China Agritech Announces First Export Contracts for its Tailong Products
July 10 2006 - 9:00AM
PR Newswire (US)
BEIJING, July 10 /Xinhua-PRNewswire/ -- China Agritech, Inc.
(OTC:CAGC) (BULLETIN BOARD: CAGC) one of the largest liquid
fertilizer manufacturers in China, today announced that it has
recently signed two sales contracts to export its Tailong line of
products to Russia and the Kyrgyz Republic. The two product supply
contracts total 300 tons, equivalent to $3.75 million. The contract
extends to December 31, 2007, but the Company expects to make its
first shipment to distributors as early as August 2006. Tailong, a
special formulation of humic and amino acids, inorganic elements
(nitrogen, phosphorus, etc.) and stimulative agents, is one of
three major product lines that the Company manufactures and
distributes to farmers in China. The "Tailong" brand was most
recently recognized as one of the most competitive brands in China
for 2006 by the China Association for Quality Supervision and
Management and the China Quality Standard Research Center. "These
first export contracts signify a pivotal strategic milestone for
our company as we continue to reach our operational targets and
execute on our business strategy. We believe that China Agritech is
strongly positioned to leverage the proven success of the Tailong
brand to new markets outside of China," commented Yu Chang, CEO of
China Agritech. "We are extremely excited about the demand
prospects and the growth opportunities for Tailong in Western and
Southern Russia as well as a number of central-Asian countries
including Uzbekistan and Turkmenistan. These markets are an
important part of our overall development strategy and we expect to
extend our product distribution capabilities there into 2007."
About China Agritech China Agritech is engaged in the development,
manufacturing and distribution of organic liquid compound
fertilizers and related products in the People's Republic of China.
The principal markets for the company's products are to farmers
located in twelve provinces of China including: Heilongjiang,
Hebei, Liaonong, Jilin, Shandong, Inner Mongolia, Henan, Sichuan,
Guangdong, Xinjiang, Yunnan and Guizhou. In 2005, the company had
an annual production capacity of 5,000 metric tons. Safe Harbor
Statement The statements contained herein, which are not
historical, are forward looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward looking statements,
including, but not limited to, the company's filings and future
filings with the Securities and Exchange Commission, including
those set forth in the company's Annual Report on From 10-KSB for
the year ended December 31, 2005. Contact Information: CCG Investor
Relations 45 Rockefeller Plaza, Suite 2078 New York, NY 10111 (212)
332-7198 Jennifer Li Barteld, Account Executive China Agritech,
Inc. (716) 626-3535 Richard Dean, U.S. Representative DATASOURCE:
China Agritech, Inc. CONTACT: Investors, Jennifer Li Barteld of CCG
Investor Relations, +1-212-332-7198, , for China Agritech Inc.; or
Richard Dean, U.S. Representative of China Agritech, Inc.,
+1-716-626-3535,
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