BEIJING, Feb. 5 /PRNewswire-Asia/ -- China Agritech, Inc. (Nasdaq: CAGC) ("China Agritech" or "the Company"), a leading national organic fertilizer manufacturer and distributor in China, today announced that it effected a 2 for 1 forward split of its common stock on February 1, 2010 which will be reflected on NASDAQ beginning with trading on Monday, February 8, 2010.
The effect of the forward split will be to increase the number of shares of common stock outstanding to approximately 17.3 million from the 8.7 million shares outstanding prior to the forward split. Each shareholder of record as of the close of trading on February 1, 2010, will have 2 common shares for every 1 common share previously held.
Mr. Yu Chang, Chief Executive Officer of China Agritech, commented, "We believe the Company's shareholders will benefit from the greater liquidity in the Company's common stock created by the stock split. The success of our strategic plan through the introduction of our new organic granular fertilizers combined with our organic liquid fertilizers, has generated increased financial results and shareholder interest. The greater liquidity may make the stock more attractive for certain institutions and improve our trading characteristics."
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 28 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, 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
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
