Business
Yunhong Green CTI Announces Formation of New China Based Subsidiary, Yunhong Technology Industry (Hubei) Co., Ltd
Company in process of acquiring a fully equipped operating facility to advance the development and commercialization of compostable, biodegradable and
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Company in process of acquiring a fully equipped operating facility to advance the development and commercialization of compostable, biodegradable and recyclable materialsNew company to leverage Yunhong Group's broad platform and ecosystem of enabling technologies and manufacturing capabilitiesLAKE BARRINGTON, IL / ACCESSWIRE / January 24, 2024 / Yunhong Green CTI Ltd. (NASDAQ:YHGJ) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film packaging products, novelty balloons, candy and balloon gift solutions, and now with biodegradable and compostable material and finished product offerings, today announced the formation of a new subsidiary and related intended acquisition of an operating facility to advance the business of compostable, biodegradable and recyclable materials to enhance environmental sustainability.In anticipation of the expected acquisition of this facility, the Company's Board of Directors has authorized the use of up to 5 million shares of our common stock to acquire the facility and its related operational expenses.Mr. Yubao Li, Chairman of both the Yunhong Group and Yunhong Green CTI, commented, \"We view this development as the first of many intended to help commercialize our patented material advances in the field of sustainability. In addition to this facility serving as the Company's China headquarters, we believe it will also forge a stronger bridge between the Yunhong family of companies and Yunhong Green CTI Ltd.\"Mr. Frank Cesario, CEO of Yunhong Green CTI, commented, \"We believe that our decision to establish a subsidiary in China represents a step forward in strengthening our connection with our partner, Yunhong Group. By leveraging the collective progress that has been made towards the goal of accelerating the development and commercialization of new scalable compostable material technologies, we are now in a unique position to create this new business - bringing added value to our shareholders, our employees, and, most importantly, to businesses and consumers in need of new, advanced materials to enhance environmental sustainability.\"The address of this newly formed subsidiary is: Yunhong Technology Industry (Hubei) Co., Ltd., Yunhong Health Industrial Park, No. 1, Jiangbei First Class Highway, Qianlu Village, Tianzhen Office, Wuxue City, Huanggang City, Hubei Province, The P...