China Agritech, Inc. Opens New Factory in Anhui Province
July 19 2006 - 10:00AM
PR Newswire (US)
BEIJING, July 19 /Xinhua-PRNewswire/ -- China Agritech, Inc.
(OTC:CAGC) (BULLETIN BOARD: CAGC) ('China Agritech'), one of the
largest liquid fertilizer manufacturers in China, today announced
that its new factory in Anhui province began production on July 6,
2006. The new facility serves the Anhui, Hubei, and Henan
provinces, which account for approximately 15% of total arable land
and 23% of total annual fertilizer use in China. The China Agritech
has 10 regional sales centers in these three provinces, and expects
to reach agreements with 200 distributors by the end of the third
quarter. The Anhui factory has an initial capacity of 2,000 metric
tons, and the company expects it to generate up to $4 million in
incremental revenues in fiscal 2006. 'We are pleased to announce
the opening of the first of four new production facilities planned
for fiscal 2006. Our new factory in the Anhui province will further
increase our production capacity and extend our distribution
network into central China, where farmers are demanding
environmentally-friendly and organic agricultural products,"
commented Mr. Yu Chang, CEO of China Agritech. 'Our Tailong and
other brands of liquid compound fertilizer have been trusted by
customers for their high standards of quality and good aftermarket
service. This new facility allows us to make these products
available to a wider range of Chinese farmers.' In addition to the
new Anhui factory, China Agritech is currently constructing
production bases in Hebei, Xinjiang and Chongqing. These facilities
are scheduled for completion by the third quarter of 2006, and will
increase the company's aggregate capacity to 13,000 metric tons.
About China Agritech China Agritech is engaged in the development,
manufacturing and distribution of organic liquid compound
fertilizers and related products in the People's Republic of China.
The principal markets for the company's products are to farmers
located in twelve provinces of China including: Heilongjiang,
Hebei, Liaonong, Jilin, Shandong, Inner Mongolia, Henan, Sichuan,
Guangdong, Xinjiang, Yunnan and Guizhou. In 2005, the company had
an annual production capacity of 5,000 metric tons. The statements
contained in this Release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including without limitation, statements regarding the
Company's expectations, hopes, beliefs, intentions or strategies
regarding the future. These forward- looking statements are based
on the Company's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting the Company will
be those anticipated by the Company. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the Company) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by such forward- looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. For more information,
please contact: Crocker Coulson, President, CCG Elite Investor
Relations Tel: +1-310-231-8600 x103 Email: Richard Dean, U.S.
Representative, China Agritech Inc. Tel: +1-716-626-3535 Email:
DATASOURCE: China Agritech CONTACT: Crocker Coulson, President of
CCG Elite Investor Relations, +1-310-231-8600 x103, or ; Richard
Dean, U.S. Representative for China Agritech Inc., +1-716-626-3535,
or
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