Shineco, Inc. ((", Shineco", or the ", Company", , NASDAQ:TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products inChina, announced today the Company, through its wholly owned subsidiary Beijing Tenjove NewHemp Biotech Co., Ltd. ("TNB"), has entered into a strategic cooperation agreement (the "Agreement") with Wuchang Municipal Government of Heilongjiang Province (the "Government") on December 18, 2019.
As previously disclosed in a release on December 16, 2019, Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, has reached a consensus on cooperation with Vice Mayor Zhang Jianchun of the Government regarding Shineco's industrial hemp development plan in Heilongjiang Province (the "Plan").
Pursuant to the Agreement, the Government agrees to actively promote the execution of the Plan, coordinate relevant departments to communicate on bilateral cooperation, and provide related services and convenience. The Government also agrees to create a good policy environment for Shineco's development in Wuchang City through providing tailored high-quality services, all-around support in terms of publicity and promotion, and national and local preferential policies. As part of the Agreement, the Company agrees to target Wuchang City as a key development area and formulate a cooperative development plan based on relevant local industrial advantages, industrial development needs and the Company's own strategic development plan.