SOURCE: Yasheng Group

October 16, 2006 08:00 ET

YaSheng Group's China Auditor Registers With PCAOB Bringing Company Closer to Listing on Major Stock Exchange

REDWOOD CITY, CA -- (MARKET WIRE) -- October 16, 2006 -- The YaSheng Group (PINKSHEETS: YHGG) today announced that the company's auditor in China, Gan-Su Hong-Xin Accountants Firm, Ltd, has registered with the Public Company Accounting Oversight Board (PCAOB). This new development will enable Yasheng to utilize GanSu Hong-Xing in the audit being conducted by a PCAOB-recognized American firm. This new development will allow Yasheng to utilize their historic auditing firm by participating in the company's goals of listing on a major exchange in the United States, bringing their filings current with the SEC and becoming compliant with Sarbanes-Oxley Act of 2002. Completing these steps will give the company the potential of filing a registration statement with the SEC and listing on a major U.S. exchange.

About YaSheng Group:

The YaSheng Group (PINKSHEETS: YHGG) is a diversified industrial conglomerate incorporated in Redwood City, California, and operates in hi-tech agriculture, salt chemistry and biological technology as its core business with advantages in rich land, mineral resources, capital and technology reserves.

Through three major industries, Agriculture, Chemical, and Biotechnology, the company's operating categories include: chemical engineering, agricultural production, biotech, pharmaceuticals, textile products, printing and dyeing, commercial trading, beverages and inorganic salt manufacturing. With total assets of approximately $1.5 billion USD and over 15,000 employees, YaSheng Group has 155,097,355 shares issued and outstanding as of December 1, 2004.

Further information concerning YaSheng Group can be found on the corporate website: http://www.yashenggroup.com/

Forward-Looking Statements:

Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.

Contact Information

  • CONTACT:
    YaSheng Group
    Investor Relations:
    E-mail: Email Contact
    650-363-8345