Pingtan Marine Enterprise Announces Strategic Cooperation Framework Agreement with China Co-op (Hainan) Industry Development Co., Ltd.
Continuation of Pingtan's Strategy of Becoming a Vertically-Integrated Provider of Seafood Products
FUZHOU, China, Jan. 14, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced that the Company has entered into a strategic cooperation framework agreement (the "Agreement") with China Co-op (Hainan) Industry Development Co., Ltd. for the two companies to work together as part of Pingtan's intention to develop into a seller of fish products directly to end markets. As part of this Agreement, the two companies will jointly construct a fish processing plant and Pingtan's fishing products will then be sold to China Co-op's numerous supermarket locations across China.
The Company's Board of Directors recently approved a resolution pursuant to which Pingtan will begin negotiating with the Fujian Provincial People's Government of the People's Republic of China for Pingtan to acquire the operating rights for a parcel of land in which it intends to construct this fish processing plant.
Pingtan's Chairman and CEO, Mr. Xinrong Zhuo, stated, "We are very pleased to become a strategic partner of China Co-op (Hainan) Industry Development Co., Ltd., one of China's premier food companies. We feel that this cooperation is a positive reflection on Pingtan's credibility and leading position within the fishing industry. We believe this partnership with China Co-op (Hainan) Industry Development Co., Ltd. will accelerate our progress to becoming a vertically integrated seafood provider and also enhances our market competitiveness as our products would reach to both inland and remote areas through their massive sales network."
China Co-op (Hainan) Industry Development Co., Ltd. is one of China Co-op Group's wholly-funded companies. China Co-op Group is China's largest federal-level food industry integrated enterprise group engaged in food trading. China Co-op (Hainan) Industry Development Co., Ltd. operates more than 300,000 stores within its supermarket chain across China, with a current asset size of 190 billion RMB and annual revenue of more than 130 billion RMB.
For more information regarding China Co-op (Hainan) Industry Development Co., Ltd, please visit http://www.ccoopi.com.
Pingtan is a marine enterprises group, engaging in ocean fishing through its wholly-owned subsidiaries, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.
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. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in the Company's SEC filings available at www.sec.gov, including the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statement and Registration Statement on Form S-3. 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.
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
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SOURCE Pingtan Marine Enterprise Ltd.