China Agritech, Inc. Appoints 3 Independent Directors
October 22 2008 - 4:12PM
PR Newswire (US)
- Mr. Gene Michael Bennett Named Chair of Audit Committee -
BEIJING, Oct. 22 /Xinhua-PRNewswire-FirstCall/ -- China Agritech,
Inc. (OTC:CAGC) (BULLETIN BOARD: CAGC) ("China Agritech" or "the
Company"), a leading national-level liquid organic compound
fertilizer manufacturer and distributor in China, today announced
that its board of directors has named three independent directors:
Mr. Gene Michael Bennett, Professor Lunzhang Dai, and Mr. Hailin
Zhang. With today's additions and after the resignation of Mr. Tao
Liang, the Company's board now comprises five directors. Mr.
Bennett is also named the chairman of the Audit Committee. "We are
very pleased to welcome Mr. Bennett, Professor Dai and Mr. Zhang to
serve on China Agritech's board of directors," said Mr. Yu Chang,
Chief Executive Officer of China Agritech. "This expansion of our
board will further enhance China Agritech's corporate governance,
especially in its compliance with the U.S. GAAP and Sarbanes-Oxley
regulations. We look forward to the leadership and expertise of
these three independent directors to help guide us through the
slowdown in the macro environment, but more importantly to help us
prepare for the migration to a main exchange. And with our
migration, we expect to gain more visibility as the Company
captures the rising demand in China's organic fertilizer space."
Mr. Bennett has over 25 years of experience as chief financial
officer, accounting and audit professor, and financial consultant.
From 2004 to present, he has been the managing partner for
Beijing-based Nexis Investment Consulting Corporation, helping
Chinese companies establish good corporate governance and raise
funds. From 2000 to 2004, he was a partner at ProCFO, a
California-based contract-CFO consulting firm. From 1998 to 2000,
Mr. Bennett was a professor and lecturer in accounting and taxes
for University of Hawaii, and Chaminade University of Honolulu.
Prior to that, he was CFO and board member of Argonaut Computers;
professor and lecturer in accounting and taxes at California State
University at Fullerton; and CPA with Gerbel Butzbaugh which became
part of Grant Thornton. Mr. Bennett holds a B.A. and MBA from
Michigan State University and is currently pursuing a doctorate of
business administration at City University of Hong Kong in
corporate governance. Professor Dai has served on the Planning
Committee of the North-East Cooperative Bank in China since 2003,
currently serving as its Secretary General. Mr. Dai is also a
full-time professor for the Academy of International Economic
Relations, a research institution sponsored by the People's Bank of
China, where he has taught courses in international economics since
1983, and has been retained as a part-time professor at several
Chinese universities as well as a visiting professor of
international economics in the graduate programs of Queens College,
City University of New York and of the American University. Mr. Dai
is a fellow in the Institute of Internal Auditors and received his
bachelor's degree in economics from the University of Moscow. He
was a visiting scholar to Kiel University in Germany and London
School of Economics in England. Mr. Zhang has served as Vice
Principal of the Chinese Academy of Agricultural Sciences and
Resources since May 2003. He is also the Division Deputy Director
of the Agricultural Research Institute in China, a position in
which he has served since June 1996. He graduated from Renmin
University of China major in management in 1987. About China
Agritech, Inc. China Agritech, Inc. is engaged in the development,
manufacturing and distribution of liquid 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/
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