Planet Green Holdings Corp. (NYSE:PLAG)

LINYI CITY, China, Sept. 26, 2018 /PRNewswire/--American Lorain Corporation (the "Company") (NYSE American: ALN) announces that the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. ("Subsidiary") entered into a Share Exchange Agreement with Taishan Muren Agriculture Co., Ltd. ("Target") and the Target's sole owner Shenzhen Jiamingrui New Agriculture Co., Ltd. ("Seller") on September 25, 2018. Pursuant to the Share Exchange Agreement, the Subsidiary will acquire all outstanding equity interests of Target, a company that grows various spice plants and fruit trees and sells such products in China.

Pursuant to the Share Exchange Agreement, the Company will issue 10,000,000 shares of common stock of the Company to the Seller in exchange for the transfer of all of the equity interest of the Target to the Subsidiary. The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type.

INYI CITY, China, Dec. 23, 2016 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("ALN") and the shareholders (the "Sellers") of Shengrong Environmental Protection Holding Company Limited ("Shengrong") today announced that they have entered into a definitive share exchange agreement (the "Agreement"), pursuant to which ALN will acquire all of the outstanding capital stock of Shengrong (the "Acquisition"). Shengrong is the indirect parent company of Hubei Shengrong Environmental Protection Energy-Saving and Technology Co. Ltd. ("Hubei Shengrong"), a high-tech company engaged in the development, manufacturing and sales of environmental protection equipment with a focus on recycling industrial solid waste and mining tailings in China.

Under the terms of the Agreement, at the closing of the Acquisition, ALN will issue to the Sellers 114,000,000 shares of ALN common stock, representing approximately 75% of the issued and outstanding shares of ALN common stock following the consummation of the Acquisition.

The Acquisition is subject to the satisfaction or waiver (if applicable) of customary closing conditions, including regulatory approvals. In addition, the Acquisition is subject to approval by ALN shareholders.

In addition, ALN is obligated to take all actions necessary so that, on, or promptly following, the closing of the Acquisition, ALN will spin-off its existing food business to a third party.

ALN was advised on the Acquisition by Ellenoff Grossman & Schole LLP, as legal counsel. The Sellers and Shengrong were advised by Allbright Law Offices, as legal counsel. The special committee was advised by LKP Global Law, LLP, as legal counsel.

The description of the Acquisition contained herein is only a summary and is qualified in its entirety by reference to the Agreement, a copy of which will be filed by ALN with the Securities and Exchange Commission (the "SEC") as an exhibit to a Current Report on Form 8-K.

LINYI, China, Sept. 9, 2016 /PRNewswire/ - American Lorain Corporation (NYSE MKT: ALN) ("ALN") today announced that it is in discussions with Shengrong Environmental Protection Holding Company Limited ("Shengrong"), the indirect parent company of Hubei Shengrong Environmental Protection Energy-Saving and Technology Co. Ltd. ("Hubei Shengrong"), a registered company in China, regarding a potential transaction. Hubei Shengrong is a high-tech company engaged in the development, manufacturing and sales of environmental protection equipment with a focus on recycling industrial solid waste and mining tailings. The final terms of the potential transaction are subject to ongoing negotiations between the parties.

Mr. Chen commented, "We are pleased to be in discussions with Shengrong, as this potential transaction would boost the company's positioning in the growing environmental protection industry and should help build investors' confidence in our company."

Ms. Jiazhen Li, the Chairwoman of Shengrong, commented, "This potential transaction with American Lorain would be an important milestone for Shengrong's global expansion plan. We believe that with more public exposure, we will be able to raise more public awareness about industrial waste treatment and better serve the global environmental protection mission."

ALN's board of directors (the "Board"), with the unanimous agreement of all directors, formed a special committee of the Board consisting exclusively of independent directors, to evaluate the potential transaction and negotiate any agreements relating to such transaction. The Board has granted the special committee the exclusive authority to consider, review, evaluate and actively negotiate the terms and conditions of such transaction on behalf of the Company. The special committee is composed of Hongxiang Yu, Dekai Yin and Maoquan Wei, the Company's independent directors. Mr. Yu serves as chair of the special committee.

The potential transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of definitive agreements and the satisfaction of agreed upon closing conditions. There can be no assurance that such transaction will be consummated.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 21, 2016, American Lorain Corporation (the “Company”) received the resignation of Johnny Zhou, interim Chief Financial Officer of the Company, effective immediately. Mr. Zhou indicated that his resignation is for personal reason and not because of any disagreement with the Company.

On June 21, 2016, the Board of Directors of the Company approved the appointment of Zhanhai Yang, age 52, as Chief Financial Officer (“CFO”) of the Company, effective June 21, 2016. From March, 2016 to May, 2016, Mr. Yang served as Controller of the Accounting Department of Rizhao City XinSanMing Chemicals Co., Ltd. in Shandong Province, China. From November, 2014 to February, 2016, Mr. Yang served as Controller of the Accounting Department of Rizhao City XinMei Real Estate Development Co., Ltd. in Shandong Province, China. From May, 2004 to October, 2014, Mr. Yang has served as the head of accounts balance division and transportation payment and receipt management division, director of materials inspection station, accountant in charge and deputy senior accountant for internal control positions for Rizhao Iron & Steel Co., Ltd. in Shandong Province, China.

Mr. Yang received his three-year college diploma in accounting from Inner Mongolia University of Science and Technology in 1984. Mr. Yang is a Certified Public Accountant (“CPA”) in China.

In connection with his appointment as the Chief Financial Officer, the Company entered into an employment agreement with Mr. Yang on June 21, 2016. The employment agreement provides that Mr. Yang will receive compensation in the amount of RMB 15,000 per month (approximately $2,315) as well as a one-time stock award of 50,000 shares of Company’s Common Stock under the Company's 2014 Equity Incentive Plan, subject to the future approval by the Compensation Committee and Board of Directors of the Company. The term of the employment agreement is for one year from June 22, 2016 to June 21, 2017.

Mr. Yang was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Yang and the directors and executive officers of the Company.

AMERICAN LORAIN CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
(Stated in US Dollars)

AMERICAN LORAIN CORPORATION
AUDITED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
(Stated in US Dollars)

LINYI, China, Jan. 11, 2016 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced the cooperation with TaiMei Potato Industry Ltd. ("TaiMei Potato"), acquired by the world's leading potato products supplier Lamb Weston in 2014. Both of the companies have reached an agreement that TaiMei Potato will help to manufacture the Lorain brand french fries.

In 2015, the Company decided to diversify and enrich the categories of its potato products to fulfill the needs of different preferences. One of the strategies is to procure potatoes domestically in China and labeled as a Lorain branded product. TaiMei Potato is a well-respected company with a strong background and solid manufacturing capabilities. The products include straight cut fries, mashed potato, and wedges etc. TaiMei Potato has the production line which is capable of producing 10 tons of chips per hour, this is currently one of the most advanced in China.

Mr. Si Chen, Chairman and CEO of American Lorain, commented, "We all find it so exciting to work with TaiMei Potato in China. American Lorain has been working on the potato product segment for many years. We have maintained substantial resources and experience, and we are very confident with TaiMei Potato becoming our OEM factory and providing us with high-quality products,"Mr. Si Chen added, "American Lorain will have TaiMei Potato manufacture about 2000 tons of regular french fries at this time. But we do see more potential opportunities in the future for both companies. We believe this cooperation would not only help us implement the strategy, but also create more opportunities to expand Lorain branded products overseas."

Third Quarter 2015 Financial Results

• Revenue decreased by $7.58 million to $47.68 million for the third quarter FY 2015 compared to the prior year period.
• Net income of $1.88 million or $0.06 per fully diluted share, compared with net income of $0.73 million or $0.03 per fully diluted share of the same period in 2014;

Management Comments

"We were so glad to see both our operating income and net income increased by 48% YOY and 157% YOY, respectively. During the third quarter, the Company made tremendous progresses for our newly launched Youtiao product. And the Company was also actively moving forward with new products for China breakfast market along with the other business segment. Our offices all around the country were working very closely with local dealers to promote all kinds of the product," Said Mr. Chen Si, Chairman and CEO of American Lorain Corporation, "The Company continues to expand new sales channels to grow its customer base and increase its revenues. We will continuously devote ourselves to deliver the optimal returns to our shareholders in the future."

LINYI, China, October 29, 2015 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announces that after years of hard working on potato products, its French fries sales have contributed over 20 million RMB to the revenues so far in 2015.

The Company has been acting as the sales agent of Belgium LUTOSA branded French Fries in China for years and has gained a great reputation from Chinese consumers. The management of the Company has considered different consumer preferences and the complexity of the market environment in China and decided to enrich and adjust the whole structure of our potato products. In 2015, the Company imported a variety of Belgium potatoes as raw materials, processed and branded them as new Lorain brand French Fries (Golden). In addition, the Company developed a variety of homemade style and Lorain branded French Fries with lower price. For this product line, the Company procures the raw materials and processes the French Fries domestically in China. The diversified product categories satisfy the needs from different consumers.

Mr. Si Chen, Chairman and CEO of American Lorain, commented, "Our French Fries product is one of the most popular fast foods not only in the U.S. but also in China. American Lorain started layout on western-style potato products in China several years ago. Now, we have 7 factories, more than 40 offices and several thousands of sales agents across the country working on the French Fries business. We continuously enrich the varieties of our potato products. Since the new Lorain brand French Fries (Golden) came into the market, we have received great feedback from our sales agents. In August, we imported 10 containers of raw materials and sales of our potato products reached 200 tons. We will accelerate our pace of adding more varieties of French Fries. We believe that the improvement of our French Fries sales will eventually expand the American Lorain brand influence and increase our market share in the future."

LINYI, China, October 21, 2015 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that Lorain branded Youtiao product has achieved sales of 5 million RMB (approximately 790,000 US dollars) since launch this year.

Lorain branded Youtiao product was introduced to the Chinese market in June this year, and the Company has taken full advantage of its sales channels all around the country to promote the product and stimulate sales. Meanwhile the Company innovatively proposed the breakfast food-cart pilot program about two months ago to create more opportunities to improve sales. Overall the result has turned out to be very exciting.

Mr. Si Chen, Chairman and CEO of American Lorain, commented, "Since the Youtiao product has been introduced to the market, the management has not only completed a set of detailed feasibility and sales plans, but also actively explored innovative and new sales channels. At the moment, we are cooperating closely with our dealers all over the country to sell the products to the customers, like well-known hotels, shopping malls and schools. We also achieved a tremendous amount of sales through our breakfast food-cart business. According to our statistics, as of the end of September we have supplied about 100,000 cases of all kinds of Lorain branded Youtiao product to clients, and the sales reached about 5 million RMB (approximately 790,000 US dollars)."

Chen added, "Our long-term partner Wal-Mart has given high praise to our product by putting our Youtiao into their healthy breakfast list and promoting our product through Wal-Mart's We-Chat and Weibo platforms to the public. Within these months, we have already supplied more than 10,000 cases of Youtiao product to Wal-Mart stores. We expect to achieve more sales by further promotion of the product. We believe the sales amount to Wal-Mart could reach 10,000 cases to over 200 Wal-Mart stores per month in the future. Through our continuous efforts, we believe the Lorain branded Youtiao product can bring a huge sales revenues and long-term value to the company and our shareholders."

LINYI, China, August 20, 2015 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that it is introducing a multi-functional breakfast food cart concept to sell Lorain branded Youtiao product alongside other Chinese breakfast food and drinks. Approximately 100 Lorain Food Carts have been introduced to 23 Chinese cities since the pilot program began in 2015. The Company hopes, via this new concept, to promote sales of its newly launched Lorain Youtiao, a staple breakfast item for the Chinese consumer, as well as other Lorain food products.

Based on the Company's internal study, the Chinese breakfast market tends to have local characteristics as people's dietary habits are different in various geographic regions. However, Youtiao (or Fried Dough Sticks), along with porridge, soy milk and steamed buns, are essential and popular breakfast items across China. This was the main reason that American Lorain launched its branded Youtiao product for the Chinese on-the-go breakfast market in June, and so far it has been well received by our wholesale customers. The testing of the Breakfast Food Cart ("BFC") concept is the Company's natural expansion to bring its food products closer to Chinese consumers.

All food carts, designed by the Company with standardized specifications, are sold to distributors and franchisees. American Lorain's logo and trademark are displayed on all BFC units which enhances brand image and consumer awareness. In order to ensure quality and food safety, American Lorain also provides all food products, as well as procurement of other materials and suppliers for BFC owners. The food cart has cooking capabilities which allows BFC owners to serve fresh and hot breakfast to customers. If the result of the pilot program meets our expectations, we plan to officially launch the BFC concept in more Chinese cities.

Mr. Si Chen, Chairman and CEO of American Lorain, commented, "The Chinese breakfast market is enormous and continues to grow and evolve, as fast-paced Chinese consumers demand more healthy and safe on-the-go breakfast products. The initial success of our Lorain Youtiao inspires us to begin testing our BFC concept by leveraging our well known food brand as well as our vast sales network across the country. The BFC pilot program is really important for us as we continue to seek high growth and high margin business opportunities."

AMERICAN LORAIN CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS PERIOD ENDED JUNE 30, 2015 AND 2014
(Stated in US Dollars)

CALCULATION OF REGISTRATION FEE

CALCULATION OF REGISTRATION FEE

LIN'YI, China, June 29, 2015 /PR Newswire/ -- American Lorain Corporation (NYSE: ALN) ("American Lorain", "ALN" or "The Company"), an international processed snack foods, convenience foods and frozen foods company based in Shandong Province, China, today announced the launch of a new breakfast product line: the Lorain Youtiao, to meet the increasing demand of on-the-go breakfast from Chinese consumers. A Youtiao, also known as Fried Dough Sticks, is a long golden-brown strip of fried dough and a staple item of Chinese breakfasts. The entrance of this new product category is part of American Lorain's ongoing strategy of leveraging its leading position in the Chinese chestnut market and its well-recognized "Lorain" brand into the more diversified and high margin snack food segment.

In light of recent food scandals coming from other Chinese producers, American Lorain has explicitly stated that the preparation of high-quality products as well the health and safety of customers are top priorities at ALN. Regarding the new Youtiao product line, the Company strives for top-quality and high standards through every step of the production process. All ingredients will be sourced using highly reputable and well-known suppliers; advanced production techniques will be employed to create a contaminant-free processing environment; and finally, all finished items will be transported at -18C (-0.4F) via the Company's cold chain logistics distribution network.

Mr. Si Chen, Chairman and CEO of American Lorain, commented, "Recent studies estimate the size of China's breakfast market at several hundred billion RMB annually with a growth rate of around 14% on average. Youtiao is a very popular traditional Chinese breakfast food but it can be difficult to prepare quickly. The Lorain Youtiao can be conveniently prepared at home in the oven or microwave, so we believe it will provide a quick and easy breakfast option to many Chinese looking for a tasty meal on-the-run. This is a great way for us to enter the Chinese breakfast market and we believe it will greatly impact our long-term revenue and profit growth. At the moment, the Company is working closely with domestic distributors to get our new products into supermarkets, fast-food restaurant chains, hotels and convenience stores. We believe that the Lorain Youtiao will not only bring the concept of a healthy diet to the Chinese market, but it will enhance our future profit growth and maximize the shareholders' interests."

AMERICAN LORAIN CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2015 AND 2014
(Stated in US Dollars)

Management Discussion and Analysis

Revenue

Net Revenues. Our net revenue for the three months ended March 31, 2015 amounted to $37.6 million, which represents an increase of approximately $5.9 million, or 18.5%, from the three-month period ended on March 31, 2014, in which our net revenue was $31.7 million.

Net Income

Net income decreased $2.8 million to -$1.1 million for the three months ended March 31, 2015 from $1.7 million for the same period of 2014. The decrease was attributable to the fact that increased sales revenue was offset by increased cost of goods sold and operating expenses in the three months ended March 31, 2015 as compared to the three months ended March 31, 2014.

Management Discussion and Analysis

Revenues from sales in the China domestic market decreased by approximately $19.4 million, or approximately 12.2%, in 2014. As a percentage of total revenues, revenues from the domestic PRC market decreased to approximately 64.2% from approximately 73.8% in 2013. Revenue from sales in international markets increased by approximately $21.6 million, or approximately 38.5% as we consolidated the Athena Group in the second half of 2014.

We implemented an overseas market development strategy, particularly in the European market in the past two years. In 2014, revenues from Europe market increased from $14.2 million to $38.0 million. See Note 15 to the financial statements contained in this report for more information on the breakdown of our sales pursuant to geographic region.

Net Income

Net income decreased $12.8 million, or 77.4%, to $3.8 million in 2014 from $16.6 million in 2013. As indicated above, although revenue achieved in the European market led to an increase in our total revenue by $2.3 million, while cost of revenue increased $7.5 million due to reasons indicated above. Particularly, the Athena group that we consolidated for second half year of 2014 had not reached full production capacity and its fixed costs and expenses lowered the overall profitability.

AMERICAN LORAIN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2014 AND 2013
(Stated in US Dollars)

Management Discussion and Analysis

Revenues. Our net revenue for the three months ended September 30, 2014 amounted to $ 55.3million, which represents a slight increase of approximately $2.2 million, or 4.07%, from the three month period ended on September 30, 2013, in which our net revenue was $53.1 million. The overall increase was attributable to the increase/(decrease) in sales of each of our product segments.

Net income decreased $3.1 million, or 72.30%, to $1.2 million for the three months ended September 30, 2014 from $4.3 million for the same period of 2013. The decrease was attributable to increased cost of goods sold and operating expenses in the three months ended September 30, 2014 as compared to the three months ended September 30, 2013.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 28, 2014, American Lorain Corporation (the “Company”) received the resignation of Dick Wang, Chief Financial Officer of the Company, effective immediately. Mr. Wang indicated that his resignation is for personal reason and not because of any disagreement with the Company.

On October 28, 2014, the Board of Directors approved the appointment of Xiang (Johnny) Zhou, age 39, as interim Chief Financial Officer (“CFO”) of the Company, effective October 28, 2014. Since March, 2014 and presently, Mr. Zhou serves as Vice General Manager for Nuveen (Shanghai) Asset Management Ltd. From March, 2011 to February, 2014, Mr. Zhou served as Vice President of Corporate Finance for Halter Financial Group in Shanghai, China. Mr. Zhou was an Audit Manager in the International Business Department for BDO China in Shanghai from August 2002 to February 2011, during which he was assigned to work at BDO Limited, Hong Kong from March, 2008 to March 2009.

Mr. Zhou received his Bachelor of Arts degree, major in Economics, from International Business College of Shanghai University in 1998 and received his Master of Accounting degree from University of Macquarie in Australia in November 2001. Mr. Zhou is a Certified Practicing Accountant (“CPA”) of CPA Australia and is a Certified Public Accountant of Hong Kong Institute of Certified Public Accountants.

In connection with his appointment as the interim Chief Financial Officer, the Company entered into an employment agreement with Mr. Zhou on October 28, 2014 (the “Agreement”). The employment agreement provides that Mr. Zhou will receive compensation in the amount of RMB 20,000 per month (approximately $3,333) and an option to purchase 57,695 shares of the Company’s Common Stock, par value $0.001, at an exercise price equal to the closing price per share of the Company's Common Stock on the grant date approved by the Board of the Directors of the Company (the "Grant Date"). The option shall vest and become exercisable as follows: (a) the option shall vest and become exercisable as to 50% of the total number of shares of stock subject to the option on the six-month anniversary of the Grant Date; (b) the option shall vest and become exercisable as to remaining 50% of the total number of shares of stock subject to the option on the one-year anniversary of the Grant Date; The vested stock options shall expire on the fifth anniversary of the Grant Date. The option may only be exercised to the extent that the option has become fully vested and exercisable. The vesting schedule requires continued employment through each applicable vesting date as a condition to the vesting of the applicable installment of the option and the rights and benefits under this Agreement; provided employment for a portion of the vesting period will entitle Mr. Zhou to the vesting of shares proportionate to the period of time from the beginning of the vesting period through his termination date, subject to the termination conditions in the Agreement. The term of the employment agreement is for one year and it can be terminated at will by the parties with written notice in advance.

Mr. Zhou was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Zhou and the directors and executive officers of the Company.

AMERICAN LORAIN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS PERIOD ENDED JUNE 30, 2014 AND 2013
(Stated in US Dollars)

Management Discussion and Analysis

Net Revenues. Our net revenue for the three months ended June 30, 2014 amounted to $ 32.5 million, which represents a slight decrease of approximately $1.55 million, or 4.55%, from the three month period ended on June 30, 2013, in which our net revenue was $34.1 million.

Net income decreased $0.4 million, or 13.20%, to $2.2 million for the three months ended June 30, 2014 from $2.6 million for the same period of 2013. The decrease was attributable to decreased sales revenue and partially offset by decreased cost of goods sold in the three months ended June 30, 2014 as compared to the three months ended June 30, 2013.

Item 5.02 Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 4, 2014, the Board of Directors of American Lorain Corporation (the “Company”) approved the appointment of Dick Wang, age 41, as Chief Financial Officer (“CFO”) of the Company. Mr. Bander Wu’ service as the interim CFO of the Company appointed on May 20, 2014, as disclosed in the Form 8-K filed on May 20, 2014, was terminated on August 4, 2014.

Prior to joining the Company, Mr. Wang served as the CFO for ZMD Group from October 2011 to July, 2014, the CFO for Unitedpower Group from February, 2010 to December, 2010 and the CFO for Winalite Group from August, 2007 to December, 2008. From September 2002 to April 2007, Mr. Wang served as financial controller, risk manager and treasurer for TNT Great China. Mr. Wang holds an MBA degree from Southern Cross University.

In connection with his appointment as Chief Financial Officer, the Company entered into an employment agreement with Mr. Wang on August 4, 2014. The employment agreement provides that Mr. Wang will receive compensation in the amount of $ 20,000 per month and a total of 173,084 shares of Common Stock of the Company. The term of the employment agreement is for one year.

Item 5.02 Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 16, 2014, Mr. David She provided American Lorain Corporation (the “Company”) with his notice of resignation pursuant to which Mr. She resigned as the Chief Financial Officer of the Company, effective as of May 16, 2014. Mr. She indicated that he resigned for personal reasons.

On May 20, 2014, the Company announced that Mr. Bander Wu, age 37, was appointed to the position of interim Chief Financial Officer, effective May 20, 2014. Mr. Wu joined the Company on April 1, 2014. Prior to joining the Company, Mr. Wu held various positions at enterprises and public accounting firms in China, most recently as chief financial officer at Funeng Nephridrium Hospital Group from September 1, 2011 to January 1, 2014. Mr. Wu also used to serve as senior manager at Shandong Hexin Public Accounting Firm. Mr. Wu was not selected pursuant to any arrangement or understanding between he and any other person. There are no family relationships between Mr. Wu and the directors and executive officers of the Company. His annual salary was set at 240,000 CNY.

AMERICAN LORAIN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2014 AND 2013
(Stated in US Dollars)

Management Discussion and Analysis

Revenue

Net Revenues. Our net revenue for the three months ended March 31, 2014 amounted to $31.7 million, which represents a decrease of approximately $3.1 million, or 9.0%, from the three-month period ended on March 31, 2013, in which our net revenue was $34.8 million.

Net Income

Net income decreased $0.9 million, or 36.9%, to $1.6 million for the three months ended March 31, 2014 from $2.5 million for the same period of 2013. The decrease was attributable to decreased sales revenue and partially offset by decreased cost of goods sold in the three months ended March 31, 2014 as compared to the three months ended March 31, 2013.

AMERICAN LORAIN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
(Stated in US Dollars)

Management Discussion and Analysis

Year Ended December 31, 2013 Compared to Year Ended December 31, 2012

Revenue

Net Revenues. Net revenues decreased by $24.4 million, or approximately 10.2%, to $215.3 million in 2013 from $239.7 million in 2012. This decrease was attributable to the decreased revenues from sales of our chestnut and convenience food products

The decrease in revenue was due to decrease in both our Chinese domestic sales and exports. Revenues from sales in the Chinese domestic market decreased by approximately $12.0 million, or approximately 7.0%, in 2013. As a percentage of total revenues, revenues from sales in the domestic PRC market increased slightly to approximately 73.8% from approximately 71.3% in 2012.

In addition, in 2013, revenues from international sales to Japan, South Korea, United Kingdom, and Belgium as well as other countries decreased, in the aggregate, approximately $12.4 million, or 18.0%, compared to 2012. See Note 15 to the financial statements contained in this report for more information on the breakdown of our sales pursuant to geographic region.

Net Income

Net income decreased $3.8 million, or 18.6%, to $16.6 million in 2013 from $20.4 million in 2012, as a result of the factors described above.

Item 3.02 Unregistered Sales of Equity Securities

On March 13, 2014 in exchange for US$3.5 million, American Lorain Corporation (the “Company”) issued a Convertible Promissory Note (“Note”) in the principal amount of US$3.5 million (the “Principal Amount”) to Jade Lane Group Limited, a company incorporated under the laws of British Virgin Islands (the “Holder”).

Under the terms of the Note, interest on the outstanding Principal Amount accrues at a rate of 4.5% per annum , and all accrued but unpaid interest is due and payable on June 30, 2014 and on the last day of each quarter thereafter. If the Note is not converted pursuant to the terms of the Note, additional interest on the outstanding Principal Amount shall accrue at a rate of 4.5% per annum and payable at the maturity of the Note. Unless the Note is otherwise accelerated or converted, the unpaid Principal Amount of the Note, together with all accrued but unpaid interest, is due and payable, at the election of the Holder, on September 13, 2014 or March 13, 2015 (“Maturity Date”), provided, however, if Holder fails to notify the Company in writing by August 13, 2014 that it elects the maturity date of September 13, 2014, then the Maturity Date will be extended to March 13, 2015.

In addition, under the terms of the Note, at any time commencing on or after September 13, 2014 and before March 13, 2015, the Holder, at Holder’s option and upon five (5) days prior written notice to the Company, may convert in whole or in part the outstanding Principal Amount into a number of shares of Common Stock of the Company (“Common Stock”) on a per share conversion price of $1.15 per share, as may be adjusted from time to time pursuant to the terms and conditions of the Note (“Conversion Price”); provided, however, the Company will not effect any conversion of the Note, and the Holder will not have the right to convert any portion of the Note, to the extent (but only to the extent) that the Holder would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), which beneficial ownership will be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. The “Beneficial Ownership Limitation” is 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of the Note.

The Note is secured by the personal guarantee of Si Chen, the Company’s chief executive officer and chairman.

In connection with the Note, the Company engaged a finder pursuant to which the Company agreed to pay a finders fee of $80,000 for such finder’s services. The Company intends to use the net proceeds from the Note solely in connection with the acquisition and as general working capital for Athena, a limited liability company organized under the laws of France.

The Holder has represented to the Company that (a) it is not a “U.S. Person” as that term is defined pursuant to Regulation S under the Securities Act of 1933, as amended (“Securities Act”), (b) it is not acquiring the Note or the underlying securities (the “Securities”) for the account or benefit of, directly or indirectly, any U.S. Person, (c) it is outside the United States when acquiring the Securities, and (d) acknowledges and agrees that it will not engage in any hedging transactions involving any of the Securities unless such transactions are in compliance with the provisions of the Securities Act. The Securities were issued pursuant to Regulation S promulgated under the Securities Act.

JUNAN COUNTY, China, March 3, 2014 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that it has signed a development agreement with the Bureau of Commerce at Sishui County of Shandong Province, China for a local forestry farm with the attendance of Deputy County Chief and Director of the Bureau of Commerce from Sishui County, and Mr. Si Chen, Chairman and CEO from American Lorain.

The Dayunsi forestry farm, consisting of 3,000 mu (or approximately 500 acres) of total land, is an important project for American Lorain to expand and ensure the quality and quantity of its high-end chestnut supplies and enhance the competitiveness of Lorain branded chestnuts. Experiments show that the farm land has suitable soil and climate conditions for the recently developed new chestnut cultivar which had similar quality and taste compared to the European cultivar, according to industry experts and customers. The 2013 price for European cultivar chestnuts were approximately $3 per kilogram, close to twice the price for Chinese cultivar. The company expects the farm to yield 500 metric tons of chestnut raw materials in three years time when the chestnut trees mature and ready to produce fruit.

Mr. Si Chen, Chairman and CEO of American Lorain, commented: "We are very pleased to announce to investors the agreement to develop the Dayunsi forestry farm. American Lorain had a rich and market oriented experience to grow other chestnuts such as the Japanese cultivar before. The development of the Dayunsi farm marks an important step to expand the supplies of our high-end chestnut product offerings and further strengthen our position along the whole chestnut industry value chain. It is a meaningful step to not only our newly acquired France subsidiary but also to the company as a whole."

Item 1.01 Entry into a Material Definitive Agreement.

On February 7, 2014, American Lorain Corporation (the "Company"), through its indirect wholly owned subsidiary, Junan Hongrun Foodstuff Co., Ltd. (“Junan Hongrun”) entered into a Share Purchase Agreement with Intiraimi, a limited liability company organized under the laws of France (the "Intiraimi Purchase Agreement"). Pursuant to the terms of the Intiraimi Purchase Agreement, Junan Hongrun agreed to acquire from Intiraimi 10,000 shares of Athena, a limited liability company organized under the laws of France (“Athena”), or 40% of the share capital of Athena, for an aggregate purchase price of €1,500,000 (or approximately US$2,032,050) of which (i) €1,000,000 (or approximately US$1,354,700) will be payable within 20 days of the execution of the Intiraimi Purchase Agreement, and (ii) the remaining €500,000 (or approximately US$677,350) (“Deferred Payment”) will be payable on February 7, 2015 if certain conditions are met. The Intiraimi Purchase Agreement also contains customary non-competition and non-solicitation clause for Intiraimi and Pedro Quintana, Intiraimi’s President.

On February 7, 2014, Junan Hongrun also entered into a Reiterative Share Purchase Agreement with Biobranco II, a company organized under Portuguese law (the " Biobranco Purchase Agreement"). Pursuant to the terms of the Biobranco Purchase Agreement, Junan Hongrun will acquire from Biobranco 2,750 shares of Athena, or 11% of the share capital of Athena, for an aggregate purchase price of €495,000 (or approximately US$670,600), payable within 20 days of the execution of the Biobranco Purchase Agreement.

Upon closing of the two transactions, the Company, through Junan Hongrun, will own 51% of the share capital of Athena. Junan Hongrun agreed to pledge 12,750 shares, or 51% share capital, of Athena acquired in the above transactions to Intiraimi to guarantee the Deferred Payment.

JUNAN COUNTY, China, February 5, 2014 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that it has received a purchase order in the amount of approximately $5 million from a renowned Turkish trading company.

American Lorain first commenced negotiating with the Turkish customer in December 2013 and after two rounds of on-site visits, the order was placed in late January. The order value was approximately $5 million and will be fulfilled by end of May.

Mr. Si Chen, Chairman and CEO of American Lorain, commented: "We are very pleased to accomplish a cooperation with our Turkish customer early in 2014; I am also very confident in the overall export sales in 2014. I believe the marketing efforts towards the global export markets as well as the growth of premium customer base will continue to establish American Lorain as a strong and growing international brand."

JUNAN COUNTY, China, November 27, 2013 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that its products will commence test sale in Family-Mart Japan in December, 2013.

Family-Mart is the 3^rd largest convenience store chain in Japan and owns over 9,000 terminal stores in domestic Japan. American Lorain will be test selling its Lorain branded chestnut snack packs through its Japanese distributor in approximately 8,000 Family-Mart stores in Japan commencing December 10, 2013. American Lorain have also been negotiating cooperation with other store chain operators with similar size.

Mr. Si Chen, Chairman and CEO of American Lorain, commented: "The product sales in Family-Mart store chain marks a significant move of our market penetration in Japan. Japan has the strictest food quality standards around the world and having our products selling in a leading Japanese store chain is a strong evidence for our ability to provide quality and delicious food products. I look forward to a positive feedback of the test sale

JUNAN COUNTY, China, October 15, 2012 /PRNewswire-FirstCall/ -- American Lorain Corporation(NYSE Amex: ALN) (the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that its Board of Directors has received a preliminary, non-binding proposal letter dated October 9, 2012 from Mr. Si Chen, Chairman, CEO and President of the Company, to acquire all of the outstanding ordinary shares of the Company not currently owned by Mr. Chen at a proposed price of $1.6 per ordinary share, in cash, subject to certain conditions. Mr. Chen currently beneficially owns, in the aggregate, approximately 46.5% of the Company's outstanding ordinary shares.

According to the proposal letter, Mr. Chen will form an acquisition vehicle for the purpose of pursuing the acquisition and the acquisition is intended to be financed by a combination of debt and equity capital. A copy of the proposal letter is attached hereto as Exhibit A.

The Company's board of directors has formed an independent committee (the "Independent Committee"), composed of Mr. Dekai Yin, Mr. Tad M. Ballantyne and Mr. Maoquan Wei, and elected Mr. Yin as its chairman, to consider the proposal. The Independent Committee has the authority to retain independent legal and financial advisors to assist it. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Chen or any other transaction will be approved or consummated.

The Independent Committee has appointed Sidley Austin LLP as its legal counsel.

Q2 2012 Financial Highlights

• Gross profit increased 11.0% to $8.5 million from $7.7 million in the prior-year period. Gross margin declined to 20.8% for the three months ended June 30, 2012, from 21.4% for the prior-year period. The decrease is primarily due to increased inflation pressure for raw materials as well as increased labor cost.
• Income from operations during the period was $5.6 million, an increase of 13.1% from $5.0 million reported in the prior year period.
• The Company had net income attributable to common shareholders for the second quarter of 2012 of $3.3 million, or $0.10 per diluted share based on 34.5 million diluted shares outstanding, compared to $3.3 million, or $0.09 per diluted share based on 35.0 million diluted shares outstanding in the prior-year period.

Q1 2012 Financial Highlights

• Total revenues of $37.1 million, an increase of 22.0% year over year
• Net income attributable to common stockholders of $3.6 million, up 47.6% year-over-year
• Diluted earnings per share of $0.10
• The Company reported sales for the 2012 first quarter of $37.1 million, an increase of 22.0% compared to$30.4 million in the first quarter of 2011.
• Gross profit increased 10.1% to $7.5 million from $6.8 million in the prior-year period. Gross margin declined to 20.1% for the three months ended March 31, 2012, from 22.2% for the prior-year period. The decrease is primarily due to increase inflation pressure for raw materials as well as increase labor cost.
• Income from operations during the period was $4.8 million, an increase of 21.5% from $3.9 million reported in the prior year period. Operating margin for the 2011 first quarter remained the same at 12.9% compared with prior year.
• The Company had net income attributable to common shareholders for the first quarter of 2012 of $3.6 million, or $0.10 per diluted share based on 34.5 million diluted shares outstanding, compared to $2.4 million, or $0.07 per diluted share based on 35.2 million diluted shares outstanding in the prior-year period.

2011 Third Quarter Financial Review

American Lorain Corporation
Selected Financial Statements in USD ($ in 000s)

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "We are satisfied with the Company's performance in the third quarter, during which we have again achieved solid growth in each of our three business lines, despite the tightened credit environment and inflation pressure. We believe the largest contributor to our growth in the fourth quarter will be the continued expansion of our convenience foods segment, as well as the chestnut food segment which is seasonally strong in fourth quarter. We believe the continuous focus on product quality and building our distribution channels and brand equity is key to the Company's success in a competitive landscape and will continue to execute on these strategies in the coming months."

Outlook for 2011

Mr. Chen concluded, "We remain conservatively optimistic about full year 2011. The efforts of our management group in all three business segments are producing greater efficiencies in both the operating infrastructure and costs control which will help us as we continue to grow. Despite the current uncertainties weighing on the global economy, as well as the tightened credit environment and inflation pressure domestically, we remain confident about the outlook of our market growth in China and are determined to achieve sustainable long-term growth through continued efforts in extending our channels and building our brand recognition. We will continue to execute on the Company's core strategies of driving growth through each of our business segments."

Rodman and Renshaw on ALN                  8/16/2011

In-Line 2Q11; Maintaining Market Outperform and $5 Price Target

2Q11 Results Mostly In-line with Expectations

American Lorain Corp. (“American Lorain,” Ticker: ALN, Market Outperform) reported 2Q11 financial results that were mostly in-line with our expectations. Revenue in the quarter increased 22.3% YoY to $35.7 million, more or less in-line with our estimate of $35.4 million, but a bit lower than Street consensus of $36.5 million. Gross profit was $7.7 million, a touch shy of our estimate of $7.9 million. Actual gross margin of 21.4% was one percentage point lower than our estimate of 22.4%. Operating expenses of $2.7 million came in below our estimate of $3.1 million, resulting in actual operating income of $5.0 million, compared to our expectation of $4.8 million. Net income in Q2 reached $3.3 million, translating to $0.09 per diluted share, pretty much in-line with our respective expectations of $3.0 million or $0.09 per diluted share.

Financial Condition

As of June 30, the company had $9.6 million in cash and cash equivalents, $7.1 million in restricted cash, $74.8 million of working capital, as well as $138.7 million of stockholders’ equity.

Highlights and Discussions

Product segment breakdown During quarter, American Lorain’s bread and butter chestnut business had $17.7 million of sales and up 19.2% YoY and a touch higher than our estimate of $17.0 million. Convenience food sales totaled $12.8 million, while up 24.7% YoY, were slightly below our estimate of $13.7 million. It should be noted that this was the second quarter in a row that the performance of this segment, which represents the fastest growing business for the company, failed to live up to our lofty expectation. The frozen food business delivered a strong $5.2 million of revenue, up 27.4% YoY and above our expectation of $4.7 million. Interestingly, this was also the second consecutive quarter that frozen food actually exceeded our sales expectation.

Margin pressure to remain Considering China’s increasingly inflationary environment, the company’s below-expectation Q2 gross margin did not strike us as a major surprise. In fact, we had already tempered our margin expectations after Q1 results. We now expect the inflationary environment will continue in the near to medium term future and exert pressure on the company margins. This could be further exacerbated by the company’s product-mix shift to a higher percentage of sales from convenience foods, which typically carry slightly lower margins than chestnut products. In this regard, we are now taking on an even more conservative approach in our margin outlook for the next several quarters.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member SIPC.
Member FINRA.

Q2 2011 Operational Highlights

• Each product segment increased by over 19% in sales year-over-year
• Convenience food segment continued to grow as a percent of total revenue
• Continued channel building efforts and progress such as sales to railway system

Q2 2011 Financial Highlights

• Total revenues of $35.7 million, an increase of 22.3% year over year
• Gross margins decreased slightly to 21.4%, compared to 23.0% year-over-year and 22.7% at 12/31/2010 
• Net income attributable to common stockholders of $3.3 million, up 21.8% year-over-year
• Diluted earnings per share of $0.09 $0.10

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "We are satisfied with the Company's performance in the second quarter, during which we have achieved solid growth in each of our three business lines despite various difficulties such as the general inflation. We believe the largest contributor to our growth in the coming months will be the continued expansion of our convenience foods segment, as well as the chestnut food segment as we enter the seasonally strong quarters. We believe the continuous focus on product quality and building our distribution channels and brand equity is key to the Company's success in a competitive landscape and will continue to execute on these strategies in the coming months."

Outlook for 2011

Mr. Chen concluded, "We are optimistic about the second half of 2011 based on what we are seeing thus far. The efforts of our management group in all three business segments are producing greater efficiencies in both the operating infrastructure and costs control which will help us as we continue to grow. Despite the current uncertainties weighing on the global economy, we remain optimistic about the outlook of our market growth in China and as well as abroad because of growing demand, improving brand recognition, and balanced supply. We will continue to execute on the Company's core strategies of driving growth through each of our business segments."

• The Company reported sales for the 2011 second quarter of $35.7 million, an increase of 22.3% compared to $29.2 million in the second quarter of 2010.
• Gross profit increased14.0% to $7.7 million from $6.7 million in the prior-year period. Gross margin declined slightly to 21.4% for the three months ended June 30, 2011, from 23.0% for the prior-year period, due to inflation pressure. However, American Lorain expects that its margins will remain relatively stable and in the 20-25% range in the coming months.
• Income from operations during the period was $5.0 million, an increase of 8.3% from $4.6 million reported in the prior year period. Operating margin for the 2011 second quarter was 13.9% compared with 15.7% in the prior year.
• The Company had net income attributable to common shareholders for the second quarter of 2011 of $3.3 million, or $0.09 per diluted share based on 35.0 million diluted shares outstanding, compared to $2.7 million, or $0.10 per diluted share based on 26.8 million diluted shares outstanding in the prior-year period. The Company's net margin for the period was 9.1% compared with 9.2% in the prior year period.

Balance Sheet Highlights and Financial Position

The Company had a book value per share at June 30, 2011 of $4.03.

Outlook for 2011

Mr. Chen concluded, "We are optimistic about the second half of 2011 based on what we are seeing thus far. The efforts of our management group in all three business segments are producing greater efficiencies in both the operating infrastructure and costs control which will help us as we continue to grow. Despite the current uncertainties weighing on the global economy, we remain optimistic about the outlook of our market growth in China and as well as abroad because of growing demand, improving brand recognition, and balanced supply. We will continue to execute on the Company's core strategies of driving growth through each of our business segments."

JUNAN COUNTY, China, Aug. 2, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that after 1-month test sale, the Company has successfully secured a one-year contract with Beijing Railway Commerce Company to sell its various rice and chestnut products aboard the Beijing - Shanghai high speed train as well as all other trains managed under Beijing Railway Bureau.

Beijing Railway Commerce Company is wholly owned by the State Beijing Railway Bureau and is in charge of food related services in the railway system. During the test sale period, the Company's rice box and nitrogen-aerated fruit box products were well received by customers and were thus awarded the contract among numerous competitors. Beijing Railway Commerce Company will also gradually introduce American Lorain's convenience products such as chestnut and snack bean aboard the trains. American Lorain is also in the process to develop breakfast products for the Beijing railway system, which currently represent an underdeveloped market.

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "I am very much pleased to see American Lorain's products achieve initial success in securing contract to the railway system. According to estimate, in 2010, the railway system in China transported over 700 million passengers with over 100 million passengers from and to Beijing alone. As we stated previously, the railway system is a special channel which we see as a perfect fit for our convenience food products; our ability to secure the contract among numerous competitors further demonstrated the quality of our products and operations. We will continue to make full efforts to expand our sales channels and build the Company's brand image, as we previously reiterated and continuously executed."

JUNAN COUNTY, China, July 13, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that on July 7, two premium European frozen food manufacturers and distributors, Crop's NV ("Crop's") and Findus Company ("Findus") conducted a successful factory inspection and signed a 200 ton export order for frozen strawberries and asparagus.

Crop's is a well-known Belgium frozen fruit and vegetable manufacturer. American Lorain's export order is first made to Crop's, who then supply to Findus, one of Europe's largest frozen food manufacturers and distributors, to reach the final consumer market. As a prerequisite for cooperation, Crop's and Findus conducted a joint inspection of American Lorain's factory facilities and production quality controls, which yielded satisfactory results. Afterwards, American Lorain finalized a 200 ton export order of frozen strawberry and asparagus. American Lorain was also listed by Crop's as one of the two suppliers of record for future cooperation.

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "Crop's and Findus are both premium European frozen food manufactures. Crop's alone imported 5,400 tons of frozen fruits and vegetables in China during 2010. I believe this recent export order to Crop's further demonstrated the customer's recognition of American Lorain's quality control standards and production management, which serves as a solid foundation for next step cooperation."

JUNAN COUNTY, China, June 30, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that its Board of Directors has approved a share repurchase program that authorizes American Lorain to repurchase up to $5 million of its common stock in the open market or through privately negotiated transactions in the next 12 months.

The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders, and in compliance with Rule 10b5-1 or Rule 10b-18 of the Securities Exchange Act of 1934. The program does not obligate American Lorain to acquire any particular amount of its common stock and may be modified or suspended at any time upon review by the Company's board of directors. The Company plans to fund repurchases made under this program from its available cash balance.

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "We remain confident in the fundamentals and long-term prospects of our business. However, we believe our common shares are currently undervalued and are thus initiating this share buyback program. We will continue to focus on growing our business and thus enhancing shareholder value."

JUNAN COUNTY, China, June 27, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that the Company has signed a Joint Venture Agreement ("JV Agreement") with Hisaya Ltd. ("Hisaya"), a premium roast chestnut retailer from Japan.

Hisaya is the largest premium roast chestnut retail chain in Japan and now operates over 50 retail kiosks. According to the JV Agreement, American Lorain and Hisaya will hold 51% and 49% of the joint venture, respectively, with a total initial share capital of RMB 500,000, or USD 77,000. The joint venture will aim the high-end premium chestnut market in China leveraging American Lorain's domestic branch office networks as well as Hisaya's successful operation model in Japan. The first set of kiosks will be opened in Chengdu,Sichuan Province.

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "Hisaya is the most successful premium roast chestnut chain operator in Japan. American Lorain started test production and sale of high-end premium roast chestnuts in 2010. Through this joint venture, we are able to further capitalize on Hisaya's advanced operation model and quality control standards introduced from Japan. Meanwhile, the premium roast chestnut aims the underdeveloped high-end chestnut consumption space, which I believe will be very helpful in defining and expanding this chestnut sub-market, and thus enhance the value-added and brand recognition for our chestnut products as a whole."

JUNAN COUNTY, China, June 14, 2011 /PRNewswire-Asia/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that the Company has signed a sales agreement with Shandong INZONE Malls, Ltd. ("INZONE") to sell Lorain products to 19 supermarkets managed by INZONE.

According to the agreement, American Lorain will be directly supplying the INZONE supermarkets with 16 kinds of products, including lunch boxes, beans, frozen vegetables and french fries. The 19 supermarkets cover approximately 10 cities / counties within Shandong Province, including Jinan, the capital city of Shandong, as well as Taian, Laiwu, Binzhou, Dezhou, and Liaocheng.

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "We are very pleased to have entered into the sales agreement with the INZONE supermarkets. This cooperation reflects our dedicated commitment to continuously expand our distribution channels and enhance the Company's brand equity. We will continue to execute on this strategy to strengthen the Company's leading position as an integrated processed foods manufacturer."

Rodman and Renshaw on ALN                            5/17/2011

1Q11 Earnings Update: Despite the Miss, Maintaining Market Outperform

1Q11 Results

American Lorain Corp. (“American Lorain,” Ticker: ALN, Market Outperform) reported 1Q11 financial results that were mostly below our expectations. Total revenue increased 24.0% YoY to $30.4 million, below our estimate of $36.0 million. Gross profit for the quarter was $6.8 million, representing a gross margin of 22.2%, below our respective estimates of $8.4 million and 23.4%. Operating expenses however, were $2.8 million, less than our estimate of $3.4 million, leading to operating income of $3.9 million, a bit below our expectation of $5.0 million. Net income in the quarter came in at $2.4 million, translating to $0.07 per diluted share, slightly missing our expectation of $3.0 million or $0.09 per diluted share.

As of March 31, American Lorain had $18.6 million in cash and cash equivalents, $4.9 million in restricted cash, $70.8 million of working capital, as well as $133.4 million of stockholders’ equity. The company also generated operating cash flow of $3.8 million in the quarter.

Adjusting estimates and Maintaining Market Outperform but Tweaking Price Target to $5

We have adjusted our estimates for FY2011 and FY2012 to reflect the recent quarterly performance. We now expect total revenue in FY11 and FY12 will reach $223.9 million and $274.8 million, respectively. We now project net income will be $21.9 million in FY11, or $0.62 per diluted share. The respective numbers in FY12 are $28.2 million and $0.79. We continue to view American Lorain as a transforming growth story evolving from basically a chestnut processor to a diversified full-service packaged food manufacturer, and believe the company offers attractive investment potential for investors looking for growth opportunities in China’s consumer sector. The shares are trading at 3.6x its expected 2011 EPS, which in our opinion represents an attractive valuation. Thus we are maintaining our Market Outperform rating on the shares of American Lorain. We are, however, lowering our price target to $5 from $6 previously. Our new $5 price target is based on the shares trading at 8x our expected 2011 EPS estimate of $0.62.

Major Risks

Major risks to our rating and price target include: 1) inflation in China that could adversely impact the company’s operation and financial performance; 2) volatility of raw material costs; 3) adequate raw material supply; 4) potential food quality issues that can impact the brands’ reputation; 5) increasing competition; 5) international and currency exchange risks; 6) dependence on distributors; 7) customer concentration risk; 8) risks related to rapid growth and expansion, including acquisitions; and 8) country risks related to operating and investing in China.


Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

First Quarter Results:

• Total revenues of $30.4 million, an increase of 24.0% year over year
• Gross margins decreased slightly to 22.2%, compared to 23.3% year-over-year and 22.7% at 12/31/2010
• Net income attributable to common stockholders of $2.4 million, up 30.4% year-over-year
• Diluted earnings per share of $0.07
• Operating cash flow of $3.8 million for the period ended March 31, 2011

American Lorain's Chairman and CEO, Mr. Si Chen, stated, "We are extremely pleased with the performance of the Company in the first quarter.  We believe the largest contributor to our growth in the coming months will be the continued expansion of our convenience foods segment, as was the case in the first quarter.  We continue to focus on both diversifying our lines to include a wider variety of food products and leveraging our known brand name among different segments, as evidenced by our expansion in the instant rice market."

Rodman and Renshaw on ALN                             4/21/2011

Transferring Coverage - Maintain Market Outperform and $6 Price Target

We are assuming coverage of American Lorain Corp. (“American Lorain,” Ticker: ALN), and maintaining our firm’s existing Market Outperform/Speculative Risk rating and 12-month price target of $6. Founded in 1995 and headquartered in Shandong Province, the company is an integrated Chinese food manufacturing company and the nation’s leading player in the chestnut processing and packaging business.

Investment Thesis

We view American Lorain as a transforming story evolving from basically a chestnut processor to a diversified full-service packaged food manufacturer. The company’s bread-and-butter chestnut business has an existing strong market presence, and could bring steady annual percentage growth rates in the mid-teens in the near to medium term future. This established industry and marketing position, with its built-in distribution network and brand awareness, further facilitates the company’s effort of aggressively expanding its convenience foods business, which offers significant growth and diversification potential. Underscored by China’s rapid increase in disposable income and urbanization, we believe the company offers attractive investment potential for investors looking for growth opportunities in China’s consumer sector.

Financials

The company announced its 4Q10 and full year 2010 financial results on March 31. For 2010, American Lorain realized $184.2 million of revenue, $17.8 million of net income, and $0.55 EPS. Looking forward to 2011, we are maintaining our firm’s existing financial projections. We estimate revenue for 2011 will reach 221.6 million, gross profit will reach $52.1 million, and pro forma net income will come in at $23.1, translating to EPS of $0.69.

Valuation

The shares of American Lorain are currently trading at 3.4x and 2.8x our respective 2011 and 2012 EPS estimates and 2.8x and 2.4x our respective 2011 and 2012 EV/EBITDA estimates. We believe this represents attractive valuation. Our $6 price target is based on the shares trading at 8x our expected 2011 EPS estimate. With a leading position in the Chinese chestnut market and the company’s growth potential, we believe American Lorain justifies such a valuation.

Risks

Major risks to our rating and price target include: 1) inflation in China that could adversely impact the company’s operation and financial performance; 2) volatility of raw material costs; 3) adequate raw material supply; 4) potential food quality issues that can impact the brands’ reputation; 5) increasing competition; 5) international and currency exchange risks; 6) dependence on distributors; 7) customer concentration risk; 8) risks related to rapid growth and expansion, including acquisitions; and 8) country risks related to operating and investing in China.


Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman and Renshaw on ALN                       4/06/2011

American Lorain Corp.

ALN: Price: 2.34; Market Cap (MM): 80.5
Market Outperform; Target Price: 6.00

Joy Wang, CFA - Senior China Analyst (212-430-1770)


ALN 4Q10: Spotlight on Positive Op. Cash Flow’s; Maintaining MO Rating and PT of $6

American Lorain Corporation (NYSE Amex: ALN) reported 4Q10 EPS of $0.24 (vs. $0.23 LY), bringing the full-year 2010 EPS to $0.55 (vs. $0.55 LY), inline with the terms stipulated by the October 2010 equity placement agreement.

Chestnuts ($52.1MM/63.3% of 4Q10 total). Sales of chestnuts grew ~18% YoY to $52.1MM, sustaining the teens momentum from LQ.

Convenience foods. ($20.8MM/25.3% of 4Q10 total). Convenience foods rose ~26% to $20.8MM, driven by outperformance in beans, cheese, french fries, and pickles. Lunchboxes (estimated at ~$3MM sales in 2010) continue to struggle given intense price competition from packaged and freshly prepared foods in supermarkets. Growth in this segment may be supported by select acquisitions this year.

Frozen, canned, and bulk food ($9.4MM/11.4% of 4Q10 total). FC&B expanded nearly four-fold YoY to $9.4MM from $2.1MM LY, likely attributable to select one-time large orders, as alluded to on the 3Q10 conference call. We expect ALN to continue with its current strategy of de-emphasizing this segment relative to chestnuts and convenience foods.

Balance sheet – spotlight on operating cash flows. ALN ended 2010 with $12.7MM in unrestricted cash. Importantly, OCF’s turned significantly positive (+$33.9MM) in 4Q10 from -$9.4MM YTD at 3Q10-end, bringing full year 2010 OCF’s to $24.4MM, driven by large swings in 4Q, namely, advance to suppliers (+$9.7MM), inventory (+$5.8MM), and prepaid expenses & taxes (+4.5MM). We believe there was likely a reclassification of certain advances to suppliers and prepaid expenses to construction-in-progress (note that CIP is up $16.6MM QoQ to $17.5MM at 4Q10-end). The building that houses the company’s new headquarters (which indeed needed a facelift), new employee dorms, and a revamp of Junan Hongrun’s cold storage facilities currently reside in CIP. Other PP&E added earlier this year included the bean and vegetable line at Junan Hongrun and the cold storage facility in Dongguan. In 2011, ALN expects capex of $10-$20MM (vs. $35.6MM in 2010), accounting for maintenance capex and installment of automated equipment at ALN’s Miyun (near Beijing) facility.

2011 and 2012 Outlook. ALN typically issues full-year guidance upon reporting of 1Q. For 2011 and 2012 EPS estimates, we are looking for $0.69 (+25% from LY) and $0.83 (+20% from 2011), respectively, which are consistent with the make-good provision stipulated by the October 2010 placement agreement. Looking ahead, ALN will be striving to organically deepen SKU’s along its three core lines: a) chestnuts; b) lunchboxes; and c) beans; and make select acquisitions in convenience foods along existing product lines.

Maintaining Market Outperform Rating and 12-month PT of $6. At $2.39, ALN shares are still trading at only 3.4x our 2011 EPS of $0.69. Our 12-month PT of $6 applies ~7x to our 2012 EPS estimate of $0.83, which assumes some multiple recovery in the U.S.-listed Chinese company universe. A common point of feedback with ALN previously, is its negative operating cash flows in 2009. The 2010 10-K filing, which illuminated a more normalized OCF level, gives us continued confidence in this name.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

We anticipate that our existing capital resources, cash flows from operations, current and expected short-term bank loans, as well as remaining proceeds from the September 2010 private placement and the loan from DEG will be adequate to satisfy our liquidity requirements through 2011.

Rodman & Renshaw on ALN                      02/10/2011

ALN: RMB105MM credit line should help enhance capital structure 

WHAT’S NEW? 

American Lorain (AMEX: ALN) announced on Tuesday that it has secured ¥105MM (~$16MM) credit line from the Beijing office of the Industrial and Commercial Bank of China (“ICBC”), with a 1-year expiration and the possibility for renewal. The specific allocation was ¥40MM (~$6MM) to Junan Hongrun, ¥40MM (~$6MM) to Shandong Lorain, and ¥25MM (~$4MM) to Beijing Lorain. This represents an increase from the ¥60MM (~$9MM) credit facility from ICBC Shandong last year.

OUR VIEW 

Optimizing capital structure. By upsizing its credit facility, American Lorain is working to optimize its capital structure and shareholder value. ALN’s investment grade (AA) rating within ICBC’s short-term corporate debt rating system likely contributed to ICBC’s decision to upsize the facility and extended it to ALN’s Beijing branch as well. Note that at the end of 3Q10, ALN had $6.4MM short-term loans outstanding from the Junan County Industrial and Commercial Bank (one of the Shandong branches of ICBC) due in 4Q10, which was likely successfully refinanced.

Looking ahead to 4Q10 results. We believe that the Street’s (including ours) 4Q10 EPS consensus of $0.62 may be too high. Note that the make-good provisions embedded in the September 2010 equity raise stipulate that ALN report at least $0.55 EPS in 2010, followed by at least 25% EPS growth in 2011, and at least 20% EPS growth in 2012. Therefore the company may be incentivized to utilize 4Q10 to work on developing a stronger product line up and sales push in 2011. We therefore would not be surprised if ALN’s earnings are more tilted towards 2011 than what current consensus numbers would suggest. We remain comfortable with our stacked 2010 and 2011 EPS estimate of $1.22.

Reiterating Market Outperform Rating and 12-month PT of $6. At $2.87, ALN shares are still trading at a sluggish 4.7x our current conservative 2011 EPS estimate of $0.62. Our 12-month price target of $6 applies 9x multiple to our 2011 EPS estimate, based on a triangulation of multiples awarded to its Chinese consumer food peers trading in China and the U.S. We believe the keys to unlocking value in the stock include 1) upgrading to a higher-profile auditor; 2) stimulating free cash flow generation by working more with distributors rather than with supermarkets directly and thereby shortening its cash conversion cycle; and 3) providing further clarity on 2011 working capital and capex plans and the company’s strategy to fund these needs.


Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman and Renshaw on ALN                   02/03/2011

ALN: Jan. channel checking results, recent corporate updates, tweaking 2010/2011 EPS estimates. 

American Lorain Corp. (NYSE AMEX: ALN) has resumed frequent communication with the Street through recent announcements of progress made on its $15MM loan from DEG and a series of french-fry distribution agreements with Belgium’s french fry company, Pinguin Lutosa Foods and Netherland’s Farm Frites Intl. In addition, we met with CFO David She and visited several supermarkets in Beijing earlier this year, and would like to share our findings.

New CFO = Reinvigorated communication with investors. New CFO David She is determined to revive discussions with the investment community after the brief transition period following the departure of ex-CFO Alan Jin in October 2010. The key theme of our January meeting with Mr. She in Beijing centered on how Chairman Chen, with the guidance of Tongley Investments, is focusing the American Lorain brand and deepening SKUs along these three product areas: 1) chestnuts; 2) lunchboxes; and 3) bean products. [to be continued on page 2]

Tweaking 4Q10 EPS estimates on share count. We are lowering our 4Q10, 2010, and 2011 EPS estimates to $0.24, $0.60, and $0.62, respectively from $0.28, $0.63, and $0.74 previously, mainly to account for the 3.44MM share equity issuance announced in September 2010. However, our revenue and net income estimates remain within, albeit at the low end of American Lorain’s 2010 guidance of $182-$190MM revenues and $17.8-$19.0MM net income. The lower volume of chestnuts sold this year, which we do not think can be compensated by slightly expanding margins, is pulling our estimates to the low end of the guidance range. That said, should revenues of $182MM and net income of $17.8MM materialize in 2010, that would still represent ~24% YoY topline and net income growth (distills to ~9% EPS growth after we factor in the equity dilution). Bottom line is, ALN is still delivering more than what the market is giving it credit for judging by the stock’s low P/E multiple.

Reiterating Market Outperform Rating and 12-month PT of $6. At $2.89, ALN shares are still trading at a sluggish 4.7x our 2011 EPS estimate of $0.62. Our 12-month price target of $6 applies 9x multiple to our 2011 EPS estimate, based on a triangulation of multiples awarded to its Chinese consumer food peers trading in China and the U.S. We believe the keys to unlocking value in the stock include 1) upgrading to a higher-profile auditor; 2) stimulating free cash flow generation by working more with distributors rather than with supermarkets directly and thereby shortening its cash conversion cycle from the ~143 days recorded in 3Q10; and 3) providing clarity on 2011 working capital and capex plans and the company’s strategy to fund these needs.


Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

JUNAN COUNTY, China, Jan. 31, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation today announced that on January 28th, 2011, DEG has disbursed the second tranche of its loan to American Lorain in the amount of $10 million.

American Lorain signed the loan agreement with DEG on May 31, 2010. The total amount of the loan with DEG is $15 million, the first tranche of $5 million has been disbursed on December 13, 2010. The loan has a term of 5 years and commencing from the full disbursement, the interest rate will be fixed at 5.51% per annum.

"Sales of chestnut and convenience food products remain the driving force of our operating performance," began Chairman Si Chen of American Lorain. "We were pleased to see our chestnuts gain traction in the third quarter as we expanded our retail sales network.  Convenience food products remain an exciting growth category for our Company. After a series of new product launches, including lunch box entrées, bean products and cold dishes, we are pleased to report that customers have been purchasing popular items in each product family and we thus expect strong re-orders for these items through the balance of the year."

American Lorain Corporation today announced the resignation of Mr. Yilun Jin as the Company's CFO.  The Company has appointed Ms. Lin Fu as interim CFO until a replacement is named.

"We want to thank Mr. Jin for his contribution to our Company over the last two years as CFO for American Lorain," began Mr. Si Chen, Chairman and CEO of American Lorain.  "We wish him all the best in his future endeavor. While we look to appoint a replacement for Mr. Jin, we are confident Ms. Lin Fu will serve the Company well as our interim CFO."

Ms. Lin Fu will begin serving as interim CFO for American Lorain effective October 15, 2010.   Ms. Fu graduated from Shandong University of Finance. She joined the Company in 1996 and has served various positions in finance and accounting roles. Her most recent position was chief accountant at American Lorain.

The Company is actively interviewing candidates for their CFO position and will update investors when the Company's Board approves the appointment of a new CFO.

Rodman & Renshaw take on this development:

WHAT HAPPENED? 

American Lorain (NYSE Amex: ALN), on Thursday after the close, announced the resignation of Chief Financial Officer Yilun (Alan) Jin, and the simultaneous installment of Ms. Lin Fu as the company’s interim CFO until a permanent replacement is announced. Ms. Lin Fu, prior to her appointment, was American Lorain’s Chief Accountant, and had joined the company in 1996. 

OUR VIEW 

The announcement does not come to us as a surprise, as September 30, 2010 marks the end of Mr. Jin’s employment contract with American Lorain. We also believe that Mr. Jin’s decision not to renew the contract was partially due to personal reasons, as his family resides in the U.S. Per ALN’s latest 10-K filing, Mr. Jin accumulated roughly 26,708 shares of ALN stock as equity compensation over the past two years. He will likely be retained as a financial consultant to assist with the transition. Per our conversation with Mr. Chen Si (Chairman & CEO) this morning, American Lorain had been actively seeking a new CFO since Mr. Jin informed the company that he would not be renewing his contract 90 days before the expiration, as mandated by the employment contract. We believe that American Lorain is likely in the final stages of signing up a permanent Chief Financial Officer. That said, Ms. Fu, the interim CFO, has been with American Lorain since 1996, essentially growing up in the accounting department. With her continued day-to-day management of ALN’s accounting books, in combination with Mr. Jin’s support, we do not believe that there should be any disruption to the company’s SEC filing schedule.

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Pursuant to a recent Securities Purchase Agreement, the Company and Mr. Si Chen, currently the Company’s largest stockholder, Chairman, Chief Executive Officer and President of the Company entered into a Make Good Escrow Agreement, dated as of September 9, 2010, with the Purchasers and Collateral Agents, LLC.

Pursuant to the Make Good Agreement, the Make Good Pledgor agreed to transfer to the Purchasers additional shares of common stock owned by him in the event the Company fails to satisfy certain earnings per share targets in 2010, 2011 and 2012.  A total of 4,300,000 have been placed in escrow

Note:  This table has been revised to reflect the verbiage stated in exhibit 99-2 of the above referenced 8-K

The revision was processed in light of comments received on the original note from one of our members.

Second Quarter 2010 Highlights:

• Revenue was $29.2 million, up 21.9% from 2Q2009 with convenience food sales improving 62.6% year over year.
• Gross profit was $6.7 million, up 27.0% from 2Q2009 with gross marginsof 23.0%, a 90-basis point improvement over 2Q2009.
• Operating income margin was 15.7% for the quarter, a 255-basis point improvement over 2009.
• Net income was $2.7 million, up 44.4% from 2Q 2009 and earnings per diluted shares were $0.10 based on 26.8 million shares.
  

"Sales of chestnut and convenience food products remain the driving force of our operating performance," began Chairman Si Chen of American Lorain. "Chestnut sales benefitted from a return of export orders in key Asian markets which helps level the seasonality of chestnut in China in the first half of the year. We are confident that our new frozen chestnut products will contribute to revenue in the third quarter and are pleased to report we have begun shipping our frozen chestnut raw materials to our Lorain branded retail counters in China, Japan and the Korean market. Convenience food products remain an exciting growth category for our Company. After a series of new product launches, including lunch box entr¨¦es, bean products and cold dishes, we are pleased to report that customers have been purchasing popular items in each product family and we thus expect strong re-orders for these items through the balance of the year."

Added to the GeoSpecial list on 10/16/2009 @ $3.10.

    Catalyst: Appeared that EPS was about to break out. 
    Peak performance: Reached a high of $4.18 on 1/20/2010
    Current Price: $3.00

    Current road block: dilution due to equity raise at below book will hinder Near term EPS growth

    Recoding as a GeoSpecial on the Radar, until EPS growth resumes likely as we enter 2011.

Excerpt from GeoBargain & Special Update - Performance Laggards Article

American Lorain Corp (NYSE AMEX:ALN)

As we indicated in an update on Nov 17, 2009, ALN estimates came down due to dilution from a recent offering under book value per share. The new EPS estimates are $0.54 for 2009 and for $0.59 2010.

Due to its low 2010 P/E of 4.92, we will keep ALN as a GeoSpecial for the time being for those investors who believe its P/E should match it 2010 growth rate of 9.3%.

Excerpt From GeoBargain & GeoSpecial Review article, November 17, 2009.

American Lorain Corp (NYSE AMEX:ALN) Closing Price Nov. 16, 2009: $2.62

• Added to the GeoSpecial List on Oct. 16, 2009 at $3.10.
• Reached a high of $3.60 on Oct. 19, 2009, an increase of 16% since placement on the list

We coded American Lorain as a GeoSpecial was after meeting management at the Roth Conference in Miami in October 2009.

American Lorain intends to use a portion of a recent $12 million capital raise to support a planned nationwide commercial campaign promoting its convenience food product line.

We are not sure how to view this news. American Lorain has expressed an interest to expand its convenience food product division due its favorable growth profile. After meeting with management we postulated that the Company would contemplate a capital raise sometime in 2010, hopefully at higher stock prices.

The capital raise was completed at a price of $2.40 (below its book value per share), adding 5 million shares to its diluted shares count with the potential of an additional 2.2 million shares if the stock surpasses $3.70 when related warrants will be in the money. This translates to about a 20% to 30% increase in diluted outstanding shares.

The good news is that American Lorain feels it will begin to realize capital deployment benefits in early 2010. Current 2009 EPS estimates have the company making $0.55. Per our calculations, adjusting for the extra shares yields an EPS figure of approximately $0.47 to $0.50. Furthermore, 2010 estimates would decrease from $0.66 to a potential range of $0.46 to $0.52. Please keep in mind that we do not know the assumptions used in the determination of analyst estimates. The 2010 estimates may not include the benefits of aggressive company expansion efforts. We also need to inquire about analyst outstanding share assumptions. We will keep American Lorain as a GeoSpecial as we attempt to diagnose these developments.