Jiangxi Taina Nanfeng Orange Co. Ltd. Acquired Huangjia Nanfeng Tangerine Orange Co. Ltd. to Expand in the Market
February 23 2007 - 9:00AM
PR Newswire (US)
NANFENG, China, Feb. 23 /Xinhua-PRNewswire-FirstCall/ -- Jiangxi
Taina Nanfeng Orange Co. Ltd. (OTC:CHFR) (BULLETIN BOARD: CHFR)
("CHFR") (website address: http://www.china-fruits.com.cn/ ), a
Chinese company engaged in the planting and marketing of oranges
and orange related products, announced that it has entered into an
agreement with Huangjia Nanfeng Tangerine Orange Co. Ltd.
("Huangjia Nanfeng") to acquire the assets and businesses of
Huangjia Nanfeng in order to help realize its goal of rapid
expansion in the orange market. In 2007, CHFR will acquire the
assets and businesses of the Huangjia Nanfeng, including over
360,000 acres of orchards, 240,000 acres of land with a reservoir,
a manufacturing plant situated on over 20,000 acres, as well as the
distribution network of the Huangjia Nanfeng. After the merger has
closed, CHFR will own all of Huangjia Nanfeng's plants, orchards,
and fruit wine and drink production lines. The acquisition of
Huangjia Nanfeng is a stepping stone for CHFR to realize its
product diversification objectives. Mr. CHEN Quanlong, Chairman of
the Board of CHFR pointed out, "After CHFR acquires the assets and
businesses of Huangjia Nanfeng Tangerine Orange Co. Ltd., the
benefits we gain, such as its marketing resources, will further
strengthen our position in this industry and expand our market
share. Moreover, Huangjia Nanfeng's production lines and advanced
technology will allow us to develop new products more rapidly while
meeting our product diversification goals." Huangjia Nanfeng
Tangerine Orange Co. Ltd. was established on February 26, 1999 with
registered capital of RMB30 million (or USD$3.75 million) and is
located in Nanfeng, China, in the Jiangxi province. The company is
mainly involved in growing and marketing Nanfeng tangerine oranges;
production and sales of fruit wine and non-alcoholic beverages;
R&D in fruit biotech and deep-processing, event organization,
management and consulting for fruit branding. The company currently
has total assets of over RMB100 million (of USD$12.5 million),
realized sales income of RMB60 million (or USD$7.5 million), and
net profit of RMB5 million (or USD$625 thousand). About Jiangxi
Taina Nanfeng Orange Co. Ltd. China Fruits Corporation, through its
wholly-owned subsidiary in China, Jiangxi Taina Nanfeng Orange Co.
Ltd. (formerly Jiangxi Taina Fruits Co., Ltd.), is engaged in the
planting and marketing of Nanfeng tangerines; the production and
sales of fruit wine and nonalcoholic beverages; and R&D in
fruit biotech and deep-processing, event organization, management
and consulting for fruit branding. The company is located in
Nanfeng county, Jiangxi province, an area considered by many to be
the orange capital of China. China Fruits Corporation has
registered capital of RMB2 million (or USD$250,000). The company is
a good model for industrialized development of Chinese mandarin
oranges. They have adopted traditional planting methods in
combination with modern nascent technologies to build biological
orchards, plant green and organic tangerine oranges, achieve fresh
storage by means of hi-tech air- conditioned storehouses, employ
hi-tech biological engineering for deep processing (of fruit wine
and beverage), biologically abstract orange oil and essence, and to
produce biological fertilizer out of orange residues for recycled
use in orchards. They have created an entire chain of industries
from their R&D, cross-breeding, preservation, and preserved
sales processing. The company is considered by some to be one of
the nation's leading enterprises for industrialized agriculture.
CHFR has developed a human-based and system-oriented business plan.
They endeavor to create national brand recognition in China over
the short-term and international brand recognition in the future.
CHFR makes it a priority to maximize corporate profits and to bring
ideal returns to their investors. Forward-looking Statements This
report contains 'forward-looking' statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical facts included in
this report are forward-looking statements. Forward-looking
statements involve risks and uncertainties including, but not
limited to, economic and political factors; developments of the
Chinese, European and North American markets and changes in
regulatory matters; our business strategies and future plans of
operations; the market acceptance and amount of sales of our
products and services; our historical losses; the competitive
environment within the industries in which we compete; and our
ability to raise additional capital, currently needed for
expansion. The Company cautions that forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the
forward-looking statements due to several important factors. For
more information, please contact: Ms. Zou Fen The Jiangxi Taina
Nanfeng Orange Co. Ltd. Tel: +86-791-6496247 Email: DATASOURCE:
Jiangxi Taina Nanfeng Orange Co. Ltd. CONTACT: Ms. Zou Fen of the
Jiangxi Taina Nanfeng Orange Co. Ltd., +86-791-6496247,
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