BEIJING, Aug. 23 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc.
(Nasdaq: CAGC) ("China Agritech", or the "Company"), a leading organic
compound fertilizer manufacturer and distributor in China, today announced
that it has entered into a strategic agreement with the Beijing Municipal
Government to establish within Beijing the headquarters of its nationwide
network of distribution centers.
The network will consist of flagship regional distribution centers
strategically located in key agricultural provinces throughout China. These
distribution centers will sell Agritech-branded organic liquid and granular
compound fertilizers, and other third-party procured agricultural products to
the Company's franchised retail stores. As regional hubs for logistics,
technology, and services, these distribution centers will provide one-stop
solutions to farmers for their agricultural supplies and farming consultation.
Pursuant to the agreement, the municipal government of Beijing has
committed to providing preferential taxation treatment towards the project and
granting favorable policies to attract talented agricultural professionals who
have a strong track record in the agricultural sector from all parts of China.
Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech,
commented, "China's organic fertilizer market is currently experiencing
accelerating growth, as more farmers are embracing more eco-friendly
fertilizers. However, the traditional agricultural distribution system lacks
efficiency and sufficient knowledge of modern agriculture. As one of the
largest organic fertilizer producers in China, we believe that our forthcoming
domestic distribution network will not only procure the right organic supplies
for farmers and implement better supply chain management, but provide better
one-stop solutions for organic farming and after-sales consultation to our
sub-distributors as well. Our newly established working relationship with the
Beijing Municipal Government speaks volumes on our strong brand equity and
superior core competencies in the marketplace."
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 28
provinces of China. For more information, please visit
http://www.chinaagritechinc.com .
Safe Harbor Statement
This press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, and the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts, that address
activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, including, without
limitation, statements about its business or growth strategy, general industry
conditions, future operating results of the Company, capital expenditures,
expansion and growth opportunities, financing activities and other such
matters, are forward-looking statements. Although the Company believes that
its expectations stated in this press release are based on reasonable
assumptions, actual results may differ from those projected in the
forward-looking statements. 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.
Email: gareth@chinaagritech.com
In the U.S.:
Mr. Shiwei Yin/Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9474
Email: shiwei.yin@grayling.com
kevin.theiss@grayling.com
SOURCE China Agritech, Inc.