Company in process of acquiring a fully equipped operating facility to advance the development and commercialization of compostable, biodegradable and recyclable materials
New company to leverage Yunhong Group’s broad platform and ecosystem of enabling technologies and manufacturing capabilities
LAKE BARRINGTON, IL / ACCESSWIRE / January 24, 2024 / Yunhong Green CTI Ltd. (NASDAQ:YHGJ) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film packaging products, novelty balloons, candy and balloon gift solutions, and now with biodegradable and compostable material and finished product offerings, today announced the formation of a new subsidiary and related intended acquisition of an operating facility to advance the business of compostable, biodegradable and recyclable materials to enhance environmental sustainability.
In anticipation of the expected acquisition of this facility, the Company’s Board of Directors has authorized the use of up to 5 million shares of our common stock to acquire the facility and its related operational expenses.
Mr. Yubao Li, Chairman of both the Yunhong Group and Yunhong Green CTI, commented, "We view this development as the first of many intended to help commercialize our patented material advances in the field of sustainability. In addition to this facility serving as the Company’s China headquarters, we believe it will also forge a stronger bridge between the Yunhong family of companies and Yunhong Green CTI Ltd."
Mr. Frank Cesario, CEO of Yunhong Green CTI, commented, "We believe that our decision to establish a subsidiary in China represents a step forward in strengthening our connection with our partner, Yunhong Group. By leveraging the collective progress that has been made towards the goal of accelerating the development and commercialization of new scalable compostable material technologies, we are now in a unique position to create this new business – bringing added value to our shareholders, our employees, and, most importantly, to businesses and consumers in need of new, advanced materials to enhance environmental sustainability."
The address of this newly formed subsidiary is: Yunhong Technology Industry (Hubei) Co., Ltd., Yunhong Health Industrial Park, No. 1, Jiangbei First Class Highway, Qianlu Village, Tianzhen Office, Wuxue City, Huanggang City, Hubei Province, The People’s Republic of China.
About Yunhong Group
Yunhong Group Co., Ltd. (hereinafter referred to as Yunhong Group) was established in 2013. It is a comprehensive large-scale enterprise group. It has now formed Yunhong Health Industrial Park, Yunhong Digital Trade Industrial Park, Yunhong Digital Logistics Industrial Park , Yunhong Mining Industrial Park, Yunhong Technology R&D Center and other "four parks and one center" are an integrated industrial ecological chain developed in a coordinated manner.
The group has a total of 150,000 employees at home and abroad, 16,000 senior executives and scientific researchers , and more than 50 subsidiaries or branches at home and abroad. It is an enterprise technology center in Hubei Province, a national high-tech enterprise , a specialized and new small giant enterprise in Hubei Province, A leading enterprise in agricultural industrialization in Hubei Province and one of the Top 500 Chinese Private Enterprises in 2022. It has ownership interest in three listed companies, namely Silicon Xin Group on the Hong Kong Stock Exchange (stock code: 08349), Jiachen Holdings on the Hong Kong Stock Exchange (stock code: 01937), and Nasdaq Yunhong Green CTI, Ltd., (stock code: YHGJ). For more information about our business, visit our corporate website at http://www.yunhongkg.com/
About Yunhong Green CTI Ltd.
Yunhong Green CTI Ltd. is one of the leading manufacturers and marketers of custom film packaging products, novelty balloons, candy and balloon gift solutions,and now with biodegradable and compostable materials and finished products. For more information about our business, visit our corporate website at www.ctiindustries.com.
Forward-Looking Statements
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs or other trade limitations between the United States and other countries, particularly China. We do not know the ultimate resolution of elevated helium prices that impact our customers and negatively impact our revenue. We cannot anticipate future impacts from inflation, supply chain, labor availability and freight issues, and any global instability. We do not know whether we will be successful in passing such additional costs through to customers. The compostable and biodegradable products described by the Company from time to time are relatively new to the Company, which lacks the history required to ascertain whether those products will ultimately be successful in commerce. More information on factors that could affect CTI’s business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Company Contact:
info@ctiindustries.com
+ 1–847-382-1000
Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
SOURCE: Yunhong Green CTI Ltd.
View the original press release on accesswire.com
