China Agritech, Inc. Completes 100,000-ton-Capacity Granular Organic Fertilizers Production Facility in China
March 16 2009 - 6:52AM
PR Newswire (US)
- Commercial Production Expected to Begin in Anhui Province in
April 2009 - BEIJING, March 16 /PRNewswire-Asia-FirstCall/ -- China
Agritech, Inc. (OTC Bulletin Board: CAGC) ("China Agritech" or the
"Company"), a leading national liquid and granular organic compound
fertilizer manufacturer and distributor in China, today announced
that it has completed the construction and testing of its first
facility for granular organic compound fertilizers in China.
Located in Anhui Province, the facility is expected to begin
production in April 2009. The new granular production line, which
is housed in a new plant next to the Company's existing liquid
organic fertilizer factory, has a 100,000 ton annual production
capacity. It recently obtained the production license and
fertilizer registration from the local government in Anhui
Province, which also granted the Company exemption from the
Value-Added Tax (VAT) for granular organic fertilizers. Previously,
the Company was making its granular products through a third-party
manufacturer in Eastern China. "We are excited that our first
granular fertilizer production base is strategically located in
Anhui Province, one of China's biggest fertilizer markets," Mr. Yu
Chang, Chairman and CEO of China Agritech, said. "Being in one of
China's biggest grain-producing regions with 50 million farmers and
abundant low-cost labor enables us to service our customers in a
quicker and more economical way. In addition, the local government
has always supported the growing use of organic fertilizers, which
surpass chemical fertilizers in safety, efficacy and environmental
friendliness. With the new Anhui plant, we could reposition our
existing Beijing plant as an R&D center to focus on the
development of the core ingredients to supply our granular
production bases internally." Mr. Chang continued, "Since the
launch of our proprietary granular products in late 2008, we have
seen robust demand in Anhui and surrounding regions, and expect
that trend to continue as the Chinese government seeks to increase
farmers' income and boost the growth of diversified crops,
especially for organic food." About China Agritech, Inc. China
Agritech, Inc. is engaged in the development, manufacturing and
distribution of liquid and granular 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 regarding statements,
including but not limited to, 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.: Mr. Kevin Theiss / Mr. Valentine Ding Investor Relations
Grayling Tel: +1-646-284-9409 Email: DATASOURCE: China Agritech,
Inc. CONTACT: In China: Mr. Kelviz Lim Kok Siak, Investor
Relations, China Agritech, Inc., +86-10-5962-1220, , In the U.S.:,
Mr. Kevin Theiss, , or Mr. Valentine Ding, , Investor Relations,
both of Grayling, +1-646-284-9409 Web Site:
http://www.chinaagritechinc.com/ Company News On-Call:
http://www.prnewswire.com/comp/908496.html
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