Business
Maple Leaf signs contract for $6,200,000 RMB for Seedling Sales
Maple Leaf signs contract for $6,200,000 RMB for Seedling Sales.
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\n(TSX-V: MPE)\n\n\nShares Issued: 47,184,227\n\n\nLast Close: 06-06-2007 $0.30\n\n\nCALGARY, June 7 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf") is\npleased to announce that the company has signed a sales contract (the "Sales\nContract") for $6,200,000 RMB (approximately $850,000 CAD) with Sanya Zhonghai\nFishing Co. Ltd. ("Sanya Zhonghai"), PRC, to purchase a variety of the\nCompany's tree seedlings.\n\n\nUnder the Sales Contract, "Sanya Zhonghai", located in Sanya City, Hainan\nProvince, a local privately owned company in the businesses of fishery,\nforestry and agriculture, will purchase starting in September 2007 through to\nSeptember 2008, approximately 6,315,000 seedlings in 3 separate deliveries. In\nSeptember 2007, the 2,105,000 seedlings purchased will be a variety of\nexisting seedlings currently under cultivation within the Company's nursery\nfacilities. The seedlings sold are varieties of Colorado Spruce (1,008,000),\nWhite Pine (45,000), White Spruce (7,000), Jack Pine (390,000), Larch\n(210,000), Scots Pine (445,000). Subsequent deliveries in early 2008 and\nSeptember 2008 will be propagated inside the greenhouse and grown to 20-30\ncentimeters to fulfill the varieties of 2,105,000 seedlings to complete each\ndelivery for the Contract. Under the Contract, Sanya Zhonghai is required to\nmake cash payment to the Company's bank account prior to the shipment of each\ndelivery of seedlings.\n\n\nMr. Clarke, Chairman & CEO of Maple Leaf, is pleased that this "large\nsales contract," allows the Company to sell many of its existing seedlings,\nthereby reducing its current inventories. The inventory turn over resulting\nfrom the Sales Contract also enables the Company to commence a scheduled\nplanting cycle for its greenhouse operations. In addition, the pre-purchase\norders under the Contract enables the Company to plan its growing schedules\nfor late 2007 and early 2008.\n\n\nMaple Leaf's primary mission is to provide top quality, value added\nnursery seedlings and services for reforestation and landscaping projects in\nChina through a 100% Wholly Owned Foreign Enterprise registered company. Maple\nLeaf currently has over 6,000,000 various types of seedlings under cultivation\nin our 110,000 square foot greenhouse facility.\n\n\nThe TSX Venture Exchange ...