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Aug. 8th
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Yasheng ECO-Trade Corporation ("the Company") (OTCBB: YASH), provides a corporate update on recent developments. Chairman Dr. Gregory Rubin and CEO Yossi Attia recently visited China as guests of Yasheng Group. The Company recently entered into a definitive stock exchange agreement in which a major shareholder of Yasheng Group intends to acquire control of the Company in consideration of 48% of the issued and outstanding shares of common stock of the Company. It is intended that the companies will jointly work towards accessing commerce in the US markets through developing a logistics center in North America.
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{"s" : "yash.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} "Our visit with Yasheng Group’s top management in China was indeed an eye opener and far exceeded our expectations," commented Gregory Rubin. "We met with government officials and industry leaders that took us around their beautiful country, visiting three of Yasheng Group’s seven major subsidiaries, including vast farms, ranches, plantations, processing centers, and major green house complexes, giving us tours of these high tech operations." Rubin continued, "Over the last 20 years, they have laid the foundation for rapid expansion and we look forward to being a part of this progress as we jointly pursue the logistics center here in the US as well as any future endeavors."
Yossi Attia added, "We are thrilled to bring this opportunity to our shareholders and we intend to submit a proxy statement to our shareholders as soon as possible so that we may move forward and complete this transaction before the end of the year."
Yasheng Group is a leading, international, diversified agriculture conglomerate that conducts primarily agricultural operations in the rapidly growing market of China and employs more than 15,000 workers. The company's agriculture products include hops, onion, maize, barley, cotton, potato, apple, pear, alfalfa, cumin, apricots, wolfberry, corn, flax, beet, wheat, sunflower, peas, soybeans, and more.
