China Agritech, Inc. Announces New Cost Control Program
April 07 2009 - 8:18AM
PR Newswire (US)
BEIJING, April 7 /PRNewswire-Asia-FirstCall/ -- China Agritech,
Inc. (OTC:CAGC) (BULLETIN BOARD: CAGC) ("China Agritech", or the
"Company"), a leading national organic compound fertilizer
manufacturer and distributor in China, today announced that as part
of a new cost control plan, the Company is implementing a salary
program for its senior management team which will reduce the cash
compensation of their base salary levels for the 2009 year. The
Company will consider a performance-based option plan to further
incentivize the management team to focus on producing greater
business and financial results. As a part of the cost control
measures, the Company is also reducing the standard of senior
management's travel expenses, in particular of business class
travel and lodging. Mr. Yu Chang, Chairman and Chief Executive
Officer of China Agritech, commented, "Our new program aims to
control our expenses, improve business efficiency, and provide
greater financial flexibility. We, senior management, will start
the changes with ourselves and look forward to setting a role model
for all of our employees to concentrate on building a stronger
corporate culture and long-term sustainable shareholder value.
Salesmen are not affected by the salary reduction and no layoffs
are planned for 2009." 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, ; or In the
U.S.: Mr. Kevin Theiss, - Mr. Valentine Ding, , both Investor
Relations, Grayling, +1-646-284-9409, China Agritech, Inc. Web
site: http://www.chinaagritechinc.com/
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