China Agritech, Inc. Begins Commercial Production of Organic Granular Fertilizer at its Harbin Facility
June 05 2009 - 8:45AM
PR Newswire (US)
BEIJING, June 5 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc.
(OTC:CAGC) (BULLETIN BOARD: CAGC) ("China Agritech", or the
"Company"), a leading national organic fertilizer manufacturer and
distributor in China, today announced that it has begun the
commercial production of organic granular fertilizer at its Harbin
facility, in China's northeastern Heilongjiang Province through a
trial production for one month. Harbin is one of China's
agricultural centers noted for its rich, black soil, and the City
of Harbin is the provincial capital and one of China's largest
cities. The capacity of the Harbin operation is 50,000 metric tons
of organic granular fertilizer and it adds to the 100,000 metric
tons of capacity of organic granular fertilizer which recently
began production in Anhui. The Anhui facility provides organic
fertilizers to the agricultural areas primarily in central and
southern China. The Company also produces organic liquid
fertilizers at Harbin with a capacity of up to 5,000 metric tons.
For the 2009 year, sales from the Harbin facility are expected to
reach between 20,000 metric tons and 30,000 metric tons of organic
granular fertilizer. Mr. Yu Chang, Chairman and Chief Executive
Officer of China Agritech, commented, "With the Harbin production
now in operation, we are much closer to reaching our goal of
developing capacity for 200,000 metric tons to penetrate the
organic granular fertilizer market, which is a larger market than
liquid fertilizers in China. The Chinese government is taking steps
to promote the use of organic fertilizers in its 'Green Food'
movement and it is also increasing farmers' income through
subsidies and price supports. With our newly added capacity, we can
offer farmers in China a wider variety of organic fertilizers to
meet their needs to improve crop yield and health." About China
Agritech, Inc. China Agritech, Inc. is engaged in the development,
manufacture 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 may contain 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," "anticipates," "estimates" 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, ability to produce and
sell organic granular products in targeted markets, 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 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.
Gareth Tang Chief Financial Officer 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: Gareth
Tang, Chief Financial Officer, China Agritech, Inc. at
+86-10-5962-1220 or ; In the U.S.: Kevin Theiss & Valentine
Ding, Investor Relations, Grayling at +1-646-284-9409 or & Web
site: http://www.chinaagritechinc.com/
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