China Agritech, Inc. Achieves 2009 Sales Target of 80,000 Metric Tons of Organic Granular Fertilizer
December 23 2009 - 10:43AM
PR Newswire (US)
Further Growth Expected in the 2010 Year BEIJING, Dec. 23
/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 has achieved its 2009 goal of selling 80,000 metric tons of
its new organic granular fertilizer products. The Company
successfully implemented its plan to introduce new organic granular
fertilizer products during the 2009 second quarter, which not only
solidified China Agritech's organic fertilizer branding and
geographic penetration in China, but also propelled the sales
growth of its classic liquid organic fertilizer. These encouraging
results validate China Agritech's earlier decision to complete
200,000 metric tons of granular fertilizer capacity in diversified
locations in China, and attract leading partners such as Sinochem
and Odyssey Trading to accelerate the Company's growth. Mr. Yu
Chang, Chairman and Chief Executive Officer of China Agritech,
commented, "We are very pleased to reach this new milestone as our
new granular product expansion progresses as we expected. In
addition, we are bullish on the prospects for 2010. As a pure-play
organic fertilizer producer in the vast Chinese agricultural
market, where green products are encouraged by the government, we
believe our further growth is sustainable and rapid." 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: China Agritech, Inc. Mr.
Gareth Tang Chief Financial Officer Tel: +86-10-5962-1220 Email: In
the U.S.: Grayling Mr. Kevin Theiss Investor Relations 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 , for CAGC Web
Site: http://www.chinaagritechinc.com/
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