JUNAN COUNTY, China,
June 27, 2011
/PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN)
("American Lorain" or the "Company"), an international processed
snack foods, convenience foods, and frozen foods company based in
the Shandong Province,
China, today announced that the
Company has signed a Joint Venture Agreement ("JV Agreement") with
Hisaya Ltd. ("Hisaya"), a premium roast chestnut retailer from
Japan.
Hisaya is the largest premium roast chestnut retail chain in
Japan and now operates over 50
retail kiosks. According to the JV Agreement, American Lorain and
Hisaya will hold 51% and 49% of the joint venture, respectively,
with a total initial share capital of RMB
500,000, or USD 77,000. The
joint venture will aim the high-end premium chestnut market in
China leveraging American Lorain's
domestic branch office networks as well as Hisaya's successful
operation model in Japan. The
first set of kiosks will be opened in Chengdu, Sichuan
Province.
American Lorain's Chairman and CEO, Mr. Si Chen, stated, "Hisaya
is the most successful premium roast chestnut chain operator in
Japan. American Lorain started
test production and sale of high-end premium roast chestnuts in
2010. Through this joint venture, we are able to further capitalize
on Hisaya's advanced operation model and quality control standards
introduced from Japan. Meanwhile,
the premium roast chestnut aims the underdeveloped high-end
chestnut consumption space, which I believe will be very helpful in
defining and expanding this chestnut sub-market, and thus enhance
the value-added and brand recognition for our chestnut products as
a whole."
About American Lorain Corporation
American Lorain Corporation products include chestnut
products, convenience food products and frozen food products. The
Company currently sells over 240 products to 26 provinces and
administrative regions in China as well as to 42 foreign
countries. The Company operates through its five direct and
indirect subsidiaries and one leased factory located in China.
For further information about American Lorain Corporation,
please visit the Company's website
at http://www.americanlorain.com.
About Hisaya, Ltd.
Hisaya is the largest premium roast chestnut retail chain in
Japan and now operates over 50
retail kiosks, which covers mostly the subway / railway central
stations, premium shopping malls as well as tourist points in major
cities such as Tokyo, Kyoto and Osaka. The annual sales is approximately
$6 million. For more information,
please refer to www.kyo-yakiguri.com.
SOURCE American Lorain
Corporation