Business
Asia Bio-Chem Secures New Lines of Credit
TSX: ABC TORONTO, Dec. 28, 2011 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSX: ABC\n\n\nTORONTO, Dec. 28, 2011 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC)\n (\"Asia Bio-Chem\") is pleased to announce that it has successfully\n secured 100 million RMB ($16 million) in new operating lines of credit\n to finance working capital including purchases of corn for 2012.\n\n\nThe credit facilities are provided by the Daqing Government (30mm RMB),\n Heilongjinag Provincial Bank (20mm RMB) and by the Harbin Bank (50mm\n RMB). The credit facilities will bear interest at floating rates set by\n the lenders at the time of draw down. The facilities will be secured\n against raw material, products or assets of the Company's Daqing Plant\n or Changtu Plant.\n\n\n\"These new lines of credit will allow our Company to draw when necessary\n to purchase corn and finance operations going forward.\"  said Zhiping\n Wang, President and CEO.\n\n\nAbout Asia Bio-Chem Group Corp. \nAsia Bio-Chem Group, through its wholly-owned subsidiaries in the\n People's Republic of China (\"PRC\"), is in the business of processing\n corn into cornstarch, corn germ, gluten, and fiber for sale into the\n domestic Chinese market. From its plants in Liaoning and Heilongjiang\n Province, the Company has a total processing capacity of 900,000 tonnes\n of corn per year.\n\n\nThis news release contains certain statements that may be deemed\n \"forward looking statements\". Forward looking statements are statements\n that are not historical facts and are generally, but not always,\n identified by the words \"expects,\", \"plans\", \"anticipates\", \"believes\",\n \"intends\", \"estimates\", \"projects\", \"potential\" and similar\n expressions, or that events or conditions \"will\", \"would\", \"may\",\n \"could\" or \"should\" occur. Although the Company believes the\n expectations expressed in such forward looking statements are based on\n reasonable assumptions, such statements are not guarantees of future\n performance and actual results may differ materially from those in\n forward looking statements. Forward looking statements are based on the\n beliefs, estimates and opinions of the Company's management on the date\n the statements are made. The Company undertakes no obligation to update\n these forward looking statements, except as required by law, in the\n event that management's beliefs, estimates or opinions, or other\n f...