Pingtan Marine Enterprise Provides Update on its Operations
FUZHOU, China, May 11, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that it is providing to investors certain information about its business and operations.
Current Status of Some of Pingtan's Operations / Relationship with Indonesian Government
Pingtan is the second largest China-based fishery company operating its vessels outside of China waters. Pingtan's business is to engage in ocean fishing, and currently conducts these operations through a fleet of Company owned vessels. In 2015, the China Agriculture Industry Development Fund Co., Ltd. invested approximately $65 million for an 8% equity interest in Pingtan's subsidiary Pingtan Fishing and currently holds the investment. The China Agriculture Development Fund Co., Ltd. was established in 2012 by China's Ministry of Finance, Agricultural Development Bank of China, one of China's three state-owned policy banks, Cinda Asset Management Corporation (01359.HK), one of largest state-owned holding asset management company with register capital of 36 billion RMB, and CITIC Group, the biggest conglomerate of China. The China Agriculture Development Fund Co., Ltd. is the first China state-owned fund to focus on investing in all areas of the agriculture industry. This 4 billion RMB fund is managed by Cinda Asset Management Corporation.
Pingtan currently operates 140 fishing vessels. 12 vessels are operating in the Bay of Bengal in India, 13 vessels are operating in Indo-Pacific Waters, 4 vessels are operating in the international waters of Pacific Ocean and 2 vessels are operating in the international waters of Southwest Atlantic and Southeast Pacific Oceans since late December 2016. All of these vessels are currently fully licensed to operate in their fishing territories. Pingtan's fleet has an average remaining useful life of approximately 13.4 years.
Based on its experience, the Company estimates that the purchase price its typical construction cost of a 150-foot fishing trawler to be is approximately $1.5 million, and Pingtan believes that the market value of its fleet is largely due to the required government-issued license on each vessel. Pursuant to China Distant Water Fisheries, there are approximately 2460 vessels from China that are operating in International waters that have qualified fishing licenses. The PRC government limits new license issuances. The Company considers the value of its fleet relatively similar to the taxi medallion market where the value of the limited license is greater than the physical cost of the means of transportation.
The Company initially operated in two areas, 1) the Exclusive Economic Zones in Arafura Sea in Indonesia and 2) in the Bay of Bengal in India. However, as previously reported, the Indonesian government introduced a moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries could monitor the operations of existing fleets and to fight illegal fishing activities in December 2014. As a result, all licensed fishing vessels operating in Indonesian waters have been informed by the Indonesian government to operate within strict guidelines and subsequently to cease operation, in order to avoid potential enforcement actions, such as boat seizures, by the Indonesian Navy.
As a result, the Company ceased all operations in those waters in February 2015 and fully cooperated and complied with the Indonesian government. The Company continues to voluntarily keep 104 of its available vessels in the region without any objection from the government, as it anticipates an eventual resumption of the license renewal process.
Pingtan has not been cited by or had any action brought to it by the Indonesian government, or any governmental body.
The Company has posted extensive information on the entirety of the Company's fishing fleet, including titles and licenses onto its website at the following link: http://www.ptmarine.com/fishing-operations/our-vessels.
The Company is also including examples of its licenses as available pictures.
Example of Fishing Vessel License
Example of Fishing Vessel License
The Company's Catch
Pingtan's revenues are derived from the sale of frozen fish and other marine catches. The majority of the Company's sales are through a species of fish known as Ribbon Fish, which is popular throughout China. Pingtan provides specific volume data for investors to evaluate regarding each species of fish.
For the year ended December 31, 2016, the Company's revenue by species of fish was as follows (dollars in thousands, except for average price):
|
Year Ended December 31, 2016 |
||||||||||||||||
|
Revenue |
Volume (KG) |
Average |
Percentage of |
|||||||||||||
|
Ribbon fish |
$ |
10,374 |
3,611,925 |
$ |
2.87 |
50.5 |
% |
|||||||||
|
Croaker fish |
6,187 |
2,495,291 |
2.48 |
30.1 |
% |
|||||||||||
|
Reefcod |
995 |
526,940 |
1.89 |
4.8 |
% |
|||||||||||
|
Squid |
695 |
492,844 |
1.41 |
3.4 |
% |
|||||||||||
|
Shrimp |
527 |
117,528 |
4.48 |
2.6 |
% |
|||||||||||
|
Conger eel |
449 |
190,249 |
2.36 |
2.2 |
% |
|||||||||||
|
Others |
1,314 |
401,946 |
3.27 |
6.4 |
% |
|||||||||||
|
Total |
$ |
20,541 |
7,836,723 |
$ |
2.62 |
100.0 |
% |
|||||||||
The Company also include a portion of the customs declaration forms of its fishing products as an example to review:
Example of Customs Declaration Form
Background on Pingtan Management
Xinrong Zhuo has served as Chairman of the Company's Board since the business combination in February 2013. Prior to that, since August 2010, he served as the chairman and Chief Executive Officer of the predecessor company. As previously reported by the Company in filings with the Securities and Exchange Commission, in 2010, Mr. Zhuo did move to Hong Kong and officially changed his name. He has held executive level positions in companies throughout China.
The Company is including a photo that shows the certificate issued by Pingtan Local Public Security Bureau on May 11, 2017 to certify that Mr. Zhuo's permanent residence status was changed on October 21, 2010 due to Mr. Zhuo's change in residence to Hong Kong.
List of the Company's Fishing Vessels:
|
Vessel Name |
Fishing Method |
Current Location / |
Completion |
Gross |
Net |
Current Ownership |
Link to |
|
FU YUAN YU |
Drift Net |
Indonesia |
2/15/2001 |
210 |
85 |
Pingtan Fishing |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/22/2003 |
207 |
102 |
Pingtan Fishing |
|
|
FU YUAN YU |
Squid Jigging |
International |
9/29/2016 |
1478 |
481 |
Pingtan Fishing |
|
|
FU YUAN YU |
Squid Jigging |
International |
9/29/2016 |
1478 |
481 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/15/1988 |
236 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/15/1988 |
236 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/10/1989 |
192 |
57 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/10/1989 |
192 |
57 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/24/1989 |
270 |
94 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/24/1989 |
270 |
94 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/28/1990 |
230 |
69 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/28/1990 |
230 |
69 |
Pingtan Fishing |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
7/28/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
7/28/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Trawler |
Indonesia |
11/25/2011 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
11/25/2011 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
12/31/2011 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
12/31/2011 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
2/23/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
2/23/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
4/28/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
4/28/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
4/28/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
4/28/2012 |
297 |
136 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/15/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/15/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/31/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/31/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/3/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/3/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/15/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/15/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/23/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
8/23/2012 |
292 |
131 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
11/15/1987 |
272 |
81 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/1/1987 |
274 |
82 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
3/31/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
3/31/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
4/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
4/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
5/27/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
5/27/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/4/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/4/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/17/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/17/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/4/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/4/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/16/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/16/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/10/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/21/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/23/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/23/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/23/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
5/23/2012 |
237 |
95 |
Pingtan Fishing |
|
|
FU YUAN YU |
Light Luring |
Indonesia |
4/10/2014 |
521 |
244 |
Pingtan Fishing |
|
|
FU YUAN YU |
Longline Fishing |
International |
1/3/2017 |
538 |
194 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/15/1987 |
280 |
87 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/15/1987 |
280 |
87 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
12/5/1990 |
293 |
88 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
12/5/1990 |
293 |
88 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/15/1982 |
480 |
144 |
In the process of transfer |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/15/1982 |
480 |
144 |
In the process of transfer |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/15/1989 |
364 |
144 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/15/1989 |
357 |
144 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2001 |
269 |
80 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2001 |
269 |
80 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2001 |
269 |
80 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2001 |
269 |
80 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
7/25/2001 |
269 |
80 |
Pingtan Fishing |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
7/28/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
7/28/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/12/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/26/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/26/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/26/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
8/26/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/2/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/2/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/10/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/10/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/2/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indonesia |
9/2/2013 |
258 |
117 |
Operating rights |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
8/25/2014 |
225 |
70 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
8/25/2014 |
225 |
70 |
In the process of transfer |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
6/29/2013 |
316 |
160 |
Pingtan Fishing |
|
|
FU YUAN YU |
Light Luring |
Indonesia |
3/28/2014 |
521 |
244 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
6/24/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
7/18/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
7/18/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
7/18/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
7/18/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
India |
7/18/2014 |
225 |
70 |
Pingtan Fishing |
|
|
FU YUAN YU |
Longline Fishing |
International |
1/3/2017 |
538 |
194 |
Pingtan Fishing |
|
|
FU YUAN YU |
Longline Fishing |
International |
1/3/2017 |
538 |
194 |
Pingtan Fishing |
|
|
FU YUAN YU |
Longline Fishing |
International |
1/3/2017 |
538 |
194 |
Pingtan Fishing |
|
|
FU YUAN YU |
Light Luring |
Indonesia |
4/10/2014 |
521 |
244 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/15/1995 |
266 |
82 |
Pingtan Fishing |
|
|
FU YUAN YU |
Trawler |
Indonesia |
10/15/1995 |
266 |
82 |
Pingtan Fishing |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
9/23/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
10/17/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
10/17/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
10/17/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Drift Net |
Indo-Pacific |
10/17/2014 |
225 |
67 |
In the process of transfer |
|
|
FU YUAN YU |
Transport/ |
International |
12/14/1984 |
2946 |
1358 |
In the process of transfer |
|
|
FU YUAN YU |
Squid Jigging |
International |
4/4/1981 |
655 |
231 |
In the process of transfer |
|
|
FU YUAN YU |
Squid Jigging |
International |
12/25/1983 |
663 |
248 |
In the process of transfer |
|
|
FU YUAN YU |
Squid Jigging |
International |
8/28/2014 |
1497 |
509 |
In the process of transfer |
|
|
FU YUAN YU |
Squid Jigging |
International |
8/28/2014 |
1497 |
509 |
In the process of transfer |
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include ability to successfully implement business strategies; need for additional capital and the availability of financing; ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; legislative or regulatory changes that may adversely affect our business; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; legal and regulatory environment and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.
CONTACT:
Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435
[email protected]
Adam Prior, Senior Vice President
Tel: (212) 836-9606
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-provides-update-on-its-operations-300456083.html
SOURCE Pingtan Marine Enterprise Ltd.
