Qilian International Holding Group Limited Enters into Investment Agreement for Pig By-product Processing Project in Chongqing
GlobeNewswire 07-09 20:00
Jiuquan, China, July 09, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”), a China-based pharmaceutical and chemical products manufacturer, today announced that the Company, through its PRC subsidiary Chengdu Qilianshan Biotechnology Co., Ltd., has entered into an investment agreement (the "Agreement") with Chongqing Jin Tong Industrial Construction Investment Co. Ltd. (“CJT”) on July 5, 2021, for the construction of a pig by-product processing facility (the “Project”) in Chongqing.
The Project is designed to cover an area of about 50 mu (approximately 8.24 acres), with a total investment of RMB540 million (approximately USD83.6 million) and is expected to reach a target annual production capacity of 10 tons of heparin sodium preparations within three years, the value of which being more than RMB500 million (approximately USD77.4 million). The Project is expected to receive preferential policies from the government at the national, municipal and local levels.
Mr. Zhanchang Xin, Chairman and CEO of the Company, commented, “We are very pleased to work with CJT on the Project. As a key area for pig breeding and pork production in China, Chongqing has sufficient raw materials for the production of heparin sodium preparations. This is the reason we decided to launch the Project there. This move is also in line with our growth strategy of expanding the production line of heparin sodium preparations. The Project, once completed and operational, is expected to increase our production capability of heparin sodium preparations to 10 tons within three years.”
About Qilian International Holding Group Limited
Qilian International Holding Group Limited, headquartered in Gansu, China, is a pharmaceutical and chemical products manufacturer in China. It focuses on the development, manufacture, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivatives product, heparin product, sausage casings, and fertilizers. The Company’s products are sold in more than 20 provinces in China. For more information, visit the company’s website at http://qilianinternational.com/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, financial needs and the successful construction of the pig by-product processing project facility. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
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Qilian International Holding Group Limited