China Agritech, Inc. Announces Stock Purchase by Management
March 23 2009 - 8:00AM
PR Newswire (US)
BEIJING, March 23 /PRNewswire-Asia-FirstCall/ -- China Agritech,
Inc. (OTC:CAGC) (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 the Chairman, CEO, and President of the Company, Mr. Yu Chang,
and one of the directors of the Company, Ms. Xiaorong Teng, have
purchased shares in the open market. Between March 11 and March 13,
2009, Mr. Yu Chang purchased a total of 27,012 common shares with
market prices ranging between $0.86 and $1.05 per share and Ms.
Xiaorong Teng purchased 20,000 common shares with market prices
ranging between $0.86 and $1.01 per share. Mr. Chang, through an
affiliated entity, already has a substantial position in China
Agritech's stock, being the largest shareholder. Mr. Yu Chang
commented, "We believe the current stock price does not reflect our
long-term value." "We believe we have built a successful business
and we are potentially entering a new phase of growth with our new
granular fertilizers to enhance our market share in the growing
organic fertilizer market in China. We announced higher 2008
preliminary unaudited revenues and net income compared with the
results of a year ago. The purchase of the Company's stock reflects
our confidence in the Company and our commitment to the Company's
future." 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: Kelviz Lim Kok Siak, Investor Relations,
China Agritech, Inc. at +86-10-5962-1220 or ; in the U.S.: Kevin
Theiss and Valentine Ding, Investor Relations, Grayling at
+1-646-284-9409, and Web site: http://www.chinaagritechinc.com/
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