BEIJING, June 5 /PRNewswire-Asia/ -- China Agritech, Inc. (OTC 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: gareth@chinaagritech.com
In the U.S.:
Mr. Kevin Theiss / Mr. Valentine Ding
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@us.grayling.com
valentine.ding@us.grayling.com
