IND DAIRYTECH LIMITED COMPLETES SHARE RESTRUCTURE AND CAPITAL INCREASE OF RMB 106 MILLION IN ITS CHINESE SUBSIDIARY
2010年10月22日 - 10:08PM
PR Newswire (Canada)
VANCOUVER, Oct. 22 /CNW/ -- VANCOUVER, Oct. 22 /CNW/ - IND
DairyTech Limited (("IND" or "the Company") (TSXV:IND) is pleased
to announce the completion of capital increase of RMB 106 million
(approximately $16 million) in its operating subsidiary IND China.
Details of the capital increase were previously announced by the
Company on August 16, 2010. After the capital increase, IND holds
approximately 76.51% of IND China. The Company will use the
proceeds to continue to build its herd size and increase its milk
production. In the meantime, IND China has received approval from
Chinese regulators to be restructured as a joint stock company,
which is a condition for its listing plan in China. The Company is
pleased to announce the appointment of Mr. Paul Zhang and Mr.
Dehong Yu as directors of the Company effective today. Mr. Zhang is
currently the Chief Financial Officer and Vice President of Finance
for Minco Gold Corporation (TSX: MMM; NYSE: MGH) and Minco Silver
Corporation (TSX: MSV). Mr. Zhang was the Chief Financial
Officer of Migao Corporation (TSX:MGO) from 2005 to 2008.
Originally from China, Mr. Zhang carries over 15 years of senior
accounting and financial management experience in North
America. Mr. Zhang is Charted Accountant of Ontario and CPA in
Illinois. Mr. Yu is based in China and is currently chief editor of
China Dairy Cattle, a magazine managed by Dairy Association of
China. The Company also announces that Mr. Guocai Liu has resigned
as a director of the Company effective today. The Company would
like to thank him for his services and great contributions during
his tenure. The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION Certain information set out in this
News Release constitutes forward-looking information, which may
include information relating to estimates of sales and revenue of
IND. Forward-looking statements (often, but not always, identified
by the use of words such as "expect", "may", "could", "anticipate"
or "will" and similar expressions) may describe expectations,
opinions or guidance that are not statements of fact and which may
be based upon information provided by third parties.
Forward-looking statements are based upon the opinions,
expectations and estimates of management of the Company as at the
date the statements are made and are subject to a variety of known
and unknown risks and uncertainties and other factors that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. In light
of the risks and uncertainties associated with forward-looking
statements, readers are cautioned not to place undue reliance upon
forward-looking information. Although the Company believes that the
expectations reflected in the forward-looking statements set out in
this press release or incorporated herein by reference are
reasonable, it can give no assurance that such expectations will
prove to have been correct. The forward-looking statements of the
Company contained in this press release, or incorporated herein by
reference, are expressly qualified, in their entirety, by this
cautionary statement. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/October2010/22/c5014.html
tabletr valign="top"td align="left"Jesse Zhubr/ Chief Executive
Officerbr/ IND DairyTech Limitedbr/ 604-522-1619br/ a
href="mailto:jessezhu@ind.ca"jessezhu@ind.ca/a/td td /td
td /td td align="left"Winfield Dingbr/ Chief Financial
Officerbr/ IND DairyTech Limitedbr/ 604-522-1619br/ a
href="mailto:winfieldding@hotmail.com"winfieldding@hotmail.com/a/td/tr/table
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