Key Developments: SkyPeople Fruit Juice Inc (SPU.W)
2.31USD
16 May 2013
$-0.08 (-3.35%)
$2.39
$2.49
$2.49
$2.31
200
51
$2.54
$1.33
Latest Key Developments (Source: Significant Developments)
SkyPeople Fruit Juice Inc Announces Agreement to Manufacture and Market Kiwi Products
SkyPeople Fruit Juice Inc announced that SkyPeople Juice Group Co., Ltd., (SkyPeople (China)), 99.78%-owned subsidiary of the Company, entered into an Investment Agreement with the Managing Committee of Mei County National Kiwi Fruit Wholesale Trading Center (the Committee). The Committee has been authorized by the People's Government of Mei County to be in charge of the construction and administration of the Mei County National Kiwi Fruit Wholesale Trading Center for the development of production lines for the deep processing of kiwi products as well as the establishment of a trading zone for the marketing and distribution of kiwi goods in Mei County, China. Pursuant to the Agreement, Company will develop production lines for kiwi puree, kiwi fruit juice, kiwi pectin, kiwi seed oil extraction and frozen specialty fruit and vegetable products, as well as supporting facilities for such production such as a food safety inspection center. The planned area for this part of the Project is 150 mu (approximately 24.7 acres) which Company estimates will require a capital investment of RMB 294.3 million. Pursuant to the Agreement, the Project will also include the development of a kiwi-related materials trading zone to include a trading mall, fruit trading shelter and fruit-related materials trading shelter with a planned area of 136 mu (approximately 22.4 acres). The Company estimates that this part of the Project will require a capital investment of RMB 151.3 million. Full Article
SkyPeople Fruit Juice Inc Announces Appointment Of CEO
SkyPeople Fruit Juice Inc announced that Mr. Hongke Xue has been appointed to serve as Chief Executive Officer (CEO) and director of the Company, effective on February 18, 2013, replacing Mr. Yongke Xue, who has resigned from his position as the Company's CEO, effective February 18, 2013. Mr. Yongke Xue will continue his role as the Chairman of the Board of the Company. Mr. Yongke Xue's resignation was for personal reasons and is not related to any disagreement with the Company regarding financial, operational or other practices. Full Article
SkyPeople Fruit Juice Inc's Subsidiary Announces Agreement to Manufacture Orange Juice Products
SkyPeople Fruit Juice Inc announced that SkyPeople Juice Group Co., Ltd a 99.78% owned subsidiary of the Company, entered into an Investment/Service Agreement with the Yidu Municipal Government in Hubei Province, China, for the construction and establishment of a zone for the manufacturing and comprehensive deep processing of concentrated orange juice, orange juice drinks and other orange-related products. Pursuant to the Agreement, the project will be built on a parcel of land approximately 280 mu in size (approximately 46 acres) located in the city of Yidu, Hubei Province, China. The consideration for transferring the land use rights for the project to the Company is RMB0.3 million (approximately $48,030) per mu and the construction period of the project is expected to be between 2012 through 2014. Pursuant to the Agreement, the total amount of investment in fixed assets and land use rights for the project is expected to be RMB300 million (approximately $48 million). The Company plans to fund the project using its current cash balances, expected future cash flow from operations and debt. Pursuant to the Agreement, the Company will establish a concentrated orange juice production line with a capacity to process 45 tons of oranges per hour, and a fruit juice beverage production line with a capacity to produce 6,000 bottles per hour. The Company will also establish other facilities such as storage facilities, sales and distribution center and R&D center. Full Article
SkyPeople Fruit Juice Inc Issues FY 2012 Guidance
SkyPeople Fruit Juice Inc announced that based on the current business outlook, the Company forecasts revenue to be in the range of $90 million to $110 million, net income to be in the range of $16.2-$22.0 million and fully diluted earnings per share (EPS) to be in the range of $0.61 to $0.83 for fiscal 2012. Full Article
SkyPeople Fruit Juice, Inc. Appoints Mr. Xin Ma As Chief Financial Officer
SkyPeople Fruit Juice, Inc. announced that its Board of Directors has approved the appointment of Mr. Xin Ma as the Company's new Chief Financial Officer, effective April 30, 2012, replacing Ms. Cunxia Xie, who resigned from the Chief Financial Officer position for personal reasons, effective April 30, 2012, as well. Full Article
SkyPeople Fruit Juice, Inc. Appoints Paritz & Company As Independent Auditor
SkyPeople Fruit Juice, Inc. announced that it has engaged Paritz & Company, P.A. (Paritz) to serve as its independent registered public accounting firm effective as of December 24, 2011, replacing BDO Limited (BDO), which was dismissed on December 23, 2011. The decision to change auditors was not the result of any disagreements between the Company and BDO on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures. Full Article
SkyPeople Fruit Juice, Inc. Appoints Cunxia Xie As CFO
SkyPeople Fruit Juice, Inc. announced that Spring Liu has resigned from her position as the Chief Financial Officer (CFO) of the Company effective September 21, 2011 to pursue other interests. There were no disagreements between Ms. Liu and the Company's management or board of directors. The Board has appointed Cunxia Xie as the Company's Chief Financial Officer (the principal financial and accounting officer) effectively September 21, 2011 . Full Article
Federman & Sherwood Announces Securities Class Action Lawsuit Against SkyPeople Fruit Juice, Inc.
Federman & Sherwood announced that a class action lawsuit was filed in the United States District Court for the Southern District of New York against SkyPeople Fruit Juice, Inc.. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from March 31, 2010 through April 4, 2011. Full Article
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