CHCL news.
ACL Signing a Counter Trade Agreement with Pakistan
/FROM PR NEWSWIRE 800-682-9599/
TO BUSINESS EDITOR:
ACL Signing a Counter Trade Agreement with Pakistan
HONG KONG, March 22 /PRNewswire/ -- China Continental, Inc.
(OTC Bulletin Board: CHCL) announced that Asia Continental Limited (ACL), one
of its subsidiaries, is finalizing an agreement with one of the largest
seafood companies in Pakistan to sign a counter-trade contract. The signing
is scheduled for early next month. Under this counter-trade arrangement, ACL
will import seafood from Pakistan into China.
China is a vast growing market for seafood. In order to meet the
ever-increasing demand from its 1.2 billion people for seafood, especially its
growing middle-class, China plans to aggressively expand its capacity of fish
harvesting and fish farming.
Mr. Harry Ho, Chairman of China Continental, Inc., stated, "As Pakistan is
a major resource for seafood in the Southern Asia region, ACL is embarking on
a new market where the Company will offer the country a seafood counter-trade
opportunity. Supplies of fishing nets will be traded for their seafood
resources. The seafood supplies will then be exported to China in return for
cash revenues. The initial discussion of the counter-trade contract is for
ACL to supply fishing net fabrics worth a potential US$30 million (or
10,000 MT) for the equivalent value in seafood."
About China Continental Inc.
China Continental, Inc., traded on the OTC Bulletin Board market since
1995, is a holding company with over ten years of experience in developing
turnkey businesses. Core activities include supplying manufacturing
technology on a turnkey basis, high technology manufacturing techniques in
primary industries, and developing and providing technologies in agricultural
genetics and farming. The Company's agricultural genetics and farming
activities are centralized in the Inner Mongolia Province of China, covering
an area of 406 square kilometers to commercialize its genetic techniques in
breeding as well as propagating superior livestock and products in its own
Research and Development Institute.
Safe Harbor Statement
Except for the historical statements made herein, the statements made in
this release are forward-looking statements including "signing is scheduled
for early next month", "to supply fishing net fabrics worth a potential
US$30,000,000 (or 10,000 MT)". Factors that could cause actual results to
differ materially from those projected in forward-looking statements include
the Company's ability to capitalize on diversification opportunities in
Pakistan. The risks include organizing and managing the trade agreement,
raising the necessary capital, receiving government and legal approvals,
general business conditions, political and other business risks. Although the
Company believes that the forward-looking statements contained herein are
reasonable, it can give no assurance that the Company's expectations are
correct. All forward-looking statements are expressly qualified in their
entirety by this Cautionary Statement and the risks and other factors detailed
in the Company's reports filed with the Securities and Exchange Commission.
SOURCE China Continental, Inc.
/CONTACT: Harvey A. Goralnick, Investor Relations, of FOCUS Partners
LLC,212-752-9445, or chcl@focuspartners.com, for China Continental/
Mar-22-2000 09:26 GMT
Symbols:
US;CHCL
Source PRN PR NewsWire
Categories:
NWI/FOD NWS/CON |
