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Asia Bio-Chem Secures New Lines of Credit

Asia Bio-Chem Group Corp. (ABC.TO) announced today that it has successfully secured 100 million RMB ($16 million) in new operating lines of credit to finance working capital including purchases of corn for 2012.

The credit facilities are provided by the Daqing Government (30mm RMB), Heilongjinag Provincial Bank (20mm RMB) and by the Harbin Bank (50mm RMB). The credit facilities will bear interest at floating rates set by the lenders at the time of draw down. The facilities will be secured against raw material, products or assets of the Company's Daqing Plant or Changtu Plant.

Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China is in the business of processing corn into cornstarch, corn germ, gluten, and fiber for sale into the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 900,000 tonnes of corn per year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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