Province
16 Giugno 2008 - 2:00PM
PR Newswire (US)
CHANGGE CITY, China, June 16 /Xinhua-PRNewswire-FirstCall/ --
Zhongpin Inc. (NASDAQ:HOGS) ("Zhongpin"), a leading meat and food
processing company in the People's Republic of China ("PRC"), today
announced that it resumed production at the Deyang plant, located
in Cangshan County, Sichuan Province, which was affected by an
earthquake. The facility has resumed 80% of prior-earthquake
utilization level. During the recovery period, Zhongpin continued
supply to customers under contract with the Deyang plant using its
production facility in Zhumadian, Henan Province. "We are glad to
resume production at the Deyang plant. At the time of the disaster,
we focused on providing aid and assisting in the relief efforts. We
continued to pay salaries to our employees during the period of
suspended production," commented Mr. Xianfu Zhu, Chief Executive
Officer of Zhongpin. "The Deyang plant is now in process of a
speedy recovery and we will return to our normal production level
by the end of this month. We are also confident in achieving our
fiscal year 2008 financial targets." On May 12, 2008, Zhongpin's
processing facility in Deyang, Sichuan Province was adversely
impacted by an earthquake. Water and electricity supplies were cut
off during the earthquake and resumed on the morning of May 14,
2008. There was no loss of life at the plant, but there was some
damage to workshops and equipment at the facility. The Deyang plant
has annual capacity of 45,000 metric tons, accounting for 12.5% of
Zhongpin's total capacity of chilled and frozen pork. 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: Yuanmei
Ma, Chief Financial Officer Zhongpin Inc. Tel: +86-10-8286-1788
Email: Web: http://www.zpfood.com/ Crocker Coulson, President CCG
Elite Tel: +1-646-213-1915 Email: Web: http://www.ccgelite.com/
DATASOURCE: Zhongpin Inc. CONTACT: Yuanmei Ma, Chief Financial
Officer of Zhongpin Inc., +86-10-8286-1788, or ; Crocker Coulson,
President of CCG Elite, +1-646-213-1915, or Web Site:
http://www.zpfood.com/ http://www.ccgelite.com/
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