China Agritech, Inc. Appoints Chief Financial Officer
October 23 2008 - 3:52AM
PR Newswire (US)
- $2 Million Related to 2007 PIPE to be Released from Escrow to the
Company - BEIJING, Oct. 23 /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
the appointment of Mr. Yau-Sing Tang as Chief Financial Officer,
effective immediately. With yesterday's appointment of three
independent directors of the board, today's announcement will
entitle China Agritech to receive $2 million from an escrow
account, according to the Escrow Agreement in connection with the
2007 PIPE transaction. Mr. Tang, 46, was most recently the CFO at
Carpenter Tan Holdings Ltd., a retail chain in Mainland China which
is applying to be listed on the Hong Kong Stock Exchange. Prior to
that, he was the founder and managing director of GC Alliance
Limited, CPA firm in Hong Kong. From April 2003 to December 2005,
he was executive director and Chief Financial Officer of China
Cable and Communication, Inc., which was listed on the OTC Bulletin
Board in the U.S. Mr. Tang received his bachelor of social sciences
(Honors) degree from the University of Hong Kong. He is a fellow of
the Association of Chartered Certified Accountants in the U.K. and
the Hong Kong Institute of Certified Public Accountants. He is also
a member of the Institute of Chartered Accountants in England and
Wales and the Taxation Institute of Hong Kong. "Our new board of
directors is extremely pleased to welcome Mr. Tang to join our
senior management team," said Mr. Yu Chang, Chairman and Chief
Executive Officer of the Company. "Mr. Tang brings over 23 years of
accounting, corporate finance and financial-reporting experiences.
He has worked in telecom, retail and financial services industries
and has a strong background in the U.S. GAAP. We look forward to
drawing upon Mr. Tang's expertise in financial reporting and his
extensive contacts in the financial services industry." 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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