BEIJING, March 8, 2012 /PRNewswire-Asia-FirstCall/ --
Yongye International, Inc. (Nasdaq: YONG) ("Yongye" or the
"Company"), a leading developer, manufacturer, and distributor of
crop nutrient products in the People's
Republic of China ("PRC"), today announced that the
previously announced class action lawsuit filed against the Company
by Robbins Geller Rudman & Dowd LLP in the United States
District Court Southern District of New
York in May 2011 was
voluntarily dismissed by the lead plaintiffs, with prejudice to
themselves as named plaintiffs, on March 5,
2012.
Yongye did not incur any material legal fees, charges or costs
related to this class action lawsuit or its voluntary
dismissal.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye
stated, "We are pleased to announce the dismissal of this lawsuit.
We are dedicated to transparency and best practices regarding all
matters of corporate governance and financial reporting. Moving
forward, we will continue to focus on the development of our
business and delivering positive results for our shareholders."
About Yongye International
Yongye International is a leading crop nutrient company
headquartered in Beijing, with its
production facilities located in Hohhot, Inner Mongolia,
China. Yongye's principal product
is a liquid crop nutrient, from which the Company derived
substantially all of the sales for the nine months ended
September 30, 2011. The Company also
produces powder animal nutrient product which is mainly used for
dairy cows. Both products are sold under the trade name
"Shengmingsu," which means "life essential" in Chinese. The
Company's patented formula utilizes fulvic acid as the primary
compound base and is combined with various micro and macro
nutrients that are essential for the health of the crops. The
Company sells its products primarily to provincial level
distributors, who sell to the end-users either directly or
indirectly through county-level and village-level distributors. For
more information, please visit the Company's website at
www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
Contacts
|
|
Yongye
International
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Ms. Kelly
Wang
|
Finance
Director – Capital Markets
|
Phone:
+86-10-8231-9608
|
E-mail:
ir@yongyeintl.com
|
|
Ms. Wendy
Xuan
|
Business
Associate
|
Phone:
+86-10-8232-8866 x 8827
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E-mail:
ir@yongyeintl.com
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FTI
Consulting
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Mr. John
Capodanno (U.S. Contact)
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Phone:
+1-212-850-5705
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E-mail:
john.capodanno@fticonsulting.com
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Ms.
Mingxia Li (China Contact)
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Phone:
+86-10-8591-1060
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E-mail:
mingxia.li@fticonsulting.com
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SOURCE Yongye International, Inc.