NEW YORK & JINXIANG, China--(BUSINESS WIRE)--Shandong Xiangwu Environmental Technology Company Ltd., a privately owned entity located in Jinxiang County, Shandong Province, People’s Republic of China, announced today that it commenced negotiations with a New York based corporation traded on the OTC Bulletin Board with a view towards completing a merger later this year.
Shandong Xiangwu Environmental Technology Company is currently operating profitably and generating revenues of more than $10 million per annum and anticipates that its revenues will increase substantially as its new plant becomes fully equipped and initiates its anticipated acquisitions.
Shandong Xiangwu was founded in 2006 by Xiangwu Cheng to develop innovative methods of utilizing agricultural waste products such as wheat straw, rice straw, cotton and corn stalks to produce paper pulp with zero emissions. The company initiated operations in 2008 with the establishment of a 50,000 ton per annum plant in Jinxiang and is currently expanding its capacity by constructing a new larger facility and licensing its patented technology for use in other facilities.
In addition to developing its own facilities, the Company has negotiated letters of intent to acquire certain pulp production facilities which were shut down by the Chinese government in an effort to reduce pollution. Upon acquisition of these facilities the Company will upgrade them with their unique technology which will allow them to resume production.
About Shandong Xiangwu Environmental Technology Company Ltd.
Shandong Xiangwu Environmental Technology Company Ltd. is developing innovative ways to use agricultural waste products to produce pulp primarily for the fabrication of paper. The Company was founded by Xiangwu Cheng to capitalize upon his expertise in pollution controls and opened its first manufacturing facility in 2008. The Company intends to expand its capacity while continuing to seek to develop less polluting methods to fabricate pulp and other products. Given the emphasis being placed on the development of greener methods of manufacture by the Chinese government, the Company anticipates that there will be a ready market for its pollution solutions.