China One Corporation Announces Board and Management Additions
January 14 2009 - 6:21AM
Marketwired
China One Corporation (TSX VENTURE: IND) ("IND" or the "Company")
is pleased to announce the appointment of Mr. Felipe Tan to the
Board of Directors and Mr. James Xiang to the position of Chief
Financial Officer.
Felipe Tan, based in China, has been the Chief Executive Officer
and a director of GobiMin Inc., a TSX Venture-listed company since
2005. Along with extensive experience in finance and business
development in the Asian capital markets, Mr. Tan was also the
director of a Hong Kong listed company for more than 17 years.
James Xiang has been the CFO of GobiMin Inc. since 2006. Mr.
Xiang's previous experience includes various corporate finance
assignments for a number of TSX listed public companies. James
Xiang is a registered CMA and CPA (Delaware) and has received a
Master of Business Administration degree from York University in
2003. Mr. Xiang replaces Mr. Solomon Lam as CFO.
Effective as of the completion on December 12, 2008 of the
private placement financing (the "Financing") and the qualifying
transaction (the "Qualifying Transaction") of the Company as a
Capital Pool Company under the policies of the TSX Venture
Exchange, IND Lifetech Group Ltd. ("IND Lifetech") became the
wholly-owned subsidiary and operating company of the Company. The
Financing and Qualifying Transaction are more fully reported in the
Company's previous press release dated December 17, 2008. On
December 18, 2008, Shares of the Company began trading on the TSX
Venture Exchange under the "IND" trading symbol as a Tier 1 Listed
Issuer. To better reflect the "IND" name, the Company intends to
change its name to IND DairyTech Limited as soon as the requisite
authorizations under corporate law are obtained as expected at the
next shareholder's meeting of the Company.
IND is an emerging raw milk producer in China that is seeking to
become a leading provider of high quality raw milk to the Chinese
dairy industry. To meet China's increasing demand for dairy
products, IND is using Canadian cattle genetics and North American
farming practices to establish and grow its dairy herd.
IND is building a herd of Canadian Holstein cattle on farms
located in China. Canadian Holsteins are among the world's most
productive cows in terms of both quantity and quality of milk, and
are approximately twice as productive as the average cow in China.
To date, IND has established a herd of approximately 7,000 female
Canadian Holstein cows in China.
IND plans to develop its herd in China through the use of
advanced breeding techniques and has established a significant
inventory of approximately 200,000 Canadian Holstein embryos that
it intends to use to impregnate surrogate cows. These embryos have
been created through in vitro fertilization using sexed semen to
achieve an approximate 90% female birth rate. The use of these
advanced breeding techniques, combined with four pregnancy periods
per cow, is expected to result in the exponential growth of IND's
herd and is a practical solution to China's ban on the import of
live Canadian cattle.
Pursuant to the Qualifying Transaction, the Company acquired all
of the issued and outstanding shares and convertible securities of
IND Lifetech in exchange for shares and equivalent convertible
securities of the Company. As a result, the Company currently owns
all of the issued and outstanding shares and convertible securities
of IND Lifetech, and the business of IND Lifetech has become the
business of the Company. The Filing Statement describing the
Company, the Financing, the terms of the Qualifying Transaction,
and the business of the Company, prepared in accordance with the
policies of the TSX Venture Exchange, is available on the SEDAR
website at www.sedar.com.
IND, through its operating subsidiaries in China, is an emerging
raw milk producer in China that is seeking to become a leading
provider of high quality raw milk to the Chinese dairy industry. To
meet China's increasing demand for dairy products, IND is using
Canadian cattle genetics and North American farming practices to
establish and increase its dairy herd in China.
FORWARD LOOKING INFORMATION
Certain information about the growth of the Company's herd of
Canadian Holstein dairy cows in China in this news release is
forward-looking within the meaning of certain securities laws, and
is subject to important risks, uncertainties and assumptions. The
forward-looking information in this news release describes the
Company's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events.
Material factors or risks which could cause actual results or
events to differ materially from a conclusion in such
forward-looking information include certain risks such as
dependence on biotechnology, loss of embryo inventory, disruptions
due to bovine diseases, ownership and access to intellectual
property, and the ability to retain and obtain adequate permits and
business licenses, as well as other more general risks set out in
the Company's Filing Statement dated November 29, 2008 referred to
below. When relying on the Company's forward-looking information to
make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. The
Company cautions that the material factors referred to above is not
exhaustive and is subject to change. For additional information
with respect to certain of these and other factors, refer to the
risk factors section of the Company's Filing Statement dated
November 29, 2008 filed with Canadian securities regulators, which
is available on SEDAR at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: China One Corporation Jay Hussey (416) 482-1411 Email:
jhussey@inddairytech.com IND DairyTech Ltd. (604) 522-1619 Website:
www.inddairytech.com
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