XI'AN, China, May 29, 2013 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that, one of the Company's wholly-owned subsidiary organized under the laws of the PRC, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), received a grade A credit rating from the taxation bureau ("Taxation Bureau"), in Shaanxi province, China (the "Province").
The Taxation Bureau rates the company tax payers under its supervision every two years in the tax payer's performance of tax collection and payment, with credit ratings of grades A, B, C, and D, among which A is the highest grade. In the latest rating, The Tax Bureau issued grade A rating to 1127 company tax payers out of 350,000 qualified company tax payers in Shaanxi Province. The grade A rated companies accounted for less 1% of all the rated company tax payers by the Tax Bureau in Shaanxi Province. For the rest rated tax payers, 79.3% were grade B rated, and 18.6% were grade C rated, while the rest 2% were grade D rated.
"We are glad that the Tax Bureau rated Jinong as a grade A tax payer in the Province" stated Mr. Tao Li, Chairman and Chief Executive Officer of the Company, "this grade A rating illustrates that the Taxation Bureau recognized Jinong's performance in tax payment and corporate control."
About China Green Agriculture, Inc.
The Company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Jinong, Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") and Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 132 different kinds of fertilizer products as of March 31, 2013, all of which are certified by the PRC government as Green Food Production Materials, as stated by the China Green Food Development Center. Jinong currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 27 provinces, four autonomous regions, and three central-government-controlled municipalities in the PRC. Jinong had 797 distributors in China as of March 31, 2013. Gufeng, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based producers of compound fertilizer, blended fertilizer, organic compound fertilizer, and mixed organic-inorganic compound fertilizer. As of March 31, 2013, Gufeng produced and sold 317 different kinds of fertilizer products, and had 198 distributors in China. For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. 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, except as required by applicable law or regulations.
For more information, please contact:
China Green Agriculture, Inc.
Mr. Fang Wang (English and Chinese)
Tel: +86-18392115515
Email: wangfang@cgagri.com
