American Dairy Closes Asset Acquisition with Royal Numico N.V.BEIJING -- American Dairy, Inc. (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :ADY), one of the leading producers and distributors of milk powder and soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been products in China, announced that the agreement reached with Royal Numico N.V. on the purchase of its milk powder processing plant and equipment in China to Heilongjiang Feihe Dairy Industry Co., Ltd. -- a subsidiary of American Dairy, Inc. -- for a total consideration of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $7.3 million closed on Wednesday, June 8, 2005. This milk processing plant acquisition also includes 19 raw milk collection stations. American Dairy believes that the production capabilities of this plant will increase its daily milk powder production capacity by approximately 60%, or 270 tons of raw milk per day. The company expects to realize $7 million in sale revenues and $1.5 million in net profits from the Numico plant during FY 2005. The asset acquisition was formally closed on Wednesday, June 8, 2005, and American Dairy took over all of the operations of the former milk powder plant of Nutricia Nutrionals Co., Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Royal Numico N.V. (AMS AMS - Andrew Message System :NUM NUM (in Britain & S Africa) National Union of Mineworkers NUM n abbr (BRIT) (= National Union of Mineworkers) → sindicato de mineros NUM n abbr (Brit) (= ), a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in Europe. About American Dairy, Inc. American Dairy, Inc. conducts operations in The People's Republic of China ("China") through its wholly owned subsidiary, Feihe Dairy. Founded in 1962, Feihe Dairy is one of the leading producers and distributors of milk powder and soybean products in China. Feihe Dairy is located in Kedong County, China, and has been in operation since 2001. American Dairy also has a milk powder processing plant, BaiQuan Feihe Dairy in Kedong County, and also has a milk powder processing plant in the city of QiQiHaEr, Heilongjiang Province. Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products and services, and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time. |
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