Yasheng ECO-Trade Corporation Provides a Corporate Update on Recent Visit to China Tue Sep 8, 2009 9:00am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
Featured Broker sponsored link 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.
"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.
About Yasheng ECO-Trade Corporation
Headquartered in Beverly Hills, California, Yasheng ECO-Trade Corporation`s business is the identification and acquisition of undervalued assets within emerging industries for the purpose of consolidation and development of these businesses and sale if favorable market conditions exist. The Company is currently in the focused on the development of a logistics center in Southern California.
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of Yasheng ECO-Trade Corporation can be found in the filings of Yasheng ECO-Trade Corporation with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
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