Yuhe International Audit Committee Confirms Engagement of Loeb & Loeb LLP; Independent Investigation to Commence
Posted on July 28, 2011 at 06:53 AM EDT
WEIFANG, China, July 28, 2011 /PRNewswire-Asia-FirstCall/ -- The Audit Committee (the "Audit Committee") of the Board of Directors of Yuhe International, Inc. (Other OTC: YUII.PK) ("Yuhe" or the "Company"), a leading supplier of day-old chickens raised for meat production, or broilers, in the People's Republic of China ("PRC"), today confirmed that it has engaged Loeb & Loeb LLP as counsel in connection with an independent investigation it is conducting with respect to issues relating to the Company and the status of previously reported acquisition transactions.
Although the Company's press release dated July 21 in this regard originally suggested that the Audit Committee and its advisors would be publicly reporting the results of the independent investigation to investors, the Audit Committee today confirmed that the independent investigation would proceed as is customary in such corporate investigations, with the Audit Committee reporting such results to the full Board of Directors of the Company, who will then determine the appropriate remedial steps to be taken in light of the final report. The Audit Committee will rely on the advice of its own legal counsel in this regard and act in cooperation with the Company with a view to full transparency regarding the independent investigation process. As previously reported, Loeb & Loeb LLP, is in the process of engaging a forensic accounting firm in connection with launching the independent investigation, and the Audit Committee expects to be in a position to announce this engagement shortly.
About Yuhe International, Inc.
Yuhe International, Inc. is one of the largest day-old broiler producers in China. Founded in 1996, the Company operates in the middle of the commercial broiler chicken supply chain, where it purchases parent breeding stock from breeder farms, raises them to produce hatching eggs, and hatches the eggs to live day-old broilers, which are then sold through 38 distributors to its end-users, such as integrated chicken companies and broiler raisers. Headquartered in Weifang, Shandong province, the Company has two operational subsidiaries, Weifang Yuhe Poultry Co. Ltd. and Weifang Taihong Feed Co. Ltd., the latter of which largely supplies the Company's internal demand for chicken feed. The Company has passed ISO9001 certification and operates imported state-of-the-art equipment, adhering to international standard of operation. For more information about the Company and its products, please visit http://www.yuhepoultry.com.
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SOURCE Yuhe International, Inc.
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