REDWOOD CITY, CA--(Marketwire - June 04, 2009) - Yasheng Group (PINKSHEETS: YHGG) growth bolstered by New National and Provincial Agriculture Industry Policies. The Gansu Province government, where Yasheng’s operations are headquartered, recently adopted 6 measures to promote the production and marketing of agricultural products.
These measures include increased credit lines for agricultural companies, providing favorable support to enterprises for their storage, production, technology innovation, and market penetration activities related to bulk volumes of agricultural products, providing lower interest rates for leading agricultural companies, providing incentives for companies with value-added processing capabilities, providing financial support and efforts in boosting export to Central and Southeast Asia and assisting in promoting agricultural ecommerce.
The Chinese central government also recently announced subsidies, of approximately $81 USD per acre, for large scale agro companies that produce potato seedling cultivation. Yasheng has been a main grower of potatoes in the region for many years and this will bring additional benefit to the company.
Yasheng, the largest agriculture group in North West China, will benefit from these policies and continue to grow in line with the long term vision of establishing large scale agro cultivation, processing, with domestic and global market penetration focus. These policies will add another key ingredient to the company’s 5 and 10 year plans to establish a foundation for sustainable growth, access to a variety of types of financing growth, and strategic plans to develop high-end agricultural products and by-products to high-end markets.
About Yasheng Group:
Yasheng Group (PINKSHEETS: YHGG) is a diversified agriculture conglomerate incorporated in California, operating in hi-tech agriculture as its core business with advantages in rich land, advanced irrigation technology, strong R&D, agro and biotechnology capabilities, as well as a vast experienced workforce. The company product portfolio contains 6 major agro segments: field crops, vegetables, fruits, specialty crops, seeds, and poultry. With total assets of approximately $1.5 billion USD and over 15,000 employees, Yasheng Group has 155,097,355 shares issued and outstanding as of December 31, 2008.
Further information concerning Yasheng Group can be found on the corporate website: http://www.yashenggroup.com/
Forward-Looking Statements:
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
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