BEIJING, Jan. 4, 2018 /PRNewswire/ -- Origin
Agritech Ltd. (NASDAQ: SEED) ("the Company" or "Origin") an
agricultural biotechnology trait and corn seed provider, today
announced that it received an installment of the purchase price for
the seed and production and distribution business sold to Beijing Shihui Agricultural
Development Co. Ltd. ("Shihui").The amount received was
RMB18.64 million (approximately
US$2.79 million). The Company
and Shihui continue to work together to set the payment schedule
for the assets sold at the September
2017 closing and the second closing of the additional assets
that Shihui has agreed to purchase.
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in
Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China's leading agricultural biotechnology
company, specializing in crop seed breeding and genetic
improvement. Leading the development of crop seed biotechnologies,
Origin Agritech's phytase corn was the first transgenic corn to
receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the
years, Origin has established a robust biotechnology seed pipeline
including products with glyphosate tolerance and pest resistance
(Bt) traits. Origin operates breeding stations nationwide located
in key crop-planting regions. Product lines are vertically
integrated for corn. For further information, please visit the
Company's website at: http://www.originseed.com.cn or
http://www.originseed.com.cn/en/.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the federal securities laws, including Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements address expected
future business and financial performance and financial condition,
and contain words like "expect," "anticipate," "intend," "plan,"
"believe," "seek," "will," "would," "target," and similar
expressions and variations. Forward-looking statements address
matters that are uncertain. Forward-looking statements are not
guarantees of future performance and are based on assumptions and
expectations which may not be realized. They also involve risks and
uncertainties, many of which are beyond the company's control. Some
of the important factors that could cause the company's actual
results to differ materially from those discussed in
forward-looking statements are: failure to develop and market new
products and optimally manage product life cycles; ability to
respond to market acceptance, rules, regulations and policies
affecting our products; failure to appropriately manage process
safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital
markets conditions, such as inflation, interest and currency
exchange rates; business or supply disruptions; natural disasters
and weather events and patterns; ability to protect and enforce the
company's intellectual property rights; and separation of
underperforming or non-strategic assets or businesses. The company
undertakes no duty to publicly revise or update any forward-looking
statements as a result of future developments, or new information
or otherwise, should circumstances change, except as otherwise
required by securities and other applicable laws.
Contact:
Xin Zhou
Phone: +86-10-58907556
Email: xin.zhou@originseed.com.cn
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SOURCE Origin Agritech Limited