Asia Bio-Chem Group Corp. Announces Second Quarter Financial Results and has entered into a Letter of Intent for an Acquisition

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[{"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\nTSX Venture: ABC\n\n\nTORONTO, Aug. 22 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") today announced its interim financial statements\nfor the period ending June 30, 2008. In addition, the Company has announced\nthat it has entered into a Letter of Intent to purchase a partially completed\n600,000 tonne corn processing plant in Heilongjiang Province, China.\n\n\nInterim Financial Results\n\n\nHighlights\n\n\n - Both revenues and gross profit improved during the first half of\n fiscal 2008 compared to the corresponding period in 2007.\n\n - During the first half of 2008, the Company achieved $6.1 million in\n net income and $8.9 million in comprehensive income despite higher\n costs associated with the expiry of the Company's tax holiday and\n additional costs associated with becoming a public company.\n\n - With the successful completion of a $30 million private placement,\n the Company had $42.7 million in cash as at June 30, 2008 and no\n bank debt. With this strong balance sheet, the Company is well\n positioned to execute on its growth strategy.\n\n\nAsia Bio-Chem, today reported second quarter sales of $21.4 million and\nnet income of $2.9 million. The Company was not required to report comparable\nnumbers for the second quarter of 2007 however comparatives for the first six\nmonths of 2007 have been provided.\n\n\nHigher volumes and improvements in product pricing contributed to an\nincrease in sales revenue during the six month period ending June 30, 2008 to\n$41.3 million compared with the corresponding period of 2007. Despite 10.8%\nhigher corn costs during the first half of the year, the company achieved a\n4.4% increase in gross profit to $9.9 million over the corresponding period in\n2007.\n\n\nHigher gene...

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