BEIJING, March. 18, 2019
/PRNewswire/ -- Shineco, Inc. ("Shineco" or the "Company";
NASDAQ: TYHT), a producer and distributor of Chinese herbal
medicines, organic agricultural produce, specialized textiles, and
other health and well-being focused plant-based products
in China, announced today that the Company has established a
wholly owned subsidiary, Beijing Tenjove Newhemp Biotechnology Co.,
Ltd. ("TNB") on March 13, 2019, to
capture growth in the industrial cannabis market.
The Company has formulated a strategic development plan (the
"Plan") based on 20 years' successful experience in the Apocynum (a
type of hemp) industry. The Company expects to implement this Plan
to expand in the industrial cannabis market including planting, CBD
processing, CBD derivatives development and the comprehensive
utilization of industrial hemp.
CBD, a naturally occurring compound within the cannabis plant,
has been used to study the treatment of epilepsy, depression and
other psychiatric diseases, and the inhibition of cancer cell
growth and the prevention and treatment of AIDS. Presently, its
medicinal value is gaining recognition, and its scope of
application is very broad, indicative of the Company's future
development prospects.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of
Shineco, commented, "We believe that the new business line of
industrial cannabis will likely enrich and draw on the Company's
longtime experience in the comprehensive utilization of hemp plants
and position the Company to become one of the world's leading
experts in the industrialization of hemp-based plants. We expect
our plan to create greater value and return to our shareholders and
investors."
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