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Asia Bio-Chem Group Corp. Nears Completion of its Daqing Production Facility

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  Published in House and Home on Tuesday, September 8th 2009 at 8:20 GMT by Market Wire
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 TSX Venture: ABC TORONTO, Sept. 8 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia Bio-Chem" or the "Company") announced that it is nearing completion of the Daqing corn processing plant. The Company is currently entering single machine test run phase of the project followed by complete production line water test run towards the end of September. After the 60th National Day and Moon Festival holidays from October 1st thru 8th, the Company will start commissioning with production from mid October. The Company expects to ramp up production during its fourth quarter and achieve 85%-90% capacity by year end. The company also announced that it has received the second drawdown of RMB 20 million ($3.6 million) under its RMB 100 million facility with Zhaoyuan County Government. "We are pleased to announce that our Daqing facility is nearing completion," said Zhiping Wang, President and CEO of Asia Bio-Chem. Mr. Wang added "With the strong support from our existing and new customers we expect to see a significant contribution to revenues and profit from the Daquing plant over the coming months." 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. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. 

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