XI'AN, China, Feb. 19, 2013 /PRNewswire-FirstCall/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU - News) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, today announced that SkyPeople Juice Group Co., Ltd., a 99.78%-owned subsidiary of the Company, has entered into a one-year unsecured term loan agreement with SkyPeople International Holdings Group Limited, an indirect beneficial shareholder of the Company, for a principal amount of $8 million. The loan bears an interest at 6% per annum, which the management of the Company believes to be lower than the currently available market interest rate. The purpose of the loan is to fund the development of the sales network and channels of the Company's Hedetang-branded fruit juice beverage business in China.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople Juice International Holding (HK) Ltd., a company organized under the laws of Hong Kong Special Administrative Region of the People's Republic of China (" Hong Kong"), holds 99.78% ownership interest in SkyPeople Juice Group Co., Ltd. ("SkyPeople ( China)"). SkyPeople ( China) is engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in the PRC and overseas markets. Its fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Fruit juice concentrates are used as a basic ingredient component in the food industry. Its brands, "Hedetang" and "SkyPeople," which are registered trademarks in the PRC, are positioned as high quality, healthy and nutritious end-use juice beverages. For more information, please visit http://www.skypeoplefruitjuice.com.
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