Brand Marvel Worldwide Consumer Products Corporation (the "Company") (TSXV symbol: BMW) is pleased to provide updates of the Company in the following areas:
1. New Banking Facility
Our wholly owned subsidiary in China, Beijing Marvel Cleansing Supplies Co. Ltd. ("BMC"), has arranged a new banking facility through a large investment guarantor company in Beijing. The investment guarantor company completed its due diligence on BMC and agreed to be the guarantor of a new banking facility of RMB60 million (approximately C$9,523,809) with our new factory and the personal assets of our largest shareholder as security. The new banking facility will be provided by two Chinese local banks and the related procedures and documentation are expected to be completed after the Chinese Lunar New Year long holiday, at the end of this month.
After obtaining the new banking facilities, BMC will retire its existing banking facilities of RMB40 million (approximately C$6,349,206) on their maturity dates.
"The new banking facility is the last piece of the puzzles required for our expansion," said Liao Yongliang, President of the Company. "The Company will have adequate working capital for launching our new products to the Chinese market, including new types of wet wipes, liquid laundry detergents, liquid cleansing products and liquid disinfectants as well as for the increase in the number and size of the OEM orders."
2. New Products for the Chinese Retail Market
BMC has also launched new chemical liquid laundry detergents and new types of wet wipes under a new brand name "Snowtree" to the retail market through our existing distribution channels. Together with our long established brand name, "Dreamboat", BMC now has two brand names being distributed to the Chinese retail market.
Two suppliers of liquid laundry and cleansing products in Canada have already arranged shipment of their concentrates to our new factory in China. BMC will introduce new types of wet wipes, liquid laundry detergents and liquid cleansing products with these concentrates.
"We are excited with the response of the market to our new products," said Liao Yongliang, President of the Company. "These new products can generally be classified as two broad types, natural and bio-degradable, to meet the demands of consumers from different income levels. Through the diversification in the number and types of our products, we can increase our sales through meeting various types of demands from the market and overall improve our profit margin and bottom line."
About Brand Marvel Worldwide Consumer Products Corporation ("BMW")
Brand Marvel Worldwide Consumer Products Corporation ("BMW") is a public company listed on the Toronto Venture Exchange under the trading symbol "BMW". Through its operating arm and wholly owned subsidiary, Beijing Marvel Cleansing Supplies Co. Ltd. ("BMC"), the Company manufactures and distributes wet wipe products, liquid disinfectant products, liquid cleansing products and liquid laundry products in the People's Republic of China ("China").
BMC currently produces and distributes five main types of non-woven wet wipe products, including general, baby, man, woman and hygienic, for both domestic and international markets under the brand name "Dreamboat" or OEM orders. BMC also produces and distributes in China liquid disinfectants, liquid cleansing products and liquid laundry products under its own brand names or OEM orders. BMC is a leading name in China with a national distribution network of approximately 132 distributors and a portfolio of wipe products sold in approximately 22,000 retail outlets including Wal-Mart, Carrefour and Tesco.
On behalf of the Board of Directors
President and Director
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward- looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business. As a result, actual results may vary materially from those described in the forward-looking statement. Undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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