JUNAN COUNTY, China,
Feb. 3, 2014 /PRNewswire/ --
American Lorain Corporation
(NYSE MKT: ALN) ("American Lorain" or the "Company"), an
international processed snack foods, convenience foods, and frozen
foods company based in the Shandong
Province, China, today
announced that its research and development team has successfully
developed a new chestnut cultivar by grafting.
The success came after 5 years of efforts by the R&D team to
develop the new cultivar of chestnuts. The main characteristics
compared with other chestnut cultivars are: 1) The new cultivar is
bigger. Mature chestnuts weigh 25 to 35 grams, about 10 grams
heavier than Chinese domestic cultivar on average. 2) Longer
storage life and higher quality. 3) Better taste and flavor, higher
glutinousness, and higher saccharinity level. 4) The inner skin
could be easily peeled off using machinery. 5) Higher value. Based
on preliminary assessment by experts and customers, the new
cultivar chestnuts are of similar quality with European chestnuts.
The 2013 price for European, Japanese, Korean, and Chinese cultivar
chestnuts are, in an approximate basis, $3,000, $2,800,
$2,500, and $1,800 per metric ton, respectively.
Mr. Si Chen, Chairman and CEO of American Lorain, commented, "We
are very glad that the development of the new cultivar of chestnuts
has finally been successful. We are planning to grow approximately
1,666 acres (10,000 mu) of the new cultivar chestnuts within two
years, and reach approximately 5,000 acres (30,000 mu) within three
years. The new cultivar will benefit the company in both raw
material supply as well as revenue contribution. It will further
enables the company to maintain and expand its market share in the
high end chestnut market globally."
About American Lorain Corporation
American Lorain Corporation's products include
chestnut products, convenience food products and frozen food
products. The Company sells its products to most provinces in
domestic China as well as numerous
export markets in Asia and
Europe. The Company operates
through its five direct and indirect subsidiaries and one leased
factory located in China. For further information about
American Lorain Corporation, please visit the Company's
website at http://www.americanlorain.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and the
actual results and future events could differ materially from
management's current expectations. Such factors include, but are
not limited to, the Company's ability to obtain the necessary
financing to continue and expand operations, to market its products
in new markets and to offer products at competitive pricing, to
attract and retain management, and to integrate and maintain
technical information and management information systems, political
and economic factors in the PRC, compliance requirement of laws and
regulations of the PRC, the effects of currency policies and
fluctuations, general economic conditions and other factors
detailed from time to time in the Company's filings with the United
States Securities and Exchange Commission and other regulatory
authorities. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE American Lorain
Corporation