Fly Crane Announces Repurchase of Sequoia Shares for US$ 63 Million and Interest

February 2, 2011, flying crane International (Feihe International, Inc.) Announced that it will buy back 2,625,000 shares held by Sequoia. According to the announcement, according to the basic principles of the investment agreement between the two parties, Feihe will pay approximately US$63 million and corresponding interest to Sequoia in four separate occasions in the coming year.

Feihe said that it is increasing the cash flow rate, reducing accounts receivable, and at the same time increasing inventory turnover. The company's cash flow will be significantly improved, and the net cash balance will be sufficient for repurchasing shares.

At the same time, in the past few years, the investment in the construction of milk and factories will be more effective in 2011. At present, the dairy processing plant with advanced world standards has been basically completed and the equipment is the internationally advanced dairy equipment imported from Germany's GEA. As the only infant formula milk powder manufacturing enterprise in China that owns the entire industrial chain, Feihe has distinctive features in its entire industry chain model, relying on unique natural resources of the latitude 47° Northland, and realizing the cultivation of cows from forage and Wantou ranch. The breeding, production, processing, sales and after-sales service are mutually supporting and integrated with benign operation, reaching the international advanced level.

Sequoia said that it is optimistic about the prospects for the development of China's dairy products market and flying cranes. "As the capital expenditure is reduced, the company's free cash flow will increase substantially, and its operating cash flow will improve. At the same time, as the only domestic infant milk powder manufacturing enterprise with a full industrial chain, Feihe will also introduce new high-end products. Subdivide products, open up new sales markets, open up new sales channels, etc. to expand market share, consistently provide the best quality and safe infant milk formula for Chinese babies, and grasp the golden decade of China's dairy industry. On the other hand, said.

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