July 7, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Emerald Dairy, Inc. (OTCBB: EMDY), a producer and distributor of infant and children's formula and manufacturer of rice and soybean products, said that it received $0.8 million through the issuance of a note and $5.14 million through an asset sale, which was structured as a sale leaseback.

The company said it will use proceeds totaling $5.94 million to complete the build-out of the first production line at its new milk powder processing facility in Hailun City.

The one-year loan pays 10% interest and matures on June 24, 2011. The sale of certain milk powder processing equipment was completed to Fenghui Leasing Co., Ltd.

Emerald Dairy said it will pay Fenghui 36 monthly lease payments of $163,000, totaling $6.04 million, including a buy-out. In addition, Fenghui received three-year warrants to purchase 934,600 shares of EMDY common stock at $1.65 per share.

China-based Emerald Dairy, through its wholly-owned operating subsidiaries, is a producer and distributor of infant and children's formula, milk powder and soybean products in the People's Republic of China.

The company's products are sold under two brand names — "Xing An Ling," designed for low-end customers, and "Yi Bai," designed for middle and high-end customers.

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