BEIJING, July 2, 2018 /PRNewswire/ -- Shineco, Inc.
("Shineco" or the "Company")
(NASDAQ: TYHT), a manufacturer and distributor of Chinese
herbal medicines, organic agricultural products, specialized
textiles, and other health and well-being focused plant-based
products in China, announced today the official establishment
of its Apocynum Industrial Integration Construction Project (the
"Project") in Bayingolin Mongol ("Bazhou") Autonomous Prefecture.
The Project is operated by the Company's joint venture company,
Xinjiang Shineco Taihe Agriculture Technology Ltd. ("Xinjiang
Taihe") and has secured local government approval.
Apocynum is unique among Chinese herbal medicine as it can be
used in textiles. The scientific and technological innovations in
apocynum planting are expected
to improve the ecological impact of cultivation and facilitate the
effective protection and sustainable development of apocynum raw
materials. These advances are of great significance for improving
the vegetation coverage rate of the Tarim River and conserving soil
and water. The government of Bazhou stated that the implementation
of this project is conducive to improving the ecological
environment in parts of Bazhou, increasing employment, and
increasing farmers' income and wealth, with major ecological,
economic and social benefits.
The Company plans to build 280 greenhouse nursery bases, five
modern farms, five mechanical peeling hemp factories, five
environmental protection building materials factories, and five
theme villages over 3 years. The Company will carry out overall
regional planning, and will advance the Project in stages on the
basis of scientific agricultural management.
The Project aims to implement the goals of the "National
Strategic Plan for Rural Vitalization" in the "19th
National Congress" to boost rural incomes and living standards in
an effort to combat unbalanced economic development in China. The Project was created to align with
the development trends of agriculture in Xinjiang and the demands
of the PRC market. Through the establishment of a standardized
production demonstration base for apocynum, the improvement of
product market competitiveness and comprehensive benefits, and the
adjustment and optimization of regional agricultural structure, the
Project aims to strengthen the local rural economy and promote the
industrialization and commericalization of apocynum projects.
Mr. Yuying Zhang, Chairman and
Chief Executive Officer of Shineco, stated, "We utilize the unique
local resources in Bazhou to expand and strengthen the globally
unique apocynum industrial chain, which we expect to play an
important role in promoting the development of the regional
economy, alleviate poverty, and improve standards of living for
local farmers and herdsmen. In addition, the construction of the
apocynum planting area may positively impact the Bazhou local
climate and protect the natural ecological environment for the
benefit of future generations."
Mr. Zhang continued, "When the project is completed, we expect
to achieve annual output goals for apocynum fabric, apocynum tea,
building materials and apocynum honey of 300,000 tons, 20,000 tons,
300,000 cubic meters and 100,000 kilograms respectively. We also
expect to attract 100,000 tourists per annum. We estimate that
total revenue may reach RMB 12.5
billion with an investment return rate projected at as high
as 135.6%."
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.
Forward-Looking Statements
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.
For more information, please contact:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Shineco, Inc