YaSheng Group Progresses
with United States Expansion Plans
Wednesday February 9, 6:00 am ET
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 9, 2005--The YaSheng Group is progressing with their United States expansion plans, including the initial stocking of its temporary distribution center with YaSheng products in the first quarter of 2005, according to a Company spokesperson. Revenues from these products should be recorded in the second quarter of 2005, and a rapid sales ramp up is anticipated for the balance of the year. The permitting process to build a major distribution center on land purchased in Victorville, California is underway, and the Company anticipates that actual construction of the center will commence in the fourth quarter of 2005.
The goal of obtaining a listing on a major stock exchange is also advancing with a new stock transfer agent being chosen and the selection of a United States accounting firm to audit the final 2004 numbers, the spokesperson added. Plans call for a listing as rapidly as possible after the 2004 audited numbers are available.
"YaSheng is committed to building a major presence in the United States, in product distribution, plant development, logistical infrastructure, and in financial visibility through a major exchange listing," May Ping, President of United States operations stated. "While the outlook for internal growth in China remains excellent, YaSheng is determined to make the United States the focus of its efforts to become a truly international corporation in the next few years. We are well on our way to meeting our internal 2005 goals for these endeavors," she concluded.
About YaSheng Group
The YaSheng Group is a diversified industrial conglomerate incorporated in Redwood City, California, operates in hi-tech agriculture, salt chemistry and biological technology as its core business with advantages in rich land, mineral resources, capital and technology reserves.
Through its 136 subsidiaries, the company operating categories include: chemical engineering, agricultural production, biotech, pharmaceuticals, textile products, printing and dyeing, commercial trading, beverages and inorganic salt manufacturing.
YaSheng Group produces over 51 major products in the northwest of China, seven of which have received the national "Green Award" for the environment and health. The company is recognized nationally for meeting all industry quality and environmental standards. Products are sold nationally and exported regularly to the U.S., Canada, Australia, Pakistan, Iran, and many major countries in Europe and Asia. Major exports include sodium sulfate, sodium sulfide, vinyl fibers, barley, hops, fine spirits, licorice root, black melon seed, livestock, and many more agricultural, biotechnology, and industrial products.
With total assets of approximately $1.5 billion USD and over 15,000 employees, YaSheng Group has 155,097,355 shares issued and outstanding as of December 1, 2004.
Further information concerning YaSheng Group can be found on the corporate website-www.yashenggroup.com .
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are 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.
Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Statements containing terms like "believes," "does not believe," "plans," "expects," "intends," "estimates," "anticipates" and other phrases of similar meaning are considered to imply uncertainty and are forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
Source: YaSheng Group
Engineering News Archive