Pearl River Announces Amendment to the Terms of its Joint Venture

LONDON, Ontario, Aug. 29, 2022 (GLOBE NEWSWIRE) -- PEARL RIVER HOLDINGS LIMITED (“Pearl River”) (TSXV: PRH) is pleased to announce that the termination date for Pearl River’s joint venture, Guangzhou Rodman Plastics Company Limited (“GRPC”), which was established in the People’s Republic of China, has been removed pursuant to amended Articles of Association under laws of People’s Republic of China dated August 29 2022, ‎and a revised joint venture agreement dated August 29, 2022 between Pearl River’s indirect wholly owned subsidiary, Rodman Enterprises Limited (“REL”)‎, and ‎‎Guangzhou Plastic Industrial Group ‎Co., Ltd. (“PRC Party”), a company ultimately controlled by the People’s Republic of China (collectively, the “Amending Documents”). As a result of the Amending Documents, there no longer is a fixed termination date for the GRPC joint venture. Prior to the execution of the Amending Documents, GRPC would have terminated in November 6‎, ‎‎2025‎. ‎Through REL, ‎Pearl River has a 64% equity interest in GRPC.‎ A significant portion of Pearl River’s operations are carried out through GRPC.

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