SOURCE: Yasheng Group

February 16, 2006 08:00 ET

YaSheng Group Intends to Spin-Off 100% of Its Wholly Owned Subsidiary, YaSheng TV University, as a Dividend to YaSheng's Shareholders, Share for Share

REDWOOD CITY, CA -- (MARKET WIRE) -- February 16, 2006 -- The YaSheng Group (OTC: YHGG) announced today that it is considering paying its shareholders 1 share of YaSheng TV University for every share held on a record date to be set at an upcoming directors' meeting set for later this month.

YaSheng TV University generated approximately 28,000,000 yuan or $3,500,000 US in revenues with pre-tax profits of approximately $1,000,000 US in 2005; and the University projects revenues to increase to 29,960,000 Yuan in 2006.

About YaSheng TV University

YaSheng TV University was established in Sep of 1987, and covers building area of 7189.7 square meters today. Total amount of investment is 45.265 million yuan; has 10 administrative offices, teaching office, office of academic affairs, finance section, college office, admission and employment office, office of experiment of open education, office of computer information technology, office of online learning, further education testing department, department of preparatory courses, etc; consists of 10 workstations, 1 immediate teaching school; 111 teachers and staff members (including Hongguan Station), among them, 3 persons with senior academic titles, 25 persons with middle academic titles, and 40 persons with junior academic titles. Today there are 264 classes, 5222 registered students, among whom, 72 masters, 2045 bachelors, 3177 junior college students, 43 students are County Level cadre and Field Level cadre who are graduated or still studying, 333 students are Office Level cadre; there are 1117 courses totally. It is a multifunctional multi-formed multi-tiered multi-specification comprehensive long-distance opening university of adult education which integrates secondary technical school of adult education, subject-field education, modern long-distance undergraduate education and subject-field education, and online education.

With the expanding of main industries of YaSheng Group, the total assets reached 1158 million yuan by 2004, the strength, in all respects, has kept enhancing.

About YaSheng Group:

The YaSheng Group (OTC: YHGG) is a diversified industrial conglomerate incorporated in Redwood City, California, 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 its 136 subsidiaries, the company 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
    650-363-8345