Monday, September 26, 2011

China Marine Group Provides Update on Seafood Snacks Business

China Marine Group Provides Update on Seafood Snacks Business

China Marine Food Grp. Limited Common Stock (AMEX:CMFO)
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Today : Monday 26 September 2011
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China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a China-based manufacturer of Mingxiang(R) seafood-based snack foods, "Hi-Power" marine algae-based beverages, and distributor of frozen marine catch, today provided an update on its Mingxiang(R)-branded seafood snacks business. The Company reported sales in August of $4.6 million, an approximate 4.0% increase from $4.4 million in the previous month.
Beginning in the second quarter of 2011, sales of the Company's seafood snacks were negatively impacted by consumers' concerns stemming from the nuclear disaster in Japan and the safety of ocean-based products. China Marine has taken several actions to alleviate those concerns including increased advertising and more frequent communications with its distribution partners. Sales have stabilized since June, with month-over-month data showing positive sales trends and a return of consumer confidence in July and August.
The Company is also in discussions with prospective distributors in new and existing regions sales territories. Management is committed to expanding distribution to untapped cities and provinces as a long term goal.
"We are pleased to report our seafood snack food sales have steadily improved since June," stated Chairman and CEO, Mr. Pengfei Liu. "Because we source our fish from several local areas completely unaffected by the disaster in Japan, we remain confident in the long-term health of our business and anticipate a full recovery of sales momentum for Mingxiang(R)-branded seafood snack foods. I am also encouraged with the progress we have made with our seaweed extract 'Hi-Power' beverages. Through effective in-store promotions and multimedia advertising campaigns, more consumers are buying our healthy beverages."
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang(R) seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang(R) brand as a category leader in 3,200 retail food sales points and 15,000 beverage sales points in China. The Company has received "The Famous Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

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