Asia Bio-Chem Announces Renewal of $35 million Bank Line

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[{"type":"text","content":"\n\n\nTSX: ABC\n\n\nTORONTO, Dec. 13, 2013 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC)\n (\"Asia Bio-Chem\") is pleased to announce that it has successfully\n renewed its 200 million RMB ($35 million) operating line with China\n Construction Bank for another 12 months.\n\n\nThis facility will bear a floating rate of interest based on 115% of the\n Peoples Central Bank Rate or approximately 6.9%.  The facility will\n continue to be secured against the assets of the Company's Daqing\n plant.\n\n\nAbout Asia Bio-Chem Group Corp. \nAsia Bio-Chem Group, through its wholly-owned subsidiaries in the\n People's Republic of China (\"PRC\"), is in the business of processing\n corn into cornstarch, germ and gluten for sale to the domestic Chinese\n market.  From its plants in Liaoning and Heilongjiang Province, the\n Company has a total processing capacity of 1.5 million tonnes of corn\n per year.\n\n\nThis news release contains certain statements that may be deemed\n \"forward looking statements\". Forward looking statements are statements\n that are not historical facts and are generally, but not always,\n identified by the words \"expects,\", \"plans\", \"anticipates\", \"believes\",\n \"intends\", \"estimates\", \"projects\", \"potential\" and similar\n expressions, or that events or conditions \"will\", \"would\", \"may\",\n \"could\" or \"should\" occur. Although the Company believes the\n expectations expressed in such forward looking statements are based on\n reasonable assumptions, such statements are not guarantees of future\n performance and actual results may differ materially from those in\n forward looking statements. Forward looking statements are based on the\n beliefs, estimates and opinions of the Company's management on the date\n the statements are made. The Company undertakes no obligation to update\n these forward looking statements, except as required by law, in the\n event that management's beliefs, estimates or opinions, or other\n factors, should change.\n\n\nSOURCE Asia Bio-Chem Group Corp.\n\n\n\n For Corporate Information regarding Asia Bio-Chem:  Robert Wilson Executive Vice President Asia Bio-Chem Group Corp. Tel: 416-603-7500 Email: [email protected] Copyright CNW Group 2013","length":2955,"tagName":"div"}]

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