- $2 Million Related to 2007 PIPE to be Released from Escrow to the Company -
BEIJING, Oct. 23 /Xinhua-PRNewswire/ -- China Agritech, Inc. (OTC Bulletin Board: CAGC) ("China Agritech" or "the Company"), a leading national-level liquid organic compound fertilizer manufacturer and distributor in China, today announced the appointment of Mr. Yau-Sing Tang as Chief Financial Officer, effective immediately. With yesterday's appointment of three independent directors of the board, today's announcement will entitle China Agritech to receive $2 million from an escrow account, according to the Escrow Agreement in connection with the 2007 PIPE transaction.
Mr. Tang, 46, was most recently the CFO at Carpenter Tan Holdings Ltd., a retail chain in Mainland China which is applying to be listed on the Hong Kong Stock Exchange. Prior to that, he was the founder and managing director of GC Alliance Limited, CPA firm in Hong Kong. From April 2003 to December 2005, he was executive director and Chief Financial Officer of China Cable and Communication, Inc., which was listed on the OTC Bulletin Board in the U.S.
Mr. Tang received his bachelor of social sciences (Honors) degree from the University of Hong Kong. He is a fellow of the Association of Chartered Certified Accountants in the U.K. and the Hong Kong Institute of Certified Public Accountants. He is also a member of the Institute of Chartered Accountants in England and Wales and the Taxation Institute of Hong Kong.
"Our new board of directors is extremely pleased to welcome Mr. Tang to join our senior management team," said Mr. Yu Chang, Chairman and Chief Executive Officer of the Company. "Mr. Tang brings over 23 years of accounting, corporate finance and financial-reporting experiences. He has worked in telecom, retail and financial services industries and has a strong background in the U.S. GAAP. We look forward to drawing upon Mr. Tang's expertise in financial reporting and his extensive contacts in the financial services industry."
About China Agritech, Inc.
China Agritech, Inc. is engaged in the development, manufacturing and distribution of liquid 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 contains 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" 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, 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 (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
