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Shineco, Inc. Enters into Strategic Cooperation Agreement with Pacific Islands Trade & Investment Commission

BEIJING, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products inA China, announced today that the Company, through its subsidiary Shineco China Hemp Technology Co., Ltd. (a??SCHTa??), has entered into a strategic cooperation agreement (the a??Agreementa??) with Pacific Islands Trade and Investment Commission (a??PITICa??) to explore business opportunities of Industrial Hemp in Pacific Island areas.
PITIC is the largest and only Trade Promotion Organization (a??TPOa??) representing 16 Pacific island countries across the region. (Cook Islands, Fiji, FSM, Kiribati, Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tahiti, Tonga, Tuvalu and Vanuatu.) PITIC works directly with the private sector to develop, grow and promote business in the region. PITIC creates jobs in the Pacific Islands by developing and promoting Pacific Islands exports, investments, tourism and creative arts across international markets. PITIC is a lead agency in the region promoting and supporting emerging and established enterprises of the Pacific Islands with a particular focus on women owned or managed business.Pursuant to the Agreement signed on December 29, 2019, both parties agree to jointly promote the implementation of integrated industrial hemp projects in 16 Pacific island countries and co-found Pacific-New Zealand Industrial Hemp CBD Research Institute. PITIC agrees to support and endorse 2020 International Industrial Hemp Summit in Shanxi, China of the Industrial Hemp Development Industry Committee of Trade & Association (Singapore) (a??TIASa??) and assist the Company and its subsidiaries to learn Pacific and New Zealand industrial hemp legalization processes and emerging industry technologies. The Company agrees to work with PITIC to plant 15,000 mu (approximately 2,471 acres) of industrial hemp in Papua New Guinea.Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, commented, a??This cooperation is significant to Company since it is the first step in the overseas strategic business plan of the Company. It has well publicized the Companya??s Industrial Hemp Comprehensive Utilization Industrial Park project in the Pacific region. The development of overseas distribution of high-tech industrial hemp has laid a solid foundation. The Companya??s comprehensive utilization of industrial hemp not only plays an important role in the development of industrial hemp, but is also very beneficial to human health and sustainable development. Shineco has achieved comprehensive development in various comprehensive utilization technologies of the entire industrial hemp industrial chain such as industrial cannabis breeding, mechanized sowing and harvesting, CBD product research and development, fiber processing and application, composite material preparation, and seed kernel processing and application. The successful signing of the Agreement representing that Shineco and PITIC have established an entity for investment, trade as well as industrial technology and other projects cooperation, forming a multilateral cooperation and exchange platform, and further accelerating China's technological exchanges and cooperation with Pacific countries. In the future, Shineco will pay more attention to innovation, safety and efficacy, strengthen investment in independent intellectual property rights, and build Shinecoa??s industrial hemp brand awareness globally.a??About Shineco, Inc.
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