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HONG KONG, Nov 21, 2017 - (ACN Newswire) - Tianyun International Holdings Limited ("Tianyun International" or the "Company", together with its subsidiaries, the "Group") (Stock code: 6836.HK), a leading seller and manufacturer of processed fruits products in China, is pleased to announce that after market close today, Tianyi Holding Hong Kong Limited ("Tianyi"), a wholly owned subsidiary of the Company entered into a non-legally binding memorandum of understanding ("MOU") with Homemade for Life International, Inc. ("Homemade for Life") in respect of a proposed acquisition (the "Proposed Acquisition") of 51% or more of the issued share capital in Homemade Harvey Operating, LLC ("Homemade Harvey") .Total investment and consideration shall be not more than US$5 million . The consideration will be settled by way of cash and/or issuance of consideration shares of the Company. Cash proceeds will be invested in Homemade Harvey as its working capital for expansion of sales and distribution channels in the US, as well as for product development.
Background of Homemade Harvey
- Homemade Harvey is a US-based food company principally engaged in the sale of processed fruit blends in flexible pouch packaging with re-sealable caps;
- Homemade Harvey's product, currently sold under the brands Homemade Harvey and Homemade Baby, is certified organic (QAI), kosher (OU) and gluten-free, and is sold through-out its sales and distribution networks in the US, predominately in the West Coast region in over 1100 Health Food Market and Supermarket, including four of the top five retailers in the US, namely Kroger, Albertson's/Safeway, Amazon/Whole Foods and Costco;
- Homemade Harvey's flexible formulation and manufacturing capacity captures the life cycle of customers from Baby to Elderly with all-natural and functional product lines that include Protein, Vegetable combinations, Probiotics and trans-fat free fruit snacks;
- Homemade harvey is aligned with the demands of today's consumer as the intersection of three major trends in shopping habits: Clean Label Health; Convenience; and Great Taste.
- With products produced in California, Homemade Harvey achieves the highest processed food quality and safety standards from its co-production facilities, which are audited by retailers, USDA, A.I.B. Silliker, NSF Cook and Thurber and additional third party certified audits, and meet SQF requirements for fruit and vegetable processing.
Products under Homemade Harvey:
- Homemade Harvey currently has conventional and functional pouch products for adults;
- Homemade Baby has researched and developed various baby food products with formulations include ingredients such as fresh fruit, protein, probiotics, oats, ginger and vegetables.
Business Synergies and Benefits:
- Instant expansion of the Group's product lines with broader sales outreach. Homemade Harvey's 4 conventional pouch products, 4 functional pouch products and 3 baby products will be added under the Group's current product offerings, newly added products can be produced and sold immediately under Harvey brand or the Company's own brands in China, US, Japan and Europe;
- Obtain immediate access to Homemade Harvey's existing US distribution channels. Channels that cover 4 out of the top 5 supermarket chains including Whole Foods/Amazon, Kroger, Albertson's/Safeway, and Costco;
- Research collaboration in the areas of agriculture, nutrition, sports medicine and health science between the Group, Homemade Harvey, Universities in China, US reputable Universities on new products development;
- Enrich resources in US and China in terms of marketing, management and product development;
- Significantly broaden source of income by obtaining quick access into US consumer market which is important for the Group's long-term sustainable business development;
- Expand the Group's business into organic food, healthy snack, baby food and food technology areas;
- Raise the Group's branding effect and reputation as an international processed food enterprise.
Mr. Yang Ziyuan, Chairman and Chief Executive Officer of Tianyun International, said, "Following a number of discussions and a recent meeting in Chicago between the management team of the two companies, we are excited to have achieved a big milestone in our geographical expansion strategy by entering a MOU with a popular US consumer brand. The Group has been satisfying, delighting and nourishing our customers with safe, healthy and high quality processed food products for many years, and Homemade Harvey is also doing well in offering the best natural and organic foods in the US market. Culturally, Tianyun International and Homemade Harvey share similar values and the commitment to serving only real and healthy food for consumers' well-being. We can leverage Homemade Harvey's new product development capabilities with its managements strong experience, and establish university collaboration in order to continuously develop new, unique and innovative processed food products that can target to consumers with different consumption patterns, stages of life, and market trends towards a healthier diet. This proposed acquisition presents not only an opportunity to extend our mission and bring the highest quality and innovative processed food products to the US, but also at the same time maximize value for our shareholders through accelerating the growth of our own brand business domestically and internationally."
About Tianyun International Holding Limited (Stock Code: 6863.HK)
Tianyun International Holdings Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") are principally engaged in (i) the production and sales of processed fruit packaged in metal containers, plastic cups and glass containers and ii) trading of fresh fruit. Processed fruit products are sold both on an OEM basis and under our own brands. On 7 July 2015, the Group was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited which had further consolidated our leading position in China's processed fruit product industry.
The Group has been consistently committed to provide healthy and safe products to its customers. As one of the food enterprises with the most complete quality certifications, we have always been dedicated to following stringent international production standards and are accredited with BRC (A+), IFS Food (High), FDA, HALAL, SC, KOSHER, BSCI and ISO22000 in respect of our production facilities, quality control and management. The Group has also passed the internal food production standard reviews and audits from some of the UK and US supermarket chains. At the same time, within China, as a "Equal production line; Equal standard; Equal quality" food production and export enterprise, the Group has been supplying products of equivalent quality to domestic and international markets. Since 2016, the Group's own brand processed fruit products have continued to obtain a high degree of market recognition, and have been awarded by a national institution the honour and qualification of "China Canned Product Quality Certification Label", become the first and only fruit processor in China's fruit processing industry to put the "Zero Added Preservative Canned Products" label for its products sold in China.
Topic: Press release summary
Source: Tianyun International Holding Limited
Sectors: Daily Finance, Food & Beverage, Daily News
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