BEIJING, Oct. 8 /PRNewswire-Asia-FirstCall/ -- China
Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"),
a leading organic compound fertilizer manufacturer and distributor
in China, today provides updates
on corporate matters.
The Company remains committed to, and is in the process of,
engaging a "Big Four" auditing firm soon, which will conduct the
audit of the Company's 2010 financial results. A formal contract is
expected to be signed and announced following the 2010 third
quarter financial results release.
Regarding the recent market rumors, the Company believes such
statements are intended to damage China Agritech's corporate image
and the credibility of its management. The Company believes it has
not been involved in any improper related-party transactions and
management has not taken part in activities against their
professional integrity. The Company considers the reputation and
integrity of China Agritech to be of utmost importance to its
future success and thus intends to vigorously defend it.
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