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China In Focus: China Marine Food Gets Option To Acquire Beverage Company

December 3, 2009 (FinancialWire) — China Marine Food Group Ltd. (AMEX: CMFO), a manufacturer of seafood-based snack foods and distributor of fresh and frozen marine catch, has signed a definitive loan and option agreement with Fujian based Xianghe Food Science and Technology, a manufacturer of the branded “Hi-Power” algae-based soft drinks in China.

China Marine received an option to purchase 80% of the stock of Xianghe for $27.8 million in cash consideration with the closing expected after the satisfactory completion of customary due diligence and auditing within the next two months.

In consideration for the option, China Marine agreed to loan Xianghe $26.4 million, which will become part of the consideration for the purchase price from Qiu Shang Jing, the founder and sole shareholder of Xianghe, in the event China Marine exercises the option. The loan will be secured with a pledge by the seller of all of the stock in Xianghe.

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Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). The most recently issued reports and/or recorded webcasts include Cascade Corp. (NYSE: CASC), Anadarko Petroleum Corp. (NYSE: APC), Baytex Energy Trust (NYSE: BTE) (TSX: BTE), H & Q Healthcare Investors (NYSE: HQH), H & Q Life Science Investors (NYSE: HQL), PIMCO (NYSE: PYN) (NYSE: PMX) (NYSE: PZC), PIMCO Global StocksPLUS & Income Fund (NYSE: PGP), Taiwan Greater China Fund (NYSE: TFC) and Wolseley PLC (OTC: WOSCF) (London Stock Exchange: WOS).

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