YaSheng Group Asian Pacific Logistics Center Has Been Approved By All Agencies of the People's Republic of China for Development and Support
Posted on: Tuesday, 8 August 2006, 09:00 CDT
The YaSheng Group (PINKSHEETS: YHGG) Yasheng Asian Pacific Logistics Center has been approved by all agencies from the People's Republic of China for development and support. This will allow the company to accelerate development and utilize many resources within the PRC and U.S. governments.
The review process by several commercial agencies within the People's Republic of China has been completed and Yasheng has been given the final approval to go forward with construction of the 80-acre site. These approvals by the Chinese National Economic Development Department and other agencies will allow for matching investment funds and further support.
Initial ground and aerial surveys of the site have been completed and the final review of the Endangered Species Study will be complete by the end of the summer 2006. The company will begin to work directly with San Bernardino County Economic Development, who will set up a support team, to expedite the permitting process to begin construction. The company expects to have the approvals by early 2007 when they will be able to break ground. Construction of the first phase is estimated to take 3 to 6 months when operations and services will be available.
In addition Yasheng has made an application with the PRC commercial department to develop an industrial park to complement the Logistics Center also located in Southern California. The company is seeking to create a bilateral economic zone that brings commerce together between both the East and the West. This project is also in coordination with the overall concept to establish commercial and logistics for both North American and Chinese companies seeking to expand business cooperations.
In the meantime, the YaSheng Group is seeking to utilize temporary warehousing for distribution. The company also has plans to allocate sections of the warehouse and market it as a logistic/warehouse service to Chinese companies with distribution in America. The 80-acre site in Victorville, California, was chosen for its strategic location with close proximity to the Southern California Logistics Airport, access from a high-speed container rail system and links to two ports in Los Angeles. The 1 million square feet of enclosed warehouse space will be equipped with capabilities: packaging, labeling, freight forwarding, and real-time inventory management and administration services.
About YaSheng Group:
The YaSheng Group (PINKSHEETS: 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 three major industries, Agriculture, Chemical, and Biotechnology, the company's 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: YaSheng Group Investor Relations: Tel: 650-363-8345 E-mail Contact: Contact via http://www.marketwire.com/mw/emailprcntct?id=B03DAF9689D1EB32
SOURCE: YaSheng Group
Source: MARKET WIRE
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