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TSX Venture: ABC
TORONTO, April 1 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia Bio-Chem" or the "Company") today announced the resignation of Mr. Steven See from the Board of Directors of the Company.
Mr. See has been a director of the company since its public listing in June 2008 and has served as a member of both the audit committee as well as the compensation committee during this time. The departure of Mr. See is for personal reasons and he leaves without any difference of opinion with the Company or with the other board members.
Mr. Zhiping Wang, President and CEO of Asia Bio-Chem stated; "We would like to thank Steven See for his contribution to our board. His experience and insight has been very helpful during our first year as a public company."
The Company has no plans to replace Mr. See and will continue with its remaining five directors.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiary in the Peoples Republic of China ("PRC") is in the business of manufacturing cornstarch and related products. From its plant in Liaoning Province, the Company produces approximately 270,000 tonnes of cornstarch, corn germ, gluten and fiber per year for sale into the domestic market in the PRC. The Company is currently constructing a second facility in Heilongjiang Province which, upon completion, is expected to triple production capacity.
This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
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