Exhibit 99.1
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&