HONG KONG, Dec. 16, 2003 (PRIMEZONE) -- New Dragon Asia Corp. (AMEX:NWD) today said it has received an initial order valued at approximately $700,000 for flour from the purchasing agents of KFC in China.
The company said it expects to complete delivery of the flour order by its fiscal year end, December 25, 2003.
"The initial order from KFC purchasing agents represents a significant opportunity and we are gratified to have been selected by one of China's leading quick-service restaurant chains," said Xue Jun Song, chief executive officer.
"International companies, such as KFC, require rigorous quality control standards. New Dragon's selection as a flour supplier highlights the brand reputation of Long Feng for its quality and recognition of the company's commitment to international standards," he added.
KFC, a subsidiary of Yum! Brands (NYSE:YUM), is a leading worldwide quick-service restaurant chain, with locations in approximately 150 cities in China. The company opened its first restaurant in Beijing in 1987. In September 2002 KFC opened its 700th KFC restaurant in Shenzhen.
About The Company
Headquartered in Hong Kong, New Dragon Asia Corp. is engaged in the milling, sale and distribution of flour and related products, including instant noodles, to retail and commercial customers throughout China. The company markets its well-established product line through a network of 200 key distributors and 20 regional offices in 27 Chinese provinces with an aggregate production capacity of approximately 175,000 tons of flour and more than 110 million packages of instant noodles.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations and financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; changes in consumer preferences and tastes or perceptions of health-related issues; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.