Business
Asia Bio-Chem Group Corp. receives the first portion of its Government loan facility
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About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nTSX Venture: ABC\n\n\nTORONTO, April 15 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") today announced that it has received the first\nportion of its long term loan facility with Zhaoyuan County Government. As\nannounced on March 16, 2009, a long term loan will be made available to the\nCompany's wholly owned subsidiary, Daqing Bio in the amount of up to a maximum\nof RMB 100 million ($18.9 million). The first portion of this loan, in the\namount of RMB 20 million ($3.8 million), has been received and will be used to\nassist the Company with financing its expansion activities in Daqing.\n\n\nThe loan will have a term of 5 years from the date of drawdown and bear\ninterest at 1% per annum payable in advance.\n\n\nThe Company is also pleased to announce that the Zhaoyuan County\nGovernment will provide a guarantee as security to Daqing Industrial and\nCommercial Investment Company Limited ("DICICL"). As such, Daqing Bio will no\nlonger be required to provide this guarantee in connection with the loan\nfacility.\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 Compa...