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Slide #30. GreenStar Agricultural Corporation — Beichen Tomato Products Company
GreenStar Agricultural Corporation (GRE.CA)
Beichen Tomato Products Company
GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Corporation"), a producer of canned tomato paste, canned peaches, mandarin oranges and grapes, and a supplier of fresh mandarin oranges, young bamboo shoots and mature bamboo, today announced that after satisfactory completion of its due diligence it will close the previously announced acquisition of Beichen Tomato Products Company of Bayannur City, Inner Mongolia on January 1, 2014. The purchase price of CDN$4.2 Million (RMB25 Million) is to be paid in cash from GreenStar's treasury. As part of the due diligence process, three independent Canadian directors of GreenStar visited the Beichen facility during the week of December 9, 2013. Commenting on the acquisition, Mr. Conor Bill, an independent Canadian director of GreenStar, said, "After our inspection tour, we are satisfied that the acquisition of the Beichen operations will be complimentary and accretive to GreenStar's current business and will assist GreenStar in its plans to become a vertically integrated producer of tomato based products, while significantly increasing its tomato paste production capacity, which last year represented 55% of GreenStar's revenues."
Greenstar Agricultural, through its subsidiary, is engaged in agricultural farming and food processing. Agricultural activities are the cultivation of biological assets to harvest agricultural produce for sale. Fresh fruits harvested from agricultural produce are either for sale freshly domestically in China or canned for sale both China domestically and overseas. Canned food processing also includes manufacturing of canned vegetable and fruits including canned tomato paste, canned boiled bamboo shoots, canned loquat and various other types of canned fruits.
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