Iovate’s Majority Shareholder Anticipates Successful Refinancing Amid Corrected Bloomberg Report, Increases Efforts to Support Customers During COVID-19 Crisis
OAKVILLE, ON, March 19, 2020 /CNW/ – Iovate Health Sciences International Inc. (“Iovate”) announces that Iovate’s majority shareholder, Xiwang Group, anticipates that it will successfully complete a corporate bond refinancing process, scheduled to be completed by the end of March 2020.
On March 18, 2020, Bloomberg L.P. and its affiliates issued a correction to retract and replace an inaccurate news article (originally published on February 27, 2020 on Bloomberg Terminal and republished by Bloomberg Law) that erroneously described Xiwang Group’s corporate bond refinancing process as something detrimental instead of the positive news that it is. Xiwang and Iovate appreciate Bloomberg’s correction of the article.
Despite the challenges presented by the ongoing COVID-19 crisis, Xiwang Group has managed to successfully move ahead with the refinancing of its corporate bonds, which will further enhance Xiwang and Iovate’s ability to handle the current global environment and our efforts to support consumer health and wellness worldwide. Xiwang Group has successfully weathered the COVID-19 crisis in China, its more than 16,000 staff are now back to work and operations are returning to normal. As the COVID-19 crisis spreads globally, Iovate is well positioned to benefit from Xiwang Group’s insightful operational and safety expertise in managing through the COVID-19 crisis. With the support from Xiwang Group, Iovate is presently working very closely with major retail partners to efficiently move health and wellness products through our supply chain, in order to meet consumers’ increasing needs to stay healthy.
“Inaccurate translations of corporate filings can lead to grave misunderstandings, the upcoming bondholder meeting has been praised in China as a very positive development in Xiwang Group’s corporate bond refinancing process, and will allow the Group to gain access to more capital and resources for our businesses going forward.” said Michael Liu, General Manager of Xiwang Iovate. “Our collective organizations at Xiwang and Iovate have deployed multiple rapid response teams across the businesses to ensure our nutritional supplement and healthy lifestyle products are readily available to consumers in North America and around the world – during this extraordinary time.”