China Agritech Delivers Fertilizer Shipment to Egypt
July 21 2008 - 8:00AM
PR Newswire (US)
BEIJING, July 21 /Xinhua-PRNewswire-FirstCall/ -- China Agritech,
Inc. (OTC:CAGC) (BULLETIN BOARD: CAGC) ('China Agritech' or 'the
Company'), a leading liquid organic fertilizer manufacturer in
China, today announced that the Company successfully shipped its
Green Vitality liquid fertilizer product to Egypt on July 18, 2008
as per its contract with AL-WAHA KHDRAA CO., a subsidiary of AL Ezz
Group, a distributor of agricultural and fertilizer products to the
Middle East and Africa. This shipment of 10,000 liters of Green
Vitality liquid fertilizer worth $75,000 to Egypt marks the first
international transaction for China Agritech. The batch of goods
will arrive at the Alexander port in Egypt in 60 days and will be
settled in Cost, Insurance and Freight ('CIF') terms, which means
that the associated risk in shipping has been entirely transferred
to the insurance company. 'We are pleased to report the successful
shipment of our products to Egypt,' commented Mr. Yu Chang,
President and CEO of China Agritech. 'We have been working with Al
Ezz Group for over a year and have developed a strong relationship.
Our products have undergone tests monitored by the Egyptian
government and are considered to be of superior quality compared to
local brands. We are confident of our products performance and
believe it will be well accepted in the Egyptian markets. We hope
to enter into additional international markets which will result in
future revenue growth for the Company.' About China Agritech Inc.
China Agritech is engaged in the development, manufacture and
distribution of organic liquid compound fertilizers and related
products in the People's Republic of China. The Company has
developed proprietary formulas that provide a continuous supply of
high-quality agricultural products while maintaining soil
fertility. The Company sells it products to farmers located in
twenty provinces of China including: Hainan, Anhui, Hubei, Jiangsu,
Jiangxi, Guangxi, Liaoning, Shanxi Heilongjiang, Hebei, Jilin,
Shandong, Inner Mongolia, Henan, Sichuan, Guangdong, Xinjiang,
Yunnan, Chongqing and Guizhou. For more information visit
http://www.chinaagritechinc.com/ . This release contains certain
"forward-looking statements" relating to the business of China
Agritech and its subsidiary companies, which can be identified by
the use of forward-looking terminology such as "believes, expects"
or similar expressions, including but not limited to, statements
regarding the continued demand for China Agritech's products, China
Agritech's ability to sustain growth for the balance of the year
and China Agritech's ability to generally meet all of its
objectives. Such forward looking statements involve known and
unknown risks and uncertainties, including all business
uncertainties relating to product development, marketing,
concentration in a single customer, raw material costs, market
acceptance, future capital requirements, and competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. 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
(and expressly disclaims any such 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: CCG Investor Relations Crocker Coulson, President
Tel: +1-646-213-1916 Email: Web: http://www.ccgir.com/ China
Agritech, Inc. Kelviz Lim Kok Siak, VP of Finance Tel:
+86-10-5962-1220 Email: DATASOURCE: China Agritech, Inc. CONTACT:
CCG Investor Relations, Crocker Coulson, President,
+1-646-213-1916, or ; or China Agritech, Inc., Kelviz Lim Kok Siak,
VP of Finance, +86-10-5962-1220, or Web site: http://www.ccgir.com/
http://www.chinaagritechinc.com/
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