BEIJING, Aug. 15 /PRNewswire-Asia/ -- Yongye International, Inc. (OTC Bulletin Board: YGII), a leading developer and distributor of Shengmingsu brand plant and animal nutrient products located in the People's Republic of China (PRC), today announced that the Company will file a Form 12b-25 Extension for the filing of its Form 10-Q for three months ended June 30, 2009.
The Company is requesting an extension because it has experienced a delay in finalizing its unaudited financial results due to a technical accounting issue in the second quarter of 2009 and 2008. This is the remaining issue and the Company is working closely with its new certifying accountant firm KPMG to determine the most appropriate accounting treatment under U.S. GAAP. The earnings call scheduled for Monday, August 17th, at 10:00 a.m. EDT will be rescheduled and convened after the Form 10-Q has been filed which is expected to be within the automatic five-day extension available under rule 12-b25.
About Yongye Biotechnology International, Inc.
Yongye International, Inc., headquartered in Beijing, is engaged in the development, distribution and sales of Shengmingsu brand plant and animal nutrient products. The Company's patented and patent pending formulas and proprietary extraction processes allow it to create products that increase crop yields and improve the health of livestock. Its sole operating subsidiary, Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd., is headquartered in Beijing with administrative and sales offices located in Inner Mongolia, People's Republic of China. The Company sells its products through distributors located in ten provinces throughout China.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Yongye International, Inc.
Mr. Larry Gilmore-VP of Corporate Strategy
Phone: +86-8232-8866 x8880
Email: larry.gilmore@gmail.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
