BEIJING, April 25 /Xinhua-PRNewswire-FirstCall/ -- China Agritech, Inc. (OTC Bulletin Board: CAGC) (“China Agritech”), a leading liquid fertilizer manufacturer in China, today announced that it has engaged Grobstein, Horwath & Company, LLP (“Grobstein, Horwath & Co.”), a Horwath International firm, as its new independent auditor, effective April 18, 2008. Grobstein, Horwath & Co. replaces Kabani & Co. LLP (“Kabani & Co.”), which was dismissed on April 18, 2008.
The decision to change accountants was recommended, authorized and approved by the Company’s board of directors. China Agritech had no disagreements with Kabani & Co. from the time of the initial engagement to its dismissal, including the Company’s most recent fiscal year and the subsequent interim period, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if they had not been resolved to Kabani & Co.’s satisfaction, would have caused them to make reference to the disagreements in their reports on the Company’s financial statements.
“We are pleased to engage Grobstein, Horwath & Co. as our new independent auditor and look forward to working with them in the future,” commented Mr. Yu Chang, Chief Executive Officer of China Agritech.
About China Agritech Inc.
China Agritech is engaged in the development, manufacture and distribution of organic liquid compound fertilizers and related products in the People’s Republic of China. The Company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The Company sells it products to farmers located in twenty provinces of China including: Hainan, Anhui, Hubei, Jiangsu, Jiangxi, Guangxi, Liaoning, Shanxi Heilongjiang, Hebei, Jilin, Shandong, Inner Mongolia, Henan, Sichuan, Guangdong, Xinjiang, Yunnan, Chongqing and Guizhou. For more information visit http://www.chinaagritechinc.com .
For more information, please contact:
CCG Elite Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1916
Email: crocker.coulson@ccgir.com
China Agritech, Inc.
Kelviz Lim Kok Siak, VP of Finance
Tel: +86-10-5962-1220
Email: kelviz@chinaagritech.com
