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/C O R R E C T I O N from Source -- Asia Bio-Chem Group Corp./
In c8987 transmitted at 09:03e today, an error occurred in the "SUMMARY FINANCIAL STATEMENTS." Th...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\nIn c8987 transmitted at 09:03e today, an error occurred in the "SUMMARY\nFINANCIAL STATEMENTS." The "Earnings per share" and "Weighted average\nnumber of shares" figures were incorrect. Corrected copy follows:\n\nAsia Bio-Chem Group Corp. Announces 2008 Annual Financial Results\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, March 16 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia\nBio-Chem" or the "Company") today announced its annual financial statements\nfor the period ending December 31, 2008.\n\n\n2008 Financial Results\n\nHighlights\n\n- In June 2008, the Company completed a reverse takeover transaction as\n well as closed a private placement for gross proceeds of $30 million.\n This financing was one of the largest financing for a Chinese company\n in Canada and was one of the last achieved in the marketplace before\n the financial crisis took hold.\n\n- On September 25, 2008, the Company announced the closing of its\n acquisition of 100% interest in Daqing Biochemical Company Ltd.\n ("Daqing Bio") which owns a partially completed corn processing\n facility in Heilongjiang Province. Upon completion of this facility\n in 2009, the Company is expected to approximately triple its\n production capacity.\n\n- While faced with challenging market conditions in its industry during\n 2008, the Company has remained profitable and achieved growth in\n revenues during fiscal 2008 compared with the previous year.\n\n- The Daqing plant construction is well underway with approximately $63\n million of construction in progress incurred as of December 31, 2008.\n The Company expects the Daqing Plant to be complete and in operation\n by the fourth quarter of 2009.\n\n- The Company's wholly owned subsidiary, Chang Tu Bio-Chem Technolo...