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Asia Bio-Chem Release of First Quarter 2011 Results under the new IFRS Accounting Standard

^{Published on 2011-05-16 10:25:35 - Market Wire}
 

TSX: ABC

TORONTO, May 16 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) today announced that it will release its first quarter results on June 8^th, 2011 at approximately 2:00 PM Eastern Standard Time.  In accordance with the Canadian Securities Administrators' (CSA) Notice of Amendments to Continuous Disclosure Rules (NI 51-102 and NI- 71-102) dated October 1, 2010, reporting issuers with a calendar fiscal year end are provided until June 14th to report their first quarter financial statements to allow additional time for additional disclosure required as part of the transition to International Financial Reporting Standards ("IFRS").

The Company will also hold a conference call to discuss its quarterly results hosted by Mr. Zhiping Wang, President and Chief Executive Officer, Mr. Robert Wilson, Executive Vice President, and Ms. Elaine Zhao, Chief Financial Officer.  Details regarding the call are as follows:

About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of processing corn. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 900,000 tonnes of corn per year, which are processed into cornstarch, corn germ, gluten, and fiber for sale into the domestic Chinese market.

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.