WUHAN, China, Jan. 2, 2019 /PRNewswire/ -- Renmin Tianli Group,
Inc. (NASDAQ: ABAC) ("Renmin Tianli" or the "Company"), a producer
of breeder hogs, market hogs and black hogs, as well as specialty
processed black hog pork products sold through retail outlets and
the internet, with headquarters in Wuhan City, Hubei
Province, China, today
announced that it has entered into a purchase agreement with Hubei
Science and Technology Industrial Park (the "Seller") to acquire a
portfolio of industrial and residential properties (the
"Properties") for a total consideration of RMB432 million, including 1) cash consideration
of RMB411 million (approximately
$59.7 million); and 2) 3,000,000
shares of Renmin Tianli common stock, par value of $0.004 per share, to be issued to certain
shareholders of the Seller. The Company's Board of Directors has
approved the transaction.
Located at No. 1 Qilin Road, Xiangcheng District, Xiangyang
City, Hubei Province, the
Properties include two industrial buildings (building #4 and #7)
with aggregate floor area of approximately 50,000 square meters and
a residential building with usage area of approximately 19,000
square meters.
Upon completion of the transaction, the Company expects rental
streams from the leasing the Properties to complement its existing
hog farming business.
About Renmin Tianli Group, Inc.
Renmin Tianli Group, Inc. (the "Company"), is in the business of
breeding, raising and selling breeder and market hogs in
China. The Company also sells
specialty processed black hog pork products through supermarkets
and other retail outlets, as well as the internet.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product
demand and acceptance, changes in technology, economic conditions,
the impact of competition and pricing, government regulations, and
other risks contained in reports filed by the company with the
Securities and Exchange Commission. All such forward-looking
statements, whether written or oral, and whether made by or on
behalf of the Company, are expressly qualified by this cautionary
statement and any other cautionary statements which may accompany
the forward-looking statements. In addition, the Company disclaims
any obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
For more information, please contact:
Tony Tian, CFA
Phone: +1-732-910-9692
Email: ttian@weitianco.com
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SOURCE Renmin Tianli Group, Inc.
