NEW YORK, May 28, 2009 (GLOBE NEWSWIRE) -- AQUAGOLD INTERNATIONAL (Pink Sheets:AQUI), a global distributor of premier Canadian spring water products, announces the signing of a one-year agreement with Orient International Holding Shanghai Foreign Trade Co., Ltd. (Orient) on the sale of 4.32 million bottles of AQUAGOLD's flagship 500 mL product into China. Orient will act as import agent to China with respect to these sales, and all transactions under this agreement will be executed via irrevocable letters of credit. Orient will be the account party and the importer in China for the letters of credit and the product, respectively. The purchase order for 216,000 bottles under the irrevocable letter of credit announced by AQUAGOLD earlier this week represents the first order under this new agreement.
"We have been actively developing the high-end, on-site consumption market, where we expect a significant portion of product under this agreement to ultimately be sold," states Marc-Olivier Hassoun, VP of Asian Market Sales. "We believe the placement of AQUAGOLD product in such high-end venues as luxury hotels, top-class restaurants, and prestigious nightlife establishments that are so much a part of Chinese social life will provide additional support to establishing our brand and further encourage off-trade sales that represent the largest sector of the total market. Further, we believe this agreement represents a significant, tangible measure of success against all the time, money, and effort we have invested over the past several years. It is in line with our plan to further develop strong, national distribution relationships, as well as another step in rolling out a deliberate, well-focused branding strategy in China."
About Orient International Holding Shanghai Foreign Trade Co., Ltd.
Orient International Holding Shanghai Foreign Trade Co., Ltd. (formerly Shanghai Foreign Trade Corporation), was established in January 1988 as an import- and export-oriented trading enterprise. Professionals on staff have years of experience in international trade, underpinning the company's ability to develop business relations with domestic and overseas clients. Orient enjoys an established reputation both at home and abroad. Annual revenues have consistently exceeded US$1 billion, and exceeded US$2 billion for three of the past four years. Orient lists among its clients BASF, CANON, Carrefour, GM, The Home Depot, HP, Hyundai Motor, IKEA, SAMSUNG, SK Telecom, and Wal-Mart.
About AQUAGOLD INTERNATIONAL
AQUAGOLD INTERNATIONAL is pursuing its mission to provide premier Canadian spring water products to the world. Its vision is to distribute its products globally and to become a leading distributor of some of the most recognized brands in the market. The company's mission and vision have begun in China with its first bottled water product, AQUAGOLD Premier Canadian Spring Water.
The information in this press release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. Except for historical information contained herein, all such statements included in this press release are forward looking statements and are made by AQUAGOLD INTERNATIONAL, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. All forward-looking statements are based upon information currently available. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. Numerous factors could cause or contribute to such differences. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, consumer spending, changes in the law or regulations, demand for products and services of the company, the competitive environment within the industry, the economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.