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Tianli Agritech Signs Letter of Intent to Acquire 11th Hog Farming Operation
Expanded capacity will bring significant financial benefits
WUHAN CITY, CHINA--(Marketwire -3/14/11) - Tianli Agritech, Inc. (NASDAQ:OINK) ("Tianli" or the “Company"), a leading producer of high quality breeder hogs and market hogs based in Wuhan City, today announced that it has signed a Letter of Intent to purchase the assets of AnPuluo Farm, a 20,000 annual head production hog farm in Enshi City, which is located within the Hubei province. The Company expects to close the transaction within 45 days at a projected purchase price ranging from $1.9 million to $2.1 million.
Tianli’s Chairwoman and CEO, Ms. Hanying Li, stated "We are very pleased with this expansion opportunity which fits perfectly into our growth plans. After we upgrade and bring this facility to full production, this acquisition will increase our annual production capacity to approximately 170,000 hogs, making us one of the largest hog producers in Hubei province. Since we identified AnPuluo farm as a prospective acquisition candidate last November, our team has conducted due diligence on the farm&