Business
Asia Bio-Chem Group Corp. receives long-term financing from China Construction Bank
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About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE\nUNITED STATES/\n\nTSX Venture: ABC\n\n\nTORONTO, June 8 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") today announced that its wholly-owned subsidiary,\nDaqing Biochemical has secured a long-term loan from China Construction Bank\nin the amount of 100 million RMB ($18.9 million).\n\n\nThe loan will be secured against the assets of the Company's Daqing Plant\nand will bear a floating rate of interest based on the People's Central Bank\nRate. The term of the loan will be 6 years with annual repayment commencing\nfrom June 2010.\n\n\n"We are pleased to announce this financing agreement," said Zhiping Wang,\nPresident and CEO of Asia Bio-Chem. Mr. Wang added, "This loan facility,\ncoupled with the previously announced loan from the Zhaoyuan County\nGovernment, will be more than sufficient to finance the completion of our\nDaqing project."\n\n\nAbout Asia Bio-Chem Group Corp.\n\n\nAsia Bio-Chem Group, through its wholly-owned subsidiary in the People's\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 expectations expressed in such forward looking statements are\nbased on reasonable assumptions, such statements are not guarantees of future\nperformance and actual results may differ materially ...