BEIJING, Aug. 23 /PRNewswire-Asia-FirstCall/ -- China
Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"),
a leading organic compound fertilizer manufacturer and distributor
in China, today announced that it
has entered into a strategic agreement with the Beijing Municipal
Government to establish within Beijing the headquarters of its nationwide
network of distribution centers.
The network will consist of flagship regional distribution
centers strategically located in key agricultural provinces
throughout China. These
distribution centers will sell Agritech-branded organic liquid and
granular compound fertilizers, and other third-party procured
agricultural products to the Company's franchised retail stores. As
regional hubs for logistics, technology, and services, these
distribution centers will provide one-stop solutions to farmers for
their agricultural supplies and farming consultation.
Pursuant to the agreement, the municipal government of
Beijing has committed to providing
preferential taxation treatment towards the project and granting
favorable policies to attract talented agricultural professionals
who have a strong track record in the agricultural sector from all
parts of China.
Mr. Yu Chang, Chairman and Chief
Executive Officer of China Agritech, commented, "China's organic fertilizer market is currently
experiencing accelerating growth, as more farmers are embracing
more eco-friendly fertilizers. However, the traditional
agricultural distribution system lacks efficiency and sufficient
knowledge of modern agriculture. As one of the largest organic
fertilizer producers in China, we
believe that our forthcoming domestic distribution network will not
only procure the right organic supplies for farmers and implement
better supply chain management, but provide better one-stop
solutions for organic farming and after-sales consultation to our
sub-distributors as well. Our newly established working
relationship with the Beijing Municipal Government speaks volumes
on our strong brand equity and superior core competencies in the
marketplace."
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,
please visit http://www.chinaagritechinc.com .
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, and the
Private Securities Litigation Reform Act of 1995. 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. 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:
Mr. Gareth Tang
Chief Financial Officer
China Agritech, Inc.
Email: gareth@chinaagritech.com
In the U.S.:
Mr. Shiwei Yin/Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9474
Email: shiwei.yin@grayling.com
kevin.theiss@grayling.com
SOURCE China Agritech, Inc.
Copyright . 23 PR Newswire