Deyu Agriculture Corp. Receives Local Government Grants
BEIJING, Jan. 31, 2013 /PRNewswire/ -- Deyu Agriculture
Corp. (OTCBB: DEYU) (the "Company"), a Shanxi Province, China based vertically integrated producer,
processor, marketer and distributor of organic and other
agricultural products made from corn and grains, announced today
that its wholly-owned subsidiary, Jinzhong Deyu Agriculture Trading
Co., Ltd ("Jinzhong Deyu"), recently
received $206,000 USD (RMB 1.3 million) of Jinzhong city government
subsidies, which will be used to support Deyu's business operations
as well as the construction of its grains processing projects.
"We are thrilled to receive these grants as we believe they will
help us expand our business and further promote economic and
industrial development in Jinzhong," said Jianming Hao, Chief Executive Officer of Deyu.
"Fostering a large, robust and modernized agricultural industry in
Shanxi Province, particularly in
Jinzhong, and boosting farmers' incomes in the region are very
important to us, and with these grants, we believe we are in a much
better position to meet these aims."
In 2012, the Shanxi Provincial Development and Reform Commission
in China approved the inclusion of
the Coarse Grain Processing Development of Jinzhong Deyu in the list of its local
agricultural products industrial support and agro-processing
investment plan. The Coarse Grains Processing Development strives
to generate social and economic benefits in Shanxi Province in accordance with the policy
of the Shanxi Provincial Government in strengthening the "Three
Rural Works," which are works related to agriculture, rural areas
and farmers.
About Deyu Agriculture
Deyu Agriculture Corp. is a vertically integrated agricultural
value chain from farmland to consumer market, which produces,
processes, markets and distributes organic and other agricultural
products made from corn and grains operating in Shanxi Province in China. The Company has access to over 109,000
acres of farmland in Shanxi
Province for breeding, cultivating, processing, warehousing
and distributing grain and corn products. Deyu Agriculture Corp.
has an extensive wholesale network in over 15 provinces and a
retail distribution network of approximately 20,000 supermarkets
and convenience stores in 29 provinces across China. Deyu Agriculture Corp.'s facilities
include sophisticated production lines and modern warehouses with a
total production capacity of over 105,000 tons for grain products,
storage capacity of over 100,000 tons and annual turnover of
700,000 tons for corn products. The Company's website is located at
www.deyuagri.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward looking statements are based
upon the current plans, estimates and projections of Deyu
Agriculture Corp.'s management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. Such statements include, among others,
those concerning market and industry segment growth and demand and
acceptance of new and existing products; any projections of sales,
earnings, revenue, margins or other financial items; any statements
of the plans, strategies and objectives of management for future
operations; any statements regarding future economic conditions or
performance; uncertainties related to conducting business in
China, as well as all assumptions,
expectations, predictions, intentions or beliefs about future
events. Therefore, you should not place undue reliance on these
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: business conditions in China, general economic conditions;
geopolitical events and regulatory changes, availability of
capital, changes in the agricultural industry, the Company's
ability to maintain its competitive position. Additional
Information regarding risks can be found in the Company's quarterly
and annual reports filed with the U.S. Securities and Exchange
Commission at www.sec.gov.
Investor Contact:
Deyu Hotline: +1-646-499-5475
Mr. Greg Chen, President
Deyu Agriculture Corp.
Tel: +1-646-820-8085
Email: gregchen@china-deyu.com
Ms. Amy He, Chief Financial
Officer
Deyu Agriculture Corp.
Tel: +86-10-5224-1802 X389
Email: amy@china-deyu.com
Mr. Kevin Ma
NUWA Group LLC
Tel: +1-212-984-1869
Email: qma@nuwagroup.com
SOURCE Deyu Agriculture Corp.