Asia Packaging Group Inc. Announces Acquisition of Property
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/25/13 -- Asia Packaging Group Inc. (TSX VENTURE: APX) ("Asia Packaging" or the "Company") announces the acquisition of a land use right and buildings for Yuanxing Packaging (China) Co. Ltd. manufacturing operations in Fujian Province.
During the fourth quarter ended March 31, 2013, the Company entered into a land acquisition agreement with Fujian Xinshidai Industry Trade Development Company in the amount of RMB 120 million ($19.6 million). The transaction involves the purchase of the land use right and associated buildings in Fujian Province relating to the manufacturing operation of Yuanxing Packaging. Closing of this acquisition and transfers of the land use right was completed subsequent to the Company's fiscal year end on March 31, 2013.
Given that the Company entered into the land acquisition agreement before the filing of the Company's third quarter statements on February 27, 2013, the Company will refile it's third quarter statements, MD&A and certificates with inclusion of the signing of this land acquisition agreement as a subsequent event.
About Asia Packaging Group Inc.
Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services to the food pharmaceutical and retail industries in China. The Company operates a manufacturing plant in Yichun City, Jiangxi Province, China where it produces a variety of film and plastic packaging products. With the completion of the acquisition of Yuanxing Packaging earlier this year, the Company has added a bag manufacturing facility located in Fujian Province and sales offices in Guangzhou and Shanghai.
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.
Contacts:
For Corporate Information: Asia Packaging Group
Jin Kuang
CFO
604-443-5041
Asia Packaging Group
Robert Wilson
Vice President
416-666-4005
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Datum: 25.07.2013 - 13:58 Uhr
Sprache: Deutsch
News-ID 1248956
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Food
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