Business
Pacific Conquest Holdings, Inc. Announces Major Planting and Processing Agreements
Pacific Conquest Holdings, Inc. Announces Major Planting and Processing Agreements.
About this update from Pacific Conquest Holdings Inc.
[{"type":"text","content":"\n\n\n\nPacific Conquest Holdings, Inc. Announces Major Planting and Processing Agreements\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPacific Conquest Holdings, Inc. Announces Major Planting and Processing Agreements\nPR Newswire\nLAS VEGAS, Feb. 5, 2020\n\n\n\nLAS VEGAS, Feb. 5, 2020 /PRNewswire/ -- Pacific Conquest Holdings, Inc. (OTC: PCHK) today announced that it has signed an amendment to its November 2018 cooperation agreement for the planting and harvesting of castor crops in China, as well as a production agreement with a commercial facility for the downstream processing of the castor oil as the first of its several business management projects and acquisitions.  PCHK management has calculated that the planting project, which is for a minimum of 5,000 acres and up to 8,200 acres, is expected to generate US$6.5 Million in gross revenue dependent on completion of its fundraising for the planting. Management also projects that the agreement is strongly favorable to the Company since terms dictate a 100% payback of PCHK's initial capital contribution of 400 RMB per Mu.  In addition, the partner to our cooperation agreement has agreed to contribute all land for planting free of charge and has guaranteed a minimum harvest of 230kg per Mu for this planting season, for a cost of 300 RMB per Mu. Shares of net profit payable to our partner under the cooperation agreement will be reduced accordingly if the harvest per Mu does not yield agreed minimum harvest results. \nPCHK is not responsible for more than RMB400 (US$57.66 as of January 23, 2020) per Mu (666 square meters) of the planting and harvest costs.   Upon successful harvest, revenue from the sale of castor seeds will be put into a fund of which PCHK will own 60% of net proceeds, after costs.  According to the agreement, if the harvest yield is below 230kg (507 pounds) per Mu, the partner to our cooperative agreement will contribute from their 40% share of the net profit to compensate PCHK for the shortfall.\nPacific Conquest also signed a processing agreement, for the refinement o...