China Agritech, Inc. Announces 2 for 1 Forward Stock Split Effective February 1, 2010
February 05 2010 - 6:15AM
PR Newswire (US)
BEIJING, Feb. 5 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc.
(NASDAQ:CAGC) ("China Agritech" or "the Company"), a leading
national organic fertilizer manufacturer and distributor in China,
today announced that it effected a 2 for 1 forward split of its
common stock on February 1, 2010 which will be reflected on NASDAQ
beginning with trading on Monday, February 8, 2010. The effect of
the forward split will be to increase the number of shares of
common stock outstanding to approximately 17.3 million from the 8.7
million shares outstanding prior to the forward split. Each
shareholder of record as of the close of trading on February 1,
2010, will have 2 common shares for every 1 common share previously
held. Mr. Yu Chang, Chief Executive Officer of China Agritech,
commented, "We believe the Company's shareholders will benefit from
the greater liquidity in the Company's common stock created by the
stock split. The success of our strategic plan through the
introduction of our new organic granular fertilizers combined with
our organic liquid fertilizers, has generated increased financial
results and shareholder interest. The greater liquidity may make
the stock more attractive for certain institutions and improve our
trading characteristics." About China Agritech, Inc. China
Agritech, Inc. is engaged in the development, manufacture and
distribution of liquid and granular organic compound fertilizers
and related products in China. The Company has developed
proprietary formulas that provide a continuous supply of
high-quality agricultural products while maintaining soil
fertility. The Company sells its products to farmers located in 28
provinces of China. For more information about the Company, please
visit http://www.chinaagritechinc.com/. Safe Harbor Statement This
release may contain certain "forward-looking statements" relating
to the business of China Agritech and its subsidiary companies,
which can be identified by the use of forward-looking terminology
such as "believes," "expects," "anticipates," "estimates" or
similar expressions, including, but not limited to, statements
regarding the continued demand for China Agritech's products, China
Agritech's ability to sustain growth for the balance of the year
and China Agritech's ability to generally meet all of its
objectives. Such forward-looking statements involve known and
unknown risks and uncertainties, including all business
uncertainties relating to product development, marketing,
concentration in a single customer, raw material costs, market
acceptance, future capital requirements, and competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the SEC.
Except as required by law, China Agritech is under no obligation to
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise. For more
information, please contact: In China: Mr. Gareth Tang Chief
Financial Officer China Agritech, Inc. Tel: +86-10-5962-1220 Email:
In the U.S.: Mr. Kevin Theiss Investor Relations Grayling Tel:
+1-646-284-9409 Email: DATASOURCE: China Agritech, Inc. CONTACT: In
China: Mr. Gareth Tang, Chief Financial Officer of China Agritech,
Inc., +86-10-5962-1220, or ; In the U.S.: Mr. Kevin Theiss,
Investor Relations of Grayling, +1-646-284-9409, or Web site:
http://www.chinaagritechinc.com/
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