Business
Asia Bio-Chem Group Corp. Nears Completion of its Daqing Production Facility
TSX Venture: ABC TORONTO, Sept. 8 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia Bio-Chem" ...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture: ABC\n\n\nTORONTO, Sept. 8 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") announced that it is nearing completion of the\nDaqing corn processing plant.\n\n\nThe Company is currently entering single machine test run phase of the\nproject followed by complete production line water test run towards the end of\nSeptember. After the 60th National Day and Moon Festival holidays from October\n1st thru 8th, the Company will start commissioning with production from mid\nOctober. The Company expects to ramp up production during its fourth quarter\nand achieve 85%-90% capacity by year end.\n\n\nThe company also announced that it has received the second drawdown of\nRMB 20 million ($3.6 million) under its RMB 100 million facility with Zhaoyuan\nCounty Government.\n\n\n"We are pleased to announce that our Daqing facility is nearing\ncompletion," said Zhiping Wang, President and CEO of Asia Bio-Chem. Mr. Wang\nadded "With the strong support from our existing and new customers we expect\nto see a significant contribution to revenues and profit from the Daquing\nplant over the coming months."\n\n\nAbout Asia Bio-Chem Group Corp.\n\n\nAsia Bio-Chem Group, through its wholly-owned subsidiary in the Peoples\nRepublic of China ("PRC") is in the business of manufacturing cornstarch and\nrelated products. 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. The Company is currently\nconstructing a second facility in Heilongjiang Province which, upon\ncompletion, is expected to triple production capacity.\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", "estimates",\n"projects", "potential" and similar expressions, or that events or conditions\n"will", "would", "may", "could" or "should" occur. Although the Company\nbelieves the expectation...