The Recent Acquisition of a Majority Stake in a Manufacturer of Antibacterial and Antiviral Fabrics Expected to Create Synergies for New Products
BEIJING, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: SISI), a producer of innovative diagnostic medical products and related medical devices announced today that it plans to increase its research and development of new high-tech applications of silk protein in the health and medical field in conjunction with its existing silkworm business segment.
Jennifer Zhan, CEO of Shineco, commented, "We are pleased to have closed on our acquisition of a majority interest in Dream Partner, a premier manufacturer of a unique silk material products that we believe has an array of applications for the healthcare and medical products fields. We believe that its integration with our other medical product businesses will result in synergies for new specialized medical products that will be of vast benefit to healthcare consumers in China and worldwide.”
On September 19, 2023, the Company closed the acquisition of a 71.42% equity interest in Dream Partner Limited (“Dream Partner”). Dream Partner owns 100% of Chongqing Wintus Group (“Chongqing Wintus”), a manufacturer of antibacterial and antiviral fabrics using mulberry silk as its raw material. Chongqing Wintus has production bases, processing plants and mulberry silk technology innovation centers in India, mainland China and Hong Kong.
Shineco plans to carry out joint research work with the R&D team of Chongqing Wintus to continuously optimize and improve the extraction and processing methods of silk protein to obtain lighter and tougher silk protein materials to meet the ever-evolving needs of the health and medical fields. Based on its unique technological advantages, the Company will explore the application of silk protein in such areas as medical dressings, medical textiles, among other fields, focusing on developing new products with high added value.
Shineco will integrate global sales channels, combining its existing sales network in the United States, Germany and other European and American regions, as well as Chongqing Wintus' sales network in India and other Asia-Pacific regions, in order to strengthen the global presence of our medical device products. We also plan to utilize production facilities and upstream and downstream supply chains around the world to achieve efficient production and ensure supplies for customers.
Shineco also plans to cooperate with scientific research institutions in China and is committed to developing the application of mulberry silk raw materials in high-tech fields such as silk antibacterial masks, biodegradable silk bone nails, silk-based photoresists for lithography applications.
About Shineco, Inc.
Shineco Inc. (“Shineco” or the “Company”) aims to ‘care for a healthy life and improve the quality of life’, by providing safe, efficient and high-quality health products and services to society. Shineco, operating through variable interest entities and subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. For more information about Shineco, please visit www.biosisi.com/.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Forward-looking statements should not be relied upon because they are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include, among others, statements we make regarding the innovativeness and market position of our products and services, our competitive strengths, and our expectation that the Cardiac 5-minute Test will be one of the leading products in this field to meet the demand of obtaining the test result shortly upon arrival. You are cautioned not to rely on any forward-looking statements. Actual results may differ materially from historical results or those indicated by the forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the Company’s ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the ability to obtain all necessary regulatory approvals in the jurisdictions where it intends to market and sell its products the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulations, economic conditions, the impact of the COVID-19 pandemic, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in its filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based only on information currently available to us and speak only as of the date of this press release, and Shineco assumes no obligation to update any forward-looking statements except as required by the applicable rules and regulations.
For more information, please contact:
Precept Investor Relations LLC
David J. Rudnick