Shineco, Inc. Announces the Completion of its First Board Meeting for Fiscal Year 2019
07 December 2019 - 1:00AM
Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a
producer and distributor of Chinese herbal medicines, organic
agricultural produce, hemp products, and various health and
well-being focused plant-based products in China, announced
today that it completed its first board meeting (the "Meeting") for
fiscal year 2019 held on November 26, 2019 in Beijing, China and
pursuant to which the Company’s directors:
- Re-elected Mr. Yuying Zhang as the Chairman of the Board of
Company to hold office until the next annual general meeting.
- Elected Mr. Baolin Li as the Vice Chairman of the Board of
Company to hold office until the next annual general meeting.
- Elected Mr. Harry Edelson as an independent director of the
Board of Company.
Mr. Harry Edelson has worked in the venture
capital industry for more than 20 years, and his investment
performance was ranked first among all venture capital companies in
the east coast of United States. Even during the catastrophic
decline in the stock market from 2000 to 2002, his fund's annual
return (IRR) averaged 27%. Harry creates and manages a series of
strategic venture capital funds for 10 large companies in different
industries worldwide. He is also the first venture capital investor
for 11 early-stage companies with a market value range from USD 1
billion to USD100 billion. Harry greatly enhances the Company's
ability in investment and financing.
Mr. Yuying Zhang, Chairman and Chief Executive
Officer of Shineco, commented, “The changes in the personnel of the
new board of directors will better support the management and
boosting the efficiency of decision-making. Vice Chairman Mr.
Baolin Li is a new strategic investor of the Company and he will be
fully responsible for the strategic development and specific
business of the industrial hemp sector in Shanxi Provenience. Vice
Chairman Baolin Li has rich management experience, a keen strategic
vision and excellent execution capabilities, and he has many years
of practical experience and outstanding performance in the field of
investment, financing and fund management.”
Mr. Zhang continued, “This year, the Company
officially entered the industrial hemp industry and achieved
certain results. In the future, we will increase the comprehensive
utilization of the hemp industry and follow the principle of
maximizing shareholder value, focus on our customs and market,
leverage our advantages in product technology innovation and
management efficiency in the field of industrial hemp. Look
forward, we expect to constantly strengthen the Company’s core
competitiveness, become an industry hemp industry benchmark and
improve our shareholder returns. At the same time, the Company will
also explore opportunities to develop strategic emerging businesses
in the high-tech industry.”
About Shineco, Inc.
Incorporated in Delaware in August
1997 and headquartered in Beijing, China, Shineco is
a holding company. Through its subsidiaries and variable
interest entities, Shineco undertakes vertically- and
horizontally-integrated production, distribution, and sales
channels to provide health and well-being focused plant-based
products in China. Utilizing modern engineering technologies
and biotechnologies, Shineco produces, among other products,
Chinese herbal medicines, organic agricultural produce, and
specialized textiles. For more information about Shineco, please
visit http://tianyiluobuma.com.
Forward-Looking Statements
This press release contains information about
Shineco's view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Shineco encourages you to review other
factors that may affect its future results in Shineco's
registration statement and in its other filings with the Securities
and Exchange Commission.
For more information, please contact:
Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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