China Agritech, Inc. Renews Sales Contract with China's Largest Fertilizer Distributor
October 15 2008 - 4:12PM
PR Newswire (US)
-- $9.5 Million Contract Until End of 2009 -- -- Company to Further
Penetrate Markets in Hainan and Jiangsu -- BEIJING, Oct. 15
/Xinhua-PRNewswire-FirstCall/ -- China Agritech, Inc. (OTC:CAGC)
(BULLETIN BOARD: CAGC) ("China Agritech" or "the Company"), a
leading national-level organic compound fertilizer manufacturer and
distributor in China, today announced that it has renewed a sales
and distribution partnership contract with Sinochem Fertilizer Co.,
Ltd. ("Sinochem"). The contract's estimated value is RMB 64.9
million ($9.5 million) and it runs until end of 2009. Under the
terms of the new contract, China Agritech will provide 1,200 tons
of its premium, highly concentrated liquid organic compound
fertilizer, Green Vitality, to Sinochem upon purchase orders. China
Agritech will also assist in marketing initiatives such as print
and TV advertisements, promotional conferences and demos at retail
shops. Sinochem is the largest fertilizer distributor in China with
17 sales subsidiaries and 1,600 sales points throughout China.
China Agritech became Sinochem's first supplier of liquid organic
fertilizer in China last October, when they signed a 1,000-ton
distribution contract. "We are very pleased to renew our
partnership with Sinochem for another year, with higher volume and
dollar value," said Mr. Yu Chang, Chief Executive Officer of China
Agritech. "In an environment of increasing prices for imported
chemical fertilizer, we expect to use Sinochem's far-reaching and
deep distribution network to increase marketing and sales of our
premium fertilizer in the southern and central regions of China,
especially Hainan and Jiangsu provinces." About China Agritech,
Inc. China Agritech, Inc. is engaged in the development,
manufacturing and distribution of 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 26 provinces of China. For
more information about the Company, please visit
http://www.chinaagritechinc.com/ . Safe Harbor Statement 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: In China: Mr. Kelviz Lim Kok Siak Investor
Relations China Agritech, Inc. Tel: +86-10-5962-1220 Email: In the
U.S.: Valentine Ding Investor Relations Grayling Global Tel:
+1-646-284-9412 Email: DATASOURCE: China Agritech, Inc. CONTACT:
Mr. Kelviz Lim Kok Siak, Investor Relations, China Agritech, Inc.
at +86-10-5962-1220 ; or In the U.S.: Valentine Ding, Investor
Relations, Grayling Global at +1-646-284-9412 or for China Agritech
Web site: http://www.chinaagritechinc.com/
Copyright