Pearl River Announces Amendment to the Terms of its Joint Venture
LONDON, Ontario, Aug. 29, 2022 (GLOBE NEWSWIRE) -- PEARL RIVER HOLDINGS LIMITED (“Pearl River”) (TSXV: PRH) is pleased to announce that the termination date for Pearl River’s joint venture, Guangzhou Rodman Plastics Company Limited (“GRPC”), which was established in the People’s Republic of China, has been removed pursuant to amended Articles of Association under laws of People’s Republic of China dated August 29 2022, and a revised joint venture agreement dated August 29, 2022 between Pearl River’s indirect wholly owned subsidiary, Rodman Enterprises Limited (“REL”), and Guangzhou Plastic Industrial Group Co., Ltd. (“PRC Party”), a company ultimately controlled by the People’s Republic of China (collectively, the “Amending Documents”). As a result of the Amending Documents, there no longer is a fixed termination date for the GRPC joint venture. Prior to the execution of the Amending Documents, GRPC would have terminated in November 6, 2025. Through REL, Pearl River has a 64% equity interest in GRPC. A significant portion of Pearl River’s operations are carried out through GRPC.
George Lunick, the CEO of Pearl River commented: “The Joint Venture extension is great news. It allows Pearl River to continue to plan and focus on building the business for the long term.”
GRPC was originally established pursuant to a Chinese-Foreign Joint Venture Agreement dated January 23, 1995 and entered into between REL and RPC Party.
About Pearl River
Through its subsidiaries, Pearl River’s principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.
For further information please contact:
George Lunick
CEO
T: (519) 645-0267
E:
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