QINGDAO, China and ROCKVILLE, Md., Sept. 29 /PRNewswire-Asia/ -- Synutra International, Inc. (Nasdaq: SYUT), a leading infant formula company in China and a producer, marketer and seller of nutritional products for infants, children and adults, today announced that the Company has received a formal public apology from Phoenix Satellite Television Holdings Limited ("Phoenix TV") for promulgating false claims against Synutra. The on-air apology, delivered on the same program as were the false claims, resolves the previously reported legal actions brought by Synutra against Phoenix TV and its subsidiary, Beijing Tianying Jiuzhou Network Technology Co. Ltd, the operating company of the website ifeng.com.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "We never doubted the quality of our product or our commitment to our consumers, and we believe the public apology from Phoenix TV is an appropriate response, especially since it comes from the very source of the false allegations. We feel that Phoenix TV's on-air apology lays a sturdy foundation for the restoration of our brand going forward. To that end, we remain cautiously optimistic about our ongoing recovery, and we continue to monitor diligently our sales channels."
Synutra intends to provide a web link to the Phoenix TV program that aired the apology as soon as the link becomes available.
About Synutra International, Inc.Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company in China. It principally produces, markets and sells its products under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering 30 provinces and provincial-level municipalities in China. As of June 30, 2010, this network comprised over 560 independent distributors and over 1,000 independent sub-distributors who sell Synutra products in over 74,000 retail outlets. Forward-looking Statements This press release contains " forward-looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Synutra International, Inc. and its industry. All statements other than statements of historical fact in this release are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as " anticipate, " " believe, " " continue, " " estimate, " " expect, " " intend, " " is/are likely to, " " may, " " plan, " " should, " " will, " " aim, " " potential, " " continue, " or other similar expressions. The forward-looking statements included in this press release relate to, among others, Synutra ' s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the nutritional products and infant formula markets in China; market acceptance of Synutra ' s products; adverse effects associated with the melamine contamination incident; impact of recent media reports relating to hormone levels in Synutra ' s products; Synutra ' s expectations regarding demand for its products; Synutra ' s ability to stay abreast of market trends and technological advances; competition in the infant formula industry in China; PRC governmental policies and regulations relating to the nutritional products and infant formula industries, and general economic and business conditions in China. These forward-looking statements involve various risks and uncertainties. Although Synutra believes that the expectations expressed in these forward-looking statements are reasonable, these expectations may turn out to be incorrect. Synutra ' s actual results could be materially different from the expectations. Important risks and factors that could cause actual results to be materially different from expectations are generally set forth in Synutra ' s filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release. Synutra International, Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. SOURCE Synutra International, Inc.