TORONTO, ONTARIO–(Marketwired – Dec 20, 2013) – Hanfeng Evergreen Inc. (HF.TO) (“Hanfeng” or the “Company”), a provider of value-add fertilizers in China and South East Asia, appear today that it has accustomed a apprehension from Beidahuang Agronomical Company (“BAC”), the Company’s above customer, announcement BAC’s accommodation to cease purchasing articles from the Company and to aish all cooperation and business with Hanfeng.
The apprehension adumbrated that BAC’s accommodation was based aloft the disability of the privatization angle accomplished by Mr. Xinduo Yu, the Company’s CEO, to be completed. As a result, the acquirement of articles from Hanfeng was concluded by BAC able immediately. BAC declared that it intends to affirmation outstanding payables of BAC to Hanfeng as advantage for any abeyant losses associated with the acquirement termination.
Historically, BAC has represented a cogent allocation of the Company’s sales from its Heilongjiang facility, as able-bodied as a supplier of raw materials. In the aboriginal privatization proposal, the Company had declared that the anticipation of BAC’s abortion of business with Hanfeng was a cogent accident if the privatization was not completed.
The administration of Hanfeng is because the implications of the apprehension from BAC and because all of its rights and another actions. It is clumsy to quantify the estimated bread-and-er appulse at this time.
About Hanfeng Evergreen Inc.
Hanfeng is a ambassador and supplier of value-added fertilizer solutions in arising markets. It is one of the better producers of apathetic and controlled absolution fertilizer in two of world’s best cogent agronomical markets: the People’s Republic of China (“China”) and the Republic of Indonesia. A Canadian Company, Hanfeng is headquartered in Toronto, Ontario and its shares barter on the Toronto Stock Barter beneath the ticker HF.
This columnist absolution contains advanced statements based on accepted expectations. Forward attractive statements include, afterwards limitation, statements evaluating bazaar and accepted bread-and-er conditions, and statements apropos advance action and future-oriented projected revenue, costs and expenditures. Absolute after-effects could alter materially from those projected and should not be relied aloft as a anticipation of approaching events. A array of inherent risks, uncertainties and factors, abounding of which are above Hanfeng’s control, affect the operations, achievement and after-effects of Hanfeng and its business, and could account absolute after-effects to alter materially from accepted expectations of estimated or advancing contest or results. Some of these risks, uncertainties and factors accommodate the appulse or hasty appulse of: current, awaiting and proposed aldermanic or authoritative developments in the jurisdictions area Hanfeng operates, in accurate in China and the Republic of Indonesia; the aftereffect of the accident of business from Hanfeng’s above customer, BAC, the aftereffect of the privatization transaction; the aftereffect of actor disputes in the Indonesian collective venture; accumulation or purchases of non-compliant products; changes in tax laws; political altitude and developments; accumulative antagonism from accustomed competitors and new entrants in the fertilizer industries; abstruse change; bill amount aberration and changes in adopted barter restrictions; changes in Chinese government abutment or restrictions on adopted investment; accepted bread-and-er altitude worldwide, as able-bodied as in China and South East Asia; Hanfeng’s success in developing and introducing new articles and services, amalgam and operating new accomplishment facilities, accretion absolute administration channels, developing new administration channels and acumen added acquirement from these channels. This account is not all-embracing of the factors that may affect any of Hanfeng’s advanced statements. Risks and uncertainties about Hanfeng’s business are added absolutely discussed in the Company’s acknowledgment materials, including its anniversary advice anatomy and MD&A, and administration advice annular filed with the balance authoritative authorities in Canada. Hanfeng undertakes no obligation to amend any advanced account to reflect contest or affairs afterwards the date on which such account is made, or to reflect the accident of hasty events, whether as a aftereffect of new information, approaching contest or after-effects or for any added reason. Readers are cautioned not to put disproportionate assurance on advanced statements.
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