BEIJING, Sept. 4 /Xinhua-PRNewswire-FirstCall/ -- China Agritech, Inc. (OTC Bulletin Board: CAGC) ("China Agritech" or "the Company"), a leading liquid organic fertilizer manufacturer in China, today announced that the Company has entered into a contract with Superus Company Ltd. ("Superus"), an international company in Ukraine in the business of trading agrochemical products.
Superus began cooperating with China Agritech to conduct product testing in April 2008. After successful testing, China Agritech's Green Vitality liquid fertilizer was proven to have superior quality in comparison with the local brands in Ukraine and Superus has decided to conduct test sales of China Agritech's products. The initial contract is for 10,000 liters of Green Vitality liquid fertilizer product worth $75,000, which will be shipped in September 2008. Orders are expected to increase significantly upon successful acceptance of the product in the Ukrainian markets. All current and future sales will be made in compliance with all applicable U.S. laws and regulations
"We are happy to announce our entry into the Ukrainian market. Following our entry into the Egyptian market in July, we are glad to see successful penetration into another international market. Our Green Vitality liquid fertilizer product has once again demonstrated superior quality in comparison with local competitors," commented Mr. Yu Chang, CEO of China Agritech. "The test sales provide us time to evaluate Superus' capability in promoting our products and for careful study of the Ukrainian market, which will facilitate our decision on further cooperation for expanding sales across Ukraine. We continue to explore new markets globally, which will drive our future revenue growth. The high quality and performance of our products helps increase our brand value and recognition," added Mr. Yu.
About Superus Company Ltd.
Superus Company Ltd is an international company engaged in the business of trading in agrochemical products and operating Real Estate business. The Company has its headquarters in Ukraine and a branch office in Hong Kong. Its major markets are Europe, Africa, Asia, the Far East, and Oceania.
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 26 provinces of China. For more information visit http://www.chinaagritechinc.com .
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.
For more information, please contact:
CCG Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
China Agritech, Inc.
Kelviz Lim Kok Siak, VP of Finance
Tel: +86-10-5962-1220
Email: kelviz@chinaagritech.com
Web: http://www.chinagritechinc.com
