DAQING, China, July 27, 2011 /PRNewswire-Asia-FirstCall/ --
China Nutrifruit Group Limited (NYSE Amex: CNGL) ("China
Nutrifruit" or "the Company"), a leading producer of premium
specialty fruit based products in China ("PRC"), today announced that the
Company commenced its fiscal year 2012 production operations on
July 25, 2011.
China Nutrifruit's production season typically spans from mid
July to mid November each year. The Company engages in selling,
product distribution activities and research and development
initiatives throughout the year to monitor market demand and
changes in consumer tastes. During the fiscal year 2012 production
season, the Company will introduce a series of new products,
including fruit and vegetable powder products, concentrate paste
products, cherry tomato glazed fruit products and golden berry
dried fruit products, through its well-established nation-wide
distribution network.
"Our fiscal year 2012 production season marks an important
milestone as with the launch of our new fruit and vegetable powder
products and new concentrate paste products, we will extend the
production period for our powder products beyond our typical
harvest season. This is mainly because we can utilize our
concentrate paste products as raw materials for production of our
fruit and vegetable powder products and therefore extend our
production season. We believe this will have a positive impact on
our revenue growth, resource efficiency and profitability,"
commented Mr. Changjun Yu, Chairman
and CEO of China Nutrifruit.
"In addition, we have completed technological upgrades to our
glazed fruit production lines in Daqing and completed installation
of additional processing equipment at our concentrate juice
production lines in Mudanjiang, increasing our annual concentrate
juice production capacity by 50% to reach 9,000 tons. Such upgrades
will result in improved operational efficiency and higher
productivity, while expanding our product portfolio as we begin
production of our new cherry tomato glazed fruit products and
golden berry dried fruit products. We expect the technological
upgrades combined with the new product introductions to favorably
contribute to our fiscal year 2012 results and are confident in our
ability to achieve our projected revenue of approximately
$110 million to $113 million and net
income of approximately $29 million to $30
million in fiscal year 2012."
About China Nutrifruit Group Limited
Through its subsidiaries Daqing Longheda Food Company Limited
and Daqing Senyang Fruit and Vegetable Food Technology Company
Limited, China Nutrifruit, is engaged in developing, processing,
marketing and distributing a variety of food products processed
primarily from premium specialty fruits grown in Northeast China, including golden berry, crab
apple, blueberry, seabuckthorn, blackcurrant and raspberry. Its
processing facility possesses ISO9001 and HACCP series
qualifications. Currently, the Company has established an extensive
nationwide sales and distribution network throughout 18 provinces
in China. For more information,
please visit http://www.chinanutrifruit.com.
Forward-Looking Statements
This press release contains 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 (the "Exchange Act""). Such
statements include, among others, those concerning our new
products, our new facility and capacity expansion, expansion
of our production period, upgrade of production line and
their expected impact on the Company's
business, financial performance and resource
efficiency, our expectations regarding the market for our
existing products and new products, our expected financial
performance in fiscal year 2012 and strategic and
operational plans, as well as all assumptions, expectations,
predictions, intentions or beliefs about future events. You are
cautioned that any such forward-looking statements are not
guarantees of future performance and that a number of risks and
uncertainties could cause actual results of the Company to differ
materially from those anticipated, expressed or implied in the
forward-looking statements. The words
"believe," "expect,"
"anticipate," "project,"
"targets," "optimistic,"
"intend," "aim,"
"will" or similar expressions are intended
to identify forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Risks and uncertainties that could
cause actual results to differ materially from those anticipated
include risks related to new and existing products; any projections
of sales, earnings, revenue, margins or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statements regarding future economic
conditions or performance; uncertainties related to conducting
business in China; any statements
of belief or intention; any of the factors mentioned in the
"Risk Factors" section of our Annual Report
on Form 10-K for the year ended March 31,
2011, and other risks and uncertainties mentioned in our
other reports filed with the Securities and Exchange Commission.
The Company assumes no obligation and does not intend to update any
forward-looking statements, except as required by law.
Company Contact:
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Mr. Colman Cheng, Chief
Financial Officer
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China Nutrifruit Group
Limited
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Tel:+ 852 9039
8111
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Email:
zsj@chinanutrifruit.com
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Website: www.chinanutrifruit.com
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Investor Relations
Contact:
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Mr. Crocker Coulson,
President
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CCG Investor
Relations
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Tel: +1-646-213-1915 (NY
office)
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Email:
crocker.coulson@ccgir.com
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Website:
www.ccgirasia.com
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Linda Salo, Account
Manager
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Email:
linda.salo@ccgir.com
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Tel: +1- 646-922-0894
(New York office)
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SOURCE China Nutrifruit Group Limited