TORONTO, Dec. 13, 2013 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem") is pleased to announce that it has successfully renewed its 200 million RMB ($35 million) operating line with China Construction Bank for another 12 months.
This facility will bear a floating rate of interest based on 115% of the Peoples Central Bank Rate or approximately 6.9%. The facility will continue to be secured against the assets of the Company's Daqing plant.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the
People's Republic of China ("PRC"), is in the business of processing
corn into cornstarch, germ and gluten for sale to the domestic Chinese
market. From its plants in Liaoning and Heilongjiang Province, the
Company has a total processing capacity of 1.5 million tonnes of corn
per year.
This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Asia Bio-Chem Group Corp.
