Business
Asia Bio-Chem Group Corp. Announces Closing of Daqing Biochemical Acquisition
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About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR\nDISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED\nSTATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN\nOFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED\nSTATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER\nTHE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE\nSECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR\nTO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM./\n\n\nTSX Venture: ABC\n\n\nTORONTO, Sept. 25 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") today announced that it has closed its previously\nannounced acquisition of 100% of the shares of Daqing Biochemical Company Ltd.\n("Daqing"). Daqing owns a partially completed, 600,000 tonne corn processing\nplant in Zhaoyuan County of Heilongjiang Province in China.\n\n\nThe purchase price of Daqing will be RMB 160 million (approximately\nC$24.7 million). The purchase price will be paid 70% in cash at closing and\n30% will be in the form of an unsecured note ("Note"). The Note will be\nnon-interest bearing and become due, in full, 6 months after completion of\nconstruction and commissioning of the plant.\n\n\n"Now that we have completed the Daqing acquisition we will focus our\nefforts on completion of the Daqing plant by mid 2009 to bring our total\nprocessing capacity to 900,000 tonnes per year", stated Mr. Zhiping Wang,\nPresident and CEO of Asia Bio-Chem.\n\n\nAbout Asia Bio-Chem Group Corp.\n\n\nThe Company, through its wholly-owned subsidiary in the Peoples Republic\nof China ("PRC") is in the business of manufacturing cornstarch and related\nproducts. From its plant in Liaoning Province, the Company produces\napproximately 270,000 tonnes of cornstarch, corn germ, gluten and fiber per\nyear for sale into the domestic market in the PRC.\n\n\nThis news release contains certain statements that may be deemed "forward\nlooking statements". Forward looking statements are statements that are not\nhistorical facts and are generally, but not always, identified by the words\n"expects,", "plans", "anticipates", "believes", "intends", &q...