BEIJING, Dec. 16, 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 Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, has reached a consensus on cooperation with Vice Mayor Zhang Jianchun of Wuchang municipal government of Heilongjiang Province (the Government) regarding Shineco’s industry hemp development plan in Heilongjiang Province (the “Plan”).
Wuchang City of Heilongjiang Province has a superior geographical location and convenient transportation. It is located 24 kilometers north of Harbin, the provincial capital, and close to Changchun, the capital of Jilin Province. The transportation network of Wuchang includes a Labin Railway that runs through the north and south, and the main highways such as Heida and Hawu. Now Wuchang City has been included in the core development plan of the Harbin-Daqi Industrial Corridor.
Wuchang City has fertile soil with a total arable land area of approximately 3.8 million mu (among which 1.75 million mu are wet land and 2.05 million mu are dry land). It is an important commodity grain base in China and ranked Top 10 advanced counties (cities) by production in China and named Top 5 rice county in China. "Wuchang Rice" has received multiple awards: "Geographical Landmark Protected Products in China", "Certificate of Origin", "Chinese Famous Brand Products", "Chinese Famous Brand Agricultural Products" and "China Well-Known Trademarks". Dry land mainly refers to high-quality black soil which is the most precious soil resource on the earth and only located in four places in the world (the Great Plains of Ukraine, the Mississippi Basin in North America, the Pampas Grasslands in South America and the Northeast Plain in China). Black soil has moderate pH and good permeability for fiber accumulation and formation, which is an excellent place for industry hemp cultivation.
The Government attaches great importance to the Plan and agrees to cooperate with the Company. The Plan is highly consistent with Heilongjiang's industry development plan. The Company has been invited to Wuchang to conduct field inspections to complete the project of Industry hemp comprehensive utilization industrial park as soon as possible, and build an industry hemp industrial chain system. The Government believes that this move will increase the income of local farmers and promote the adjustment of the agricultural industrial structure. At the same time, it is also of long-term significance to the development and expansion of the Plan, and both parties are excited for the forthcoming cooperation.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, commented, “Shineco has always adhered to serving local economic development, maintaining long-term and close cooperative relationships with local governments and enterprises, working to promote the optimization of local agricultural structures, strengthening rural economic strength, and achieving industry hemp industry integration. We believe that this cooperation between Shineco and the Government will focus on industrial hemp cultivation to establish a series of industry hemp related industry chain development. The cooperation is to make "Wuchang Industry Hemp" a new city landmark besides "Wuchang Rice" and also to lay a solid foundation for Shineco’s future development plan of industry hemp in Harbin. It will greatly promote the comprehensive utilization value of industry hemp and further stimulate local economic growth. Shineco will also fully grasp the development opportunities of the industry hemp, actively integrate high-quality resources, and accelerate the implementation of our projects.”
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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