Canada NewsWire
TORONTO, March 11, 2016
TORONTO, March 11, 2016 /CNW/ – Asia Bio-Chem Group Corp. (CSE: ABC) (“Asia Bio-Chem” or the “Company”) announces today 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 Compan…
Read the full article at: http://www.stockhouse.com/news/press-releases/2016/03/11/asia-bio-chem-group-corp-announces-insolvency