Rodobo Successfully Completes Its RTO
HARBIN, China, Oct. 7 /Xinhua-PRNewswire-FirstCall/ — Harbin Rodobo Dairy Co., Ltd. (“Rodobo”), one of the largest private dairy companies in China, announces today that on September 30, 2008 it went public through a reverse merger by merging its holding company, Mega Profit Limited, a Cayman Islands Corporation, into Navstar Media Holdings, Inc. (BULLETIN BOARD: NVMH) , a Nevada corporation. After the transaction, Rodobo has changed its corporate name to Rodobo International Inc.
Headquartered in Harbin, Heilongjiang Province, Rodobo is one of the largest private companies in the fast growing dairy industry in China. It currently operates a production facility with milk processing capacity of 200 tons per day in Qinggang County in Northeast China, producing high-quality dairy based nutritional products for infants, children, pregnant women, nursing mothers and other adults.
“We are very pleased to become a public company in the United States. This will bring us tremendous opportunities to tap into U.S. capital markets and accelerate our expansion as we strive to become a leader in the dairy industry in China and maximize the interests of our shareholders,” said Yanbin Wang, Chairman and CEO of the Company. Founded in 2002, Rodobo has a track record of high profitability. In its fiscal year ended September 30, 2007, the Company achieved $12.8 million in revenues and $2.6 million in net income. In the 9 months ended June 30, 2008, the Company recorded $16.1 million in revenues and $2.9 million in net income. After going public, the Company plans to expand rapidly through raw milk resource development, acquisition, new production introduction and sales network expansion in the next three years. Rodobo retains the highest standard in quality and food safety control. Its facility has passed the ISO9001 and Hazard Analysis and Critical Control Points (“HACCP”) series qualifications. In the recent tests conducted nationwide by the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), no trail of contamination was found in Rodobo products.
“Rodobo’s current and future market focus is the infant/baby segment of the dairy industry, which has a double-digit annual growth rate during the past few years,” said Yanbing Wang, Chairman and CEO of the Company. “China’s dairy industry is facing robust demand but with limited supply of raw materials (raw milk resource). By being strategically located among China’s famous grasslands and having plentiful raw milk resources, Rodobo presents a logically feasible and prudent plan to obtain and secure additional raw milk resources within the proximity of its own facilities.”
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Rodobo International Inc.
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