SHENZHEN, China, Oct. 13, 2006 (PRIMEZONE) -- New Dragon Asia Corporation, one of China's leading flour, instant noodle and soybean powder manufacturers, announced today that it has received purchase orders for approximately 100 tons of soybean protein powder from the China operations of one of its existing customers, one of the world's premier global beverage companies. The order will be processed by New Dragon Asia's Longkou City factory in Shandong Province.
"These substantial orders, placed by an existing New Dragon Asia customer, demonstrate the satisfaction with the quality of our soybean powder and the potential for revenue growth from this business segment," commented Li Xia Wang, New Dragon Asia's CEO. "We anticipate that by the end of 2006, soybean powder products may compose 15% of New Dragon Asia's total revenue. In view of the demand we are seeing in the soybean powder market, and our track record of providing high quality food products, we believe that this business segment will continue to be a key growth driver for the Company."
About New Dragon Asia Corporation
New Dragon Asia Corp., a Florida corporation (AMEX:NWD) is headquartered in Shandong Province, China and is engaged in the milling, sale and distribution of flour and related products, including instant noodles and soybean-derived products, to retail and commercial customers. As the fourth largest instant noodle manufacturer in China, New Dragon Asia markets its well-established Long Feng brand through a network of more than 200 key distributors and 16 regional offices in 27 Chinese provinces. It has an aggregate production capacity of approximately 195,000 tons of flour, more than 1.1 billion packages of instant noodles, and 4,500 tons of soybean powder and protein powder per year. New Dragon products are exported through Hong Kong and South East Asia, including Singapore, Malaysia, South Korea and Australia. HACCP approval, obtained in June 2006, allows the export of New Dragon products to Europe, with orders already received from that region. The company has approximately 2,000 employees.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, its success with acquisitions, anticipated synergies, and overseas expansion. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; changes in consumer preferences and tastes or perceptions; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as may be discussed in the Company's reports as periodically filed with the Securities and Exchange Commission.