QINGDAO, China and ROCKVILLE, Md., May 3, 2013 /PRNewswire/ -- Synutra International, Inc. (NASDAQ: SYUT), ("Synutra" or the "Company"), which owns subsidiaries in China that produce, market and sell nutritional products for infants, children and adults, announced that on April 25th, 2013, the Company's Chairman and CEO, Mr. Liang Zhang participated in the China-France Business Forum in Beijing, China.
At the Forum, Mr. Zhang delivered a speech about the Company's agreement with Sodiaal, Synutra's partner involved in the development of a new drying facility in Carhaix, France, which intended to manufacture powdered milk and fat-enriched demineralized whey for the Company. Additionally, under the witness of Chinese President Xi Jinping and French President Francois Hollande, Mr. Zhang signed an implementation agreement with Sodiaal's Chairman, Mr. Gerard Budin related to its industrial and commercial partnership agreement.
The China-France Business Form was organized by Chinese Ministry of Commerce, the Trade Development Council and France-China Committee. Chinese President Xi Jinping and his visiting French counterpart Francois Hollande participated in the forum and made their closing remarks. The purpose of the Forum was to identify ways for the two countries to work together to improve business ties and boost economic prosperity.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "It's a great honor to participate in this high-profile business forum with select companies and top political representatives from both countries. We are pleased to move forward with the development of our French drying facility, and we believe that, when completed, our drying facility will enable Synutra to maintain the highest quality product standards."
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company in China. It principally produces, markets and sells its products through its operating subsidiaries under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of December 31, 2012, this network comprised over 660 independent distributors and over 690 independent sub-distributors who sell Synutra products in approximately 27,000 retail outlets.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Synutra International, Inc. and its industry. All statements other than statements of historical fact in this release are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "will," "aim," "potential," "continue," or other similar expressions. The forward-looking statements included in this press release relate to, among others, Synutra's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the nutritional products and infant formula markets in China; market acceptance of Synutra's products; the safety and quality of Synutra's products; Synutra's expectations regarding demand for its products; Synutra's ability to stay abreast of market trends and technological advances; competition in the infant formula industry in China; PRC governmental policies and regulations relating to the nutritional products and infant formula industries, and general economic and business conditions in China. These forward-looking statements involve various risks and uncertainties. Although Synutra believes that the expectations expressed in these forward-looking statements are reasonable, these expectations may turn out to be incorrect. Synutra's actual results could be materially different from the expectations. Important risks and factors that could cause actual results to be materially different from expectations are generally set forth in Synutra's filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release. Synutra International, Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.