BEIJING, May 17 /PRNewswire-Asia-FirstCall/ -- China
Agritech, Inc., (Nasdaq: CAGC) ("China Agritech" or the "Company"),
a leading organic compound fertilizer manufacturer and distributor
in China, announced today that it
has signed a renewal contract with Sinochem for the sale of the
Company's "Green Vitality" organic liquid fertilizers.
Pursuant to the agreement, China Agritech will supply Green
Vitality liquid fertilizer worth an estimated value of RMB 61 million (approximately US$9 million). This contract is in effect through
April 2011. The Company will continue
to supply Sinochem with "Green Vitality" granular fertilizer under
another existing contract.
Sinochem is China's largest
integrated agricultural company and is China's largest fertilizer corporation with
integrated manufacturing, supply and sales. The Company's Green
Vitality fertilizer is a premium and versatile line that can
improve the yields and quality of a large variety of crops.
Mr. Yu Chang, Chief Executive
Officer of China Agritech, commented, "We are pleased to continue
our long-term working relationship with Sinochem. This new contract
acknowledges the quality of our liquid fertilizers and the value of
our organic fertilizer solutions provided to farmers in
China. We look forward to
leveraging Sinochem's superior brand name and our combined
extensive distribution networks to reach new customers and expand
market share in China."
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.
Safe Harbor Statement
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
including, without limitation, statements about its business or
growth strategy, general industry conditions, future operating
results of the Company, capital expenditures, expansion and growth
opportunities, financing activities and other such matters, are
forward-looking statements. Although the Company believes that its
expectations stated in this press release are based on reasonable
assumptions, actual results may differ from those projected in the
forward-looking statements.
For more information, please contact:
In China:
Mr. Gareth Tang
Chief Financial Officer
China Agritech, Inc.
Email: gareth@chinaagritech.com
In the U.S.:
Mr. Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
SOURCE China Agritech, Inc.