news... Shandong Lorain Named a National Leading Enterprise in Agricultural Industrialization
Thursday May 8, 8:00 am ET
JUNAN COUNTY, Shandong, China, May 8 /Xinhua-PRNewswire-FirstCall/ -- American Lorain Corporation (OTC Bulletin Board: ALRC - News; "American Lorain" or the "Company"), an international packaged foods company based in Shandong province, People's Republic of China ("PRC"), today announced that one of its four operating subsidiaries, Shandong Lorain, was awarded the National Leading Enterprise in Agricultural Industrialization ("NLEAI") award by nine Chinese ministries and commissions, including the Ministry of Agriculture, the State Planning Commission, and the State Economic & Trade Commission. Shandong Lorain is the second enterprise in Linyi City, Shandong province, to win the NLEAI award.
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The NLEAI award is a prestigious award bestowed by the Chinese government, with a stringent selection process that begins with an enterprise receiving the nomination from its municipality and province. The list of candidates is then narrowed down by a panel of experts and the winners finally receive approval from the Joint Conference of National Agricultural Industrialization, an organization formed by a collection of nine ministries and commissions. Enterprises that are awarded the NLEAI enjoy numerous benefits, including privileges and support from the government when applying for government funding, credit lines and approval for new projects. In addition, NLEAI award recipients are eligible for a three-year corporate income tax exemption, effective immediately. Since 2000, only 800 enterprises in China have received the NLEAI award.
"We are so excited to receive such an honor, which demonstrates our advancements in agricultural industrialization. We plan on continuing to be an integral part of the local economy by providing jobs to local residents and paying fare wages. Shandong Lorain aligns the Company's interests with the interests of local farmers by entering into contracts that benefits all parties involved. This cooperation enables us to maintain an agricultural operation that spans 45,300 Chinese mu (i.e., 7,248 acres) and work alongside 13,000 farmers," said Mr. Si Chen, CEO of American Lorain.
About American Lorain Corp.
