GreenStar Agricultural Corporation

TSX VENTURE : GRE


GreenStar Agricultural Corporation

February 04, 2014 13:26 ET

GreenStar Appoints Michael Newman as Executive Chairman

TORONTO, ONTARIO--(Marketwired - Feb. 4, 2014) - GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Corporation"), a producer of canned tomato paste, canned peaches, mandarin oranges and grapes, and a supplier of fresh mandarin oranges, young bamboo shoots and mature bamboo, is pleased to announce the appointment of G. Michael Newman to the position of Executive Chairman of the Board of Directors, effective immediately. Mr. Newman's main role, aside from co-chairing the Corporation's Board of Directors, will be overseeing the Corporation's proposed expansion into North America, interaction with GreenStar's PRC based Chairman, CEO and management, and liaising with Canadian stakeholders.

Mr. Newman, who has been the lead director of GreenStar since 2011, brings to his new position thirty-five years of public markets background and experience, as an officer and/or director of a number of TSX and TSX.V listed companies. He is the founder, and from 1999 to 2009 was the President and CEO of InterRent Real Estate Investment Trust, and also served on the Board of Director of the SKOR Food Group Inc., from 1997 until its acquisition by Colabor Group Inc., in 2012. Commenting on the appointment, Mr. Guan Lianyun, GreenStar's Chairman and CEO, stated, "We are pleased that Mr. Newman has accepted this appointment, and look forward to working with him to accomplish GreenStar's goal of becoming a major global company in the agricultural and food industry."

GreenStar also announced the appointment of Mr. Conor Bill to the Corporation's Audit Committee, replacing Mr. Newman. As a result, GreenStar now has a totally independent Audit Committee. Mr. Bill is the CEO of Artemis Wealth.

About GreenStar Agricultural Corporation

GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.

GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.

GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".

For further information on GreenStar please visit our web site at www.greenstaragricultural.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Caution Regarding Forward-Looking Information:

Certain statements in this press release may constitute "forward looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes managements plan to expand to North America and to become a major global company in the agricultural and food industry. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Corporation's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Corporation's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Corporation undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.

Contact Information