It seems YASH & YHGG are already doing ventures together this is the report I was reading....I think we just sit and wait this out like you say until they clear this up....
Aug. 21, 2009 (Business Wire) -- Yasheng ECO-Trade Corporation (OTCBB: YASH) announced today that it and Yasheng Group, an agriculture conglomerate, have signed a Memorandum of Understanding (“MOU”) with Pfau, Pfau & Pfau LLC (“Pfau”) to establish a joint venture to develop and operate three properties currently owned by Pfau, one of which includes roughly 28,000 acres in Central California.
The first property is approximately 28,000 acres of farm and ranch land located in Southeastern San Benito County, California and Western Fresno County, California. The development plan for this property is to plant and harvest olive trees on approximately 12,000 acres. After harvesting, the company plans to mill and produce California Extra Virgin Olive Oil.
In addition to the olive production, the land currently has one producing oil well with plans to drill nine more wells. The Company is discussing the possibility of developing the remaining land (roughly 15,000 acres) into ranch properties. Current zoning allows for subdivision down to 40 acre parcels.
The second property is approximately 45 acres in Kona, Hawaii. The planned development for this property is a coffee plantation.
The third property is approximately 500 acres in San Marcos, California. The planned development for this land is approximately 750 single family homes and approximately 1.5 million square feet of commercial mixed use space.
Gregory Rubin, Chairman of Yasheng ECO-Trade Corporation, commented, “We believe this proposed joint venture could potentially provide the company with the ability to enter the agriculture market in the United States leveraging the expertise of the Yasheng Group.” The closing of the joint venture will require the completion of definitive documentation, completion of due diligence by the Company, obtaining corporate approval of all parties and obtaining approval of the bankruptcy court, as Pfau has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of California.
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