By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
Asia Bio-Chem Group Corp. announces that due to the continued high cost of corn in China and the economic downturn experienced over the past three years the company has become insolvent.
Asia Bio-Chem Group Corp. announces that due to the continued high cost of corn in China and the economic downturn experienced over the past three years the Company has become insolvent. While the Company has received financial support from Beidahuang State Farm Group, it has been unable to finalize the ongoing negotiations regarding a strategic transaction with the Group. Due to these factors, the Company has not been able to satisfy its financial obligations including interest and principal payments on its debt obligations. To date, the company's secured creditors have not acted on their security.
As a result of the lack of funds, the company does not expect to be in a position to complete its year-end audit and, as a result, the Ontario Securities Commission may issue a cease trade order.