VANCOUVER, British Columbia, May 28, 2020 (GLOBE NEWSWIRE) -- Imperial Ginseng Products Ltd. (TSXV: IGP) (the “Company”) has determined that it is in the best interest of the Company and its stakeholders to cease the planting of any ginseng acres for the upcoming summer season. The Company has also determined that some or all of the summer 2019 planting of 66 acres may be harvested prematurely. These decisions were based on a number of factors, including the current diplomatic difficulties between Canada and China and the effects this has had, and is expected to continue to have, on the ginseng market and prices. Other obstacles, such as a labour shortage and a recent severe frost, also contributed to the Company’s decisions. The Company remains solvent at this time and will be assessing its options going forward.
The Company also announces that, following a long and productive period of service, Mr. James Chang has decided to retire from the Board of Directors for personal reasons. Mr. Chang will continue with his role of marketing and selling the Company’s ginseng root. “On behalf of myself and the rest of the Board, I want to express our sincerest thanks to Mr. Chang for his outstanding service, dedication and contribution to the Board of Imperial. Those of us that know him personally admire him for not only his business acumen but also for his personal values and commitment to family, traits that will continue to serve both the Company and his family well into the future,” said Mr. McCoach, CEO. Mr. McCoach also notes that the Company is actively reviewing candidates to add to its Board of Directors.
About Imperial Ginseng Products Ltd.
The Company is an agricultural company that seeks to provide investors returns through the cultivation and processing of North American ginseng in Ontario and the marketing of its roots primarily to Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
“Stephen McCoach”
Chief Executive Officer and Director
For additional information, please contact Stephen McCoach at:
Imperial Ginseng Products Ltd.
Suite 555, 701 West Georgia Street, Vancouver, BC V7Y 1E4
Tel: (604) 689-8863
Email: info@imperialginseng.com
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking” statements, including statements with respect to future purchases of common shares by the Company. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.