China Agritech to Export Products to Egypt
July 09 2008 - 8:14AM
PR Newswire (US)
BEIJING, July 9 /Xinhua-PRNewswire-FirstCall/ -- China Agritech,
Inc. (OTC:CAGC) (BULLETIN BOARD: CAGC) ("China Agritech" or "the
Company"), a leading liquid organic fertilizer manufacturer in
China, today announced that it has entered into a contract with
AL-WAHA KHDRAA CO., a subsidiary of AL Ezz Group, a distributor of
agricultural and fertilizer products to the Middle East and Africa
AL Ezz Group began working with China Agritech over a year ago to
conduct product testing which was monitored by the Egyptian
government. The test results were positive and China Agritech's
Green Vitality liquid fertilizer demonstrated superior quality
compared to local brands. As a result, the Egyptian government has
authorized test sales of Green Vitality in small quantities. The
initial contract is for 10,000 liters of Green Vitality liquid
fertilizer worth $75,000. Orders are expected to increase
significantly once Green Vitality liquid fertilizer is certified by
Egypt's Ministry of Agriculture and large-scale sales are
permitted. China Agritech expects to achieve certification by the
end of 2008. All current and future sales will be made in
compliance with all applicable U.S. laws and regulations. "We are
glad to report our entry into the Egyptian market. Following
successful product testing, Green Vitality demonstrated superior
quality and is in compliance with local industry standards,"
commented Mr. Yu Chang, CEO of China Agritech, "We view this as a
milestone for our company, which provides international recognition
for the high quality of our products. We plan to leverage our
product offerings and brand reputation to expand our product sales
into select international markets which will result in revenue
growth in the future." About AL EZZ Group AL Ezz Group is a leading
Arabian company trading in fertilizers & agrochemical products.
The Group has its main office in Egypt with branch offices in
Jordan and Iraq. The main business of the Group includes exporting
agricultural products and importing agrochemicals, such as
pesticides, fertilizers, etc. For more information visit
http://www.alezzgroup.com/ About China Agritech Inc. China Agritech
is engaged in the development, manufacture and distribution of
organic liquid compound fertilizers and related products in the
People's Republic of China. The Company has developed proprietary
formulas that provide a continuous supply of high-quality
agricultural products while maintaining soil fertility. The Company
sells it products to farmers located in twenty provinces of China
including: Hainan, Anhui, Hubei, Jiangsu, Jiangxi, Guangxi,
Liaoning, Shanxi Heilongjiang, Hebei, Jilin, Shandong, Inner
Mongolia, Henan, Sichuan, Guangdong, Xinjiang, Yunnan, Chongqing
and Guizhou. For more information visit
http://www.chinaagritechinc.com/ This release contains 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"
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
(and expressly disclaims any such 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: CCG Elite Investor Relations Crocker Coulson,
President Tel: +1-646-213-1916 Email: China Agritech, Inc. Kelviz
Lim Kok Siak, VP of Finance Tel: +86-10-5962-1220 Email:
DATASOURCE: China Agritech, Inc. CONTACT: Crocker Coulson,
President CCG Elite Investor Relations, +1-646-213-1916, or ;
Kelviz Lim Kok Siak, VP of Finance at China Agritech, Inc.,
+86-10-5962-1220, or , both for China Agritech, Inc. Web site:
http://www.chinaagritechinc.com/ http://www.alezzgroup.com/
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