China Green Material Tech wins US$6m Zhengzhou Synear Food deal
China Green Material Technologies Inc (OTC: CAGM) has been awarded a
contract worth up to US$6.0 million by Zhengzhou Synear Food Co (SGX:
SYNF), to supply biodegradable packaging for frozen food products during
2010
. This year’s order represents a substantial increase from China
Green’s previous orders from the food producer.
"We are pleased
to have been chosen as the winner of this large Synear contract. Last
year, we supplied only US$73,000 worth of goods to the Company and this
year, we are pleased to have secured one of the largest orders since
inception”, China Green CEO Mr Su Zhonghao commented.
China
Green said the gross margins associated with this contract are expected
to be similar to the margins across its existing business.
The
Singapore Stock Exchange listed Synear is a large scale producer of
frozen food products in China, with sales and distribution networks in
more than 20 provinces. Synear was the exclusive supplier of frozen
foods to the Beijing 2008 Olympic Games and the company is considered
among China’s top brands, having received several consumer awards in
recent years, China Green added.
Harbin city headquartered China
Green manufactures various disposable tableware consumer goods,
including cups, plates, bowls, knives, forks, and spoons, as well as
food package and containers used. The company submitted two separate
patent applications for its proprietary biodegradable food packaging
material.
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