HONG KONG, Sept. 22, 2010 (GLOBE NEWSWIRE) -- Man Shing Agricultural Holdings, Inc. (OTCBB:MSAH) ("Man Shing" or the "Company"), a high growth agricultural products company based in Shandong Province, China, specializing in the production and processing of fresh vegetables, including mainly ginger and others such as onion and garlic, today announced that on September 13, 2010, it entered into a securities purchase agreement with a group of strategic investors for $4 million.
Under the terms of the agreement, pursuant to which, various individual investors, International Investment (Hong Kong) Trading Group Company Limited, Sea Dragon Investments Limited, and Hong Kong Investment Group Limited, will purchase an aggregate of 10,000,000 shares of common stock of the Company, par value $0.001 (the "Common Stock"), for consideration of $0.40 per share of Common Stock (an aggregate of $4,000,000).
"The financing will provide us capital to lease additional farmland and expand our warehouse," said Eddie Cheung, the CEO of Man Shing Agricultural Holdings, Inc. "This allows us to further execute our strategy to become China's largest ginger producer and to meet the increasing demand of high quality ginger in markets such as Japan and the European Union."
The Company's financial year ended June 30, 2010. Form 10-K and press release on June 30, 2010 results with June 30, 2011 guidance will be released very soon.
About The Company
Man Shing Agricultural Holdings, Inc., through its operating subsidiary in Shandong of China, is focused on the production and processing of fresh vegetables, including mainly ginger and others such as onion and garlic. The Company produces high quality ginger which meets the requirements of the British Retail Consortium Global Food Standard. The Company focuses on customers located in countries such as Japan and the European Union which are food safety oriented. For further information about Man Shing Agricultural Holdings, Inc, please visit the Company's website at http://www.msaginger.com/
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors disclosed in the Company's Form 8K, Annual Report on Form 10K and all of the Company's subsequent Quarterly Reports on Form 10Q, especially in the "Risk Factors" sections of these reports. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.