LONDON, Ontario, July 24, 2024 (GLOBE NEWSWIRE) — PEARL RIVER HOLDINGS LIMITED (“Pearl River”) (TSXV: PRH) announced today that it is pursuing opening a manufacturing facility near Phnom Penh, Cambodia in order to accommodate various customer requests for manufacturing outside of China. It is anticipated that the Cambodian manufacturing facility will principally produce plastic coolers and other plastic products.
In relation to the above, in June 2024, Pearl set up a subsidiary corporation (“Cambodia Corp.”) and made application to the Cambodian government to obtain the necessary approvals to conduct business in Cambodia. It is anticipated that this approval could be obtained in Q3, 2024. It is also anticipated that Pearl will retain a 65 percent interest in Cambodia Corp. and a partner with Cambodian experience will retain a 35 percent.
About Pearl River
Through its subsidiaries, Pearl River’s principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.
For further information please contact:
George Lunick
CEO
T: (519) 645-0267
E: george@lunick.ca
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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in respect of: pursuing the opening a manufacturing facility in Cambodia, including, without limitation, the receipt of necessary governmental approvals to conduct business in Cambodia, the anticipated ownership of Cambodia Corp. and the products that will be produced at the Cambodian manufacturing facility. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Pearl River’s current beliefs and is based on information currently available to Pearl River and on assumptions Pearl River believes are reasonable. These assumptions include, but are not limited to: the approval from the Cambodian government for Pearl River to conduct business in Cambodia; the ability to successfully set up the Cambodian manufacturing facility, including all business requirements and being able to operate the Cambodian manufacturing facility at in a cost efficient manner at levels accretive to Pearl River; the continuing strength of customer requests for manufacturing outside of China; continuing positive sales and cost numbers for Pearl River’s operations that meet or exceed historical levels; the current share price of Pearl River’s common shares; the ability of Pearl River to find suitable partners, facilities, leases, personnel and other requirements for the Cambodian manufacturing facility; Pearl River’s general and administrative costs remaining constant; and the market acceptance of Pearl River’s operations, products and services, and corporate strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pearl River to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; geo-political risks and other risks of operating in foreign jurisdictions such as, governmental controls, unfamiliar laws or procedures, expropriation, and the inability to commence and pursue lawsuits, among others; capital market conditions and market prices for securities; the actual results of current development or operational activities; competition; changes in project parameters as plans continue to be refined; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Pearl River; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Pearl River’s disclosure documents on the SEDAR website at www.sedar.com. Pearl River does not undertake to update any forward-looking information except in accordance with applicable securities laws.
