Man Shing Increases Production Capacity 45% by Leasing an Additional 2.4 Million Square Meters of Farmland
05 April 2011 - 10:00PM
Marketwired
Man Shing Agricultural Holdings, Inc. (OTCBB: MSAH) ("Man Shing,"
the "Company," "we," "us," or "our"), located in the Shandong
Province and one of the largest Chinese exporters of fresh ginger
to Japan, the United Kingdom, and the Netherlands, has leased an
additional 2.4 million square meters, or 3,620 Mu of farmland,
increasing total farmland by approximately 45% to 7.7 million
square meters.
The newly leased farmland is located in close proximity to the
5.3 million square meters of land currently leased by the Company
in Anqiu, Shandong Province. This lease furthers the Company's
growth strategy. The annual cost for the new lease of 2.4 million
square meters of farmland is approximately $530,000. Planting on
the new 2.4 million square meters and existing 5.3 million square
meters of farmland will begin in April 2011, followed by harvesting
in October 2011.
Mr. Shili Liu, Chairman and CEO of Man Shing, stated, "Today's
announcement marks a significant milestone in the history of Man
Shing as we have increased total farmland by 45% to 7.7 million
square meters of farmland. This production increase bodes very well
for our future financial performance, if demand continues to grow
for our product and the favorable pricing trend for fresh, high
quality ginger continues, as we believe that they will. The
significance of finalizing the lease for land in close proximity to
existing operations also enables us to ensure that the planting,
harvesting, and implementation of quality standards can be done
without additional costs beyond the general farming expenses
stated."
Mr. Shili Liu, continued, "We have also worked closely with the
PRC government and the farmland workers of Anqiu. Due to our
reputation as one of the market leaders in the production of fresh
ginger, Man Shing has gained the trust and respect from both
parties allowing us the opportunity to lease more land. Demand for
our products remains at an all time high. Due to the timing of this
agreement, we can now prepare to plant on the new and existing land
as originally scheduled in mid April of this year."
After management evaluates the financial impact of the new
farmland and fiscal 2011 results are reported, financial guidance
for the fiscal year ending June 30, 2012 will be given.
About Man Shing Agricultural Holdings,
Inc. Man Shing Agricultural Holdings, Inc., through its
operating subsidiary in Shandong of China, is focused on the
production and processing of fresh ginger and other select
vegetables such as onion and garlic. The Company produces
high-quality ginger which meets the requirements of the British
Retail Consortium Global Food Standard. The Company focuses on
customers located in countries such as Japan and the European Union
which are food safety oriented. For further information about Man
Shing Agricultural Holdings, Inc., please visit the Company's
website at http://www.msaginger.com/
Forward Looking Statement: Statements
contained in this press release, which are not historical facts,
are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, expectations of signing new
customers and contracts, developing new products, projected
revenues and earnings, and the success of new products. These
forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from
these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance
on these forward-looking statements, which are relevant as of the
date of the given press release and should not be relied upon as of
any subsequent date. Man Shing Agricultural Holdings, Inc.
undertakes no obligation to update the forward-looking information
contained in this press release.
Company Contact: Man Shing Agricultural Holdings, Inc.
Mr. Shili Liu CEO, Chairman and president Email Contact Mr. Kenny
Chow CFO Email Contact +86-536-464-4888 +852-2530-3122
http://www.msaginger.com/ Investor Contact: HSC Global, an
affiliate of HC International, Inc. Alan Sheinwald President (914)
669-8885 Email Contact www.HSCGlobal.net
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