REDWOOD CITY, CA--(Marketwire - Feb 20, 2013) - Yasheng Group (OTCQB: HERB), a diversified China-based agricultural conglomerate with US headquarters in California, today announced that it has entered into a joint venture agreement with Greenphil Aquaculture and Hydroponic Holding Inc, a Philippines company. The joint venture is set up to explore the development of land-based projects in Southeast Asia, particularly in the Philippines, in areas such as sustainable aquaculture and hydroponics, industrial seafood processing, agriculture, natural resources, and any forms of environmental services including 500,000 Hectares of land for terrestrial carbon credit projects. This joint venture between the two companies is an opportunity to put together the impressive track record of Yasheng Group in industrial agriculture and Greenphil's successful operation in providing sustainable aquaculture, hydroponics, and land management in key biogeographic areas around the world.
Yasheng Group, founded over 30 years ago, is a US holding company that conducts primarily agricultural operations in the Northwest of China. Today it is one of China's leading producers and marketers with six major product segments including field crops, vegetables, fruit, specialty crops, hops, hemp, seeds, beef and poultry. Yasheng is a supplier of high-quality agricultural products to world-famous conglomerates such as McDonald's, KFC, Tsingtao Beer, and Pepsi. The company is led by a highly qualified management team and has total assets of approximately $2.0 billion, over 15,000 employees, and a history of strong sales and earnings growth. Please visit our website www.yashenggroup.com and register to receive future press releases directly.
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Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the company's various filings with the Securities and Exchange Commission. The company assumes no obligation to update these forward-looking statements.