American Dairy, Inc. completed the acquisition of 100% of American Flying Crane Corporation (AFC), effective May 7, 2003. Subsequently, AFC become a wholly owned subsidiary of American Dairy. In addition, American Dairy changed its name to American Dairy, Inc. AFC holds 100% of the issued and outstanding capital of Heilongjiang Feihe Dairy Co., Limited (Feihe Dairy) in The People’s Republic of China. The principal activity of Feihe Dairy is the production and distribution of milk powder and other dairy products. American Dairy also has three other wholly owned subsidiaries, Lang Fang FeiHe, Gan Han FeiHe and Shanxi Feihesantai Biotechnology Scientific and Commercial Co., Limited. The Company’s products fall into three product categories, milk powder, soybean powder and walnut products.
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