CHANGGE and BEIJING, China,
May 9, 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 corrected one
number in its earnings news release of May
6, 2011. The correct number for the company's expected
capital expenditures for the next 12 months is $132.7 million.
The paragraph in the section about liquidity and capital
resources, correcting that number, now reads as follows:
Zhongpin believes its existing cash and cash equivalents,
together with its ability to secure bank borrowings, will be
sufficient to finance its investment in new facilities, with
budgeted capital expenditures of about $132.7 million over the next 12 months, and to
satisfy its working capital needs. It intends to satisfy its
short-term debt obligations that mature over the next 12 months
through additional short-term bank loans, in most cases by rolling
the maturing loans into new short-term loans with the same lenders
as it has done in the past.
The number that was incorrectly shown was $1,872.4 million, which is Zhongpin's immediately
available funds from its bank lines of credit (net of current
borrowings).
Zhongpin and Christensen regret the error and apologize for any
temporary difficulty or misunderstanding it may have created.
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 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:
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Zhongpin Inc.
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Mr. Sterling Song (English and
Chinese)
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Investor Relations
Manager
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Telephone +86 10 8286 1788
extension 101 in Beijing
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ir@zhongpin.com
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Mr. Warren (Feng) Wang (English
and Chinese)
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Chief Financial
Officer
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Telephone +86 10 8286 1788
extension 104 in Beijing
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warren.wang@zhongpin.com
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Christensen
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Mr. Christian Arnell (English
and Chinese)
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Telephone +86 10 5826 4939 in
Beijing
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carnell@christensenir.com
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Mr. Tom Myers
(English)
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Mobile +86 139 1141 3520 in
Beijing
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tmyers@christensenir.com
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Ms. Kathy Li (English and
Chinese)
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Telephone +1 212 618
1978
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kli@christensenir.com
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SOURCE Zhongpin Inc.