China Green Agriculture, Inc. Completes Seedling Cultivation at New Research and Development Center
XI'AN, China, July 20 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., announced today that the Company has completed seedling cultivation at its new $38 million, 88-acre research and development center, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Xi'an Yuxing"), and expects to finish seedling transplantation for Xi'an Yuxing's 100 sunlight greenhouses by October 2010.
China Green Agriculture completed construction of the 100 sunlight greenhouses at Xi'an Yuxing as scheduled at the end of June 2010. The new R&D facility will further increase the Company's ability to introduce new customized, high-margin fertilizer products as well as expand its production of cultivated agricultural products which are currently sold to the local marketplace. A second phase of the project, to include the construction of 12 intelligent greenhouses, is expected to be completed by the end of December 2011.
"We are pleased with the seedling progress in Xi'an Yuxing," commented Mr. Tao Li, Chairman and CEO of China Green Agriculture, "The seedling transplantation, when completed, will strengthen the Company's agricultural products business in fiscal year 2011, and facilitate the development of new fertilizer products through broader testing and experimentation. Our expanding R&D capabilities, supported by strong sales and marketing programs, should enable us to continue to gain market share and build on being one of the leading fertilizer producers in China."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. currently offers 148 different HA-based compound fertilizers, which are distributed via 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China. Its fertilizer products are certified by the Chinese government as "Green Food Production Materials." The leading five provinces which collectively accounted for 40.4% of the Company's fertilizer revenue for the three months ended March 31, 2010 are Shaanxi (11.2%), Shandong (10.8%), Anhui (7.9%), Henan (5.6%), and Sichuan (4.9%). For more information, visit http://www.cgagri.com .
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact: HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: [email protected] China Green Agriculture, Inc. Mr. Ken Ren, Chief Financial Officer Tel: +1-530-220-3026 Email: [email protected]
SOURCE China Green Agriculture, Inc.
Share this article