Shineco, Inc. Announces the Completion of its First Board Meeting for Fiscal Year 2019

BEIJING, Dec. 06, 2019 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products in China, announced today that it completed its first board meeting (the "Meeting") for fiscal year 2019 held on November 26, 2019 in Beijing, China and pursuant to which the Company’s directors:

• Re-elected Mr. Yuying Zhang as the Chairman of the Board of Company to hold office until the next annual general meeting.
• Elected Mr. Baolin Li as the Vice Chairman of the Board of Company to hold office until the next annual general meeting.
• Elected Mr. Harry Edelson as an independent director of the Board of Company.

Mr. Harry Edelson has worked in the venture capital industry for more than 20 years, and his investment performance was ranked first among all venture capital companies in the east coast of United States. Even during the catastrophic decline in the stock market from 2000 to 2002, his fund's annual return (IRR) averaged 27%. Harry creates and manages a series of strategic venture capital funds for 10 large companies in different industries worldwide. He is also the first venture capital investor for 11 early-stage companies with a market value range from USD 1 billion to USD100 billion. Harry greatly enhances the Company's ability in investment and financing.

Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, commented, “The changes in the personnel of the new board of directors will better support the management and boosting the efficiency of decision-making. Vice Chairman Mr. Baolin Li is a new strategic investor of the Company and he will be fully responsible for the strategic development and specific business of the industrial hemp sector in Shanxi Provenience. Vice Chairman Baolin Li has rich management experience, a keen strategic vision and excellent execution capabilities, and he has many years of practical experience and outstanding performance in the field of investment, financing and fund management.”

Mr. Zhang continued, “This year, the Company officially entered the industrial hemp industry and achieved certain results. In the future, we will increase the comprehensive utilization of the hemp industry and follow the principle of maximizing shareholder value, focus on our customs and market, leverage our advantages in product technology innovation and management efficiency in the field of industrial hemp. Look forward, we expect to constantly strengthen the Company’s core competitiveness, become an industry hemp industry benchmark and improve our shareholder returns. At the same time, the Company will also explore opportunities to develop strategic emerging businesses in the high-tech industry.”