Sincerity Applied Materials Holdings Corp marks a milestone in Chinese fresh fruit packaging market with its unique VentaMax Breathable Stretch film

Rhea-AI Summary

Sincerity Applied Materials Holdings Corp (SINC) announced a definitive supply agreement with a domestic fruit grower owned by Nongfu Spring. The company developed VentaMax Breathable stretch film, a unique product for fresh fruit packaging, marking a milestone in China's market. SINC's R&D effort commenced in 2018, leading to it being the sole supplier in China. An acquisition agreement for Simcor (Jiangsu) Materials Technology is anticipated to close by Q1 2022. Local authorities in Changzhou are providing significant support, including tax exemptions and free leases for three years.

Positive

• Entered a definitive supply agreement with Nongfu Spring, expanding market access.
• VentaMax Breathable film is unique, positioning SINC as the sole supplier in China.
• Successful R&D efforts since 2018 indicate innovation and product development capabilities.
• Significant local government support, including tax exemptions and free leases, enhances operational viability.
• Planned acquisition of Simcor (Jiangsu) Materials Technology for $7 million may boost production capacity.

Negative

• None.

MELBOURNE, Australia, Nov. 10, 2021 /PRNewswire/ -- Sincerity Applied Materials Holdings Corp (OTC Pink: SINC) announces that SINC has entered into a definitive supplying agreement with a domestic fruit grower that was fully owned by Nongfu Spring (HKG:9633), via SINC's prospective subsidiary Simcor (Jiangsu) Materials Technology Ltd (SMTL).

The VentaMax Breathable stretch combines the fundamental qualities of a highly ventilated film with uncompromising machine grade stretch performance. SINC initiated the R&D of this product line since late 2018, and SINC is now the only manufacturer and supplier in China. SINC developed its fully automated ventilated stretch production line as a side product for the ventilated film.

Check out VentaMax Breathable Film in action with "Minions" wrapping robot,

https://youtu.be/lYwcEF3wfrM

Check out VentaMax Breathable Film in action with hand wrapping,

https://youtu.be/PbDuRiUwll8

Check out VentaMax state of the art production,

https://youtu.be/EUzezZAewdw

 

"It has the strongest strings we've ever put in a ventilated stretch, precisely designed ventilation holes. This yields a remarkably strong, high air flow wrapping". In announcing these breakthroughs, CEO of the Company, James Zhang commented above.

About SIMCOR

SMTL is a high-tech manufacturer specializes in research, development, and the production of performance engineering plastic resins, alloys, plastic sheets and thermoformed plastics. SINC has entered into a definitive acquisition agreement with Simcor (Jiangsu) Materials Technology Ltd (SMTL), the 7 million USD transaction is expected to be closed before the end of Q1, 2022.

About Welcoming Support from Changzhou, Jiangsu, China

Changzhou Local Authorities welcomes SINC with following Gov support policies,

• 3-year free land & office lease
• 3-year Company Income Tax Exemption
• 1-year high executive (3ppl) personal tax exemption

SINC has entered into a definitive agreement with Changzhou Local authorities to have its world's R&D & production centre in the China-Israel Changzhou Innovation Centre.

The 5800 m2 facility is expected to have 20 ventilation film production lines and one R&D centre.

About Changzhou,

Changzhou, with a nickname of "the dragon city", is a city about 150km from Shanghai; it has per capita GPD ranked 7^th in Chinese Cities with just 5.27 million people.

It has become one of China's most active innovation centres for

• EV (Xpeng; NYSE: XPEV) (BYD; SHE:002594) (Changzhou Xingyu;SHA:601799)
• PV (Trina Solar, SHA:688599)
• 5G and Electronics (AAC Technologies; HKG:2018)
• High Performance Polymers (Sincerity Applied Materials Holdings Corp; OTCMKTS: SINC)

About Sincerity Applied Materials Holding Corp
Sincerity Applied Materials delivers high performance environmental polymer and solutions, to help customers reducing product wastage, improve logistics efficiency, and reduce their carbon footprint. The Company, though its China partner, has been developing its exceptional material technology through partnerships with leading Chinese research institutions and facilities. Today, Sincerity's products are widely used in the automotive, packaging, building & construction and engineering industries.

Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.

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SOURCE Sincerity Applied Materials Holdings Corp

FAQ

What is the significance of SINC's agreement with Nongfu Spring?

SINC's agreement with Nongfu Spring expands its market access and solidifies its position in the fresh fruit packaging sector.

When is the acquisition of Simcor by SINC expected to close?

The acquisition of Simcor (Jiangsu) Materials Technology is expected to close before the end of Q1 2022.

What unique product has SINC developed for fruit packaging?

SINC has developed the VentaMax Breathable stretch film, which is unique in the Chinese market for its high air flow and strength.

What government support is being provided to SINC in Changzhou?

The Changzhou local authorities are offering three years of free land and office lease, along with tax exemptions.

What is the focus of SINC's R&D efforts?

SINC's R&D efforts focus on developing performance engineering plastic resins and innovative packaging solutions.