Chairman Liu of China Marine Food Group Accumulates Shares of Company
China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a manufacturer of Mingxiang(R) seafood-based snack foods, "Hi-Power" marine algae-based beverages and a distributor of frozen marine catch, today reported that its Chairman and CEO, Mr. Pengfei Liu, has purchased a total of 245,500 shares of his own Company's stock from the open market, reports www.megafishnet.com with reference to China Marine Food Group.
On July 2 and July 8, China Marine filed two separate SEC Form 4 documents detailing Chairman Liu's share purchases of a total of 245,500 shares between at average of $3.91 and $4.34. SEC Form 4 documents must be filed with the SEC when any 10% or greater shareholder purchases or sells shares. The number of shares and price of shares are detailed on each Form 4 in addition to the name and address of the shareholder. As a result of the Chairman's purchase of shares, Mr. Liu's ownership in the Company increased from 41.4% to 42.3%.
"I am very confident in the long-term growth of our Company and firmly believe that our Company's shares are always an excellent investment," Pengfei Liu, Chairman and CEO of China Marine stated. "I am confident that equity markets in the US will improve over time while our business will also grow at a very fast rate this year and next. We have forecasted revenues from our seafood snack food business will increase more than 30% in 2010. The organic growth of our snack food segment will be accompanied by meaningful revenues and earnings contributions from our algae-based beverage, 'Hi-Power'. In the first couple of weeks of July, we have been informed that the pace of our distributors re-orders has continued into the third quarter. Our CFO and I have made a commitment to update our investors on a regular basis and look forward to detailing our upcoming orders for our beverage segment and the expansion of our distributor network in the near future."
China Marine is presenting at the Global Hunter Securities China Investment Conference held in San Francisco, California July 11-13. After the conference, the management team of China Marine is hosting a series of investors and analysts site visits to the Company's headquarters and production facilities in Shi Shi. Investors have been encouraged to tour China Marine's seafood manufacturing lines, their third-party bottling facilities of "Hi-Power" beverages and re-sale locations in Fujian including Wal-Mart store locations, major supermarket chains, and smaller corner-shop locations that comprise the Company's reported 10,000 plus retail sales network of "Hi-Power" algae-based beverages.
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang(R) seafood-based snack foods, "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang(R) branded products as a category leader in 2,900 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards.
Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.