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China Agritech, Inc. Announces Stock Purchase by Management

2009-03-23 19:55 1497

BEIJING, March 23 /PRNewswire-Asia/ -- China Agritech, Inc. (OTC Bulletin Board: CAGC) ("China Agritech" or the "Company"), a leading national liquid and granular organic compound fertilizer manufacturer and distributor in China, today announced that the Chairman, CEO, and President of the Company, Mr. Yu Chang, and one of the directors of the Company, Ms. Xiaorong Teng, have purchased shares in the open market.

Between March 11 and March 13, 2009, Mr. Yu Chang purchased a total of 27,012 common shares with market prices ranging between $0.86 and $1.05 per share and Ms. Xiaorong Teng purchased 20,000 common shares with market prices ranging between $0.86 and $1.01 per share. Mr. Chang, through an affiliated entity, already has a substantial position in China Agritech's stock, being the largest shareholder.

Mr. Yu Chang commented, "We believe the current stock price does not reflect our long-term value."

"We believe we have built a successful business and we are potentially entering a new phase of growth with our new granular fertilizers to enhance our market share in the growing organic fertilizer market in China. We announced higher 2008 preliminary unaudited revenues and net income compared with the results of a year ago. The purchase of the Company's stock reflects our confidence in the Company and our commitment to the Company's future."

About China Agritech, Inc.

China Agritech, Inc. is engaged in the development, manufacturing 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 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 regarding statements, including, but not limited to, 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.

For more information, please contact:

In China:

Mr. Kelviz Lim Kok Siak

Investor Relations

China Agritech, Inc.

Tel: +86-10-5962-1220

Email: kelviz@chinaagritech.com

In the U.S.:

Mr. Kevin Theiss / Mr. Valentine Ding

Investor Relations

Grayling

Tel: +1-646-284-9409

Email: ktheiss@hfgcg.com

vding@hfgcg.com

Source: China Agritech, Inc.
Related Stocks:
NASDAQ:CAGC
Keywords: Agriculture
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