BEIJING, Sept. 8 /PRNewswire-Asia-FirstCall/ -- China
Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"),
a leading organic compound fertilizer manufacturer and distributor
in China, announced that the
Company has held its Annual General Meeting on September 8, 2010 in Hong Kong, China.
The Annual General Meeting was well attended. Shareholders and
board members were satisfied with the current direction and future
outlook of the Company.
The Company is confident to achieve its annual guidance for the
year ending December 31, 2010 with
revenues expected to reach approximately $114 million and non-GAAP net income, which
excludes the change in the fair value of warrants issued, gain on
extinguishment of warrant liability, and stock- based compensation,
of approximately $23.5 million. These
targets are based upon the Company's current views on operating and
market conditions, which are subject to change.
The Board has decided to engage a Big Four accounting firm.
Final selection will be announced within the next one month.
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 t. 8 PR Newswire