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PME signs framework agreement to sell in e-commerce platform and to a restaurant chain.
Pingtan Marine Enterprise to Take Second Step to Enter Consumer Food Market
(CHINA, 5/15/2017)
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) a global fishing company based in the People's Republic of China, has announced that has signed a tripartite Framework Agreement with Shanghai City Supermarket Co., Ltd (City Shop) and Shenzhen Honglicun Restaurant Co., Ltd (Honglicun) to provide its fish products.
Pursuant to the Agreement, Pingtan will provide its deep ocean fish products directly to City Shop and Honglicun as a primer supplier. City Shop, established in 1999, is one of the largest chain stores in Shanghai dealing in an extensive range of gourmet foods from around the globe.
Honglicun's restaurants are located in Shenzhen, Guangzhou, Dongguan, Huizhou and Honglicun also provides catering to airlines, shipping companies, and trains and other mainstream transportation dining platforms.
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| City Shop is famous in Shanghai for selling food from around the world. Its high-quality products have gained widespread popularity among foreigners and locals fond of exotic foods. |
The three parties will form a broad strategic cooperation in production, processing and supply management of Pingtan's fishing products. The Company expects to complete the preparations and begin recognizing sales in the fourth quarter of 2017.
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| Mr. Xinrong Zhuo. |
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very pleased to be partnering with two major competent companies to enter directly the e-commerce and restaurant chain. It is important that we continue to rapid expand our presence in China as the domestic demand for deep ocean fish products continues to grow."
"We believe this partnership with City Shop and Honglincun will establish a win-win cooperation and a direct sales and procurement channel to bypass the intermediaries, and will accelerate our progress to becoming a comprehensive seafood provider."
About Pingtan Marine Enterprise Ltd.
Pingtan Marine Enterprise Ltd. is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
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Pingtan Marine Enterprise is one of the largest U.S.-listed marine services operating company in China.
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Soruce: Pingtan Marine Entrerprise Ltd.
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Information of the company:
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Address:
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CN11 Legend Town No 1 Balizhuandongli, Chaoyang District
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City:
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Beijing
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State/ZIP:
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10-65503186 (BEJ 100025)
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Country:
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China
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