XI'AN, China, April 22 /PRNewswire-Asia/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based liquid compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., today announced that it launched seven new liquid based fertilizer products and added twelve new distributors in the third fiscal quarter ended March 31, 2010.
China Green Agriculture currently offers 148 different humic acid based liquid compound fertilizers in three distinct categories: functional fertilizers that offer special effects on crops; tailored fertilizers that are targeted at certain crops; and broad-spectrum fertilizers that are applied to all varieties of crops. The Company's fertilizer products, which are certified by the Chinese government as "Green Food Production Materials," are distributed via the Company's 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China.
The Company's new fertilizer products launched in the third quarter of fiscal year 2010 include three tailored, two functional and two broad-spectrum fertilizers.
Tailored Fertilizers
Among the newly introduced tailored fertilizers are a Cotton Tailored fertilizer developed specifically for cotton blossoming, a Corn Tailored fertilizer that makes corn sprouts uniform and sturdy and a Wheat Tailored fertilizer that makes wheat sprouts sturdy.
Functional Fertilizers
Newly introduced functional fertilizers include Peng Guo Fang Lei, for enlarging fruits naturally and reducing deformity or cracking, and Hong Jia Guo Shu, for evening color and increasing the accumulation of nutrition.
Broad-Spectrum Fertilizers
Among the newly introduced broad-spectrum fertilizers are Active Root Agent, that promotes development and extension of roots, and Export Type Fertilizer (250mlx40) that increases production and improves the quality of all crops in any soil.
"The development and rapid introduction of new, value-added products, made possible by our strong R&D and distribution capabilities, has been and continues to be a primary driver of our sales and earnings growth," said Mr. Tao Li, the Company's chairman and CEO. "Our ability to develop additional new high-margin fertilizer products will increase further as we expand our R&D platform through the addition of 12 new greenhouses, scheduled to come on line in fiscal year 2011. This addition, along with continued strong market demand, should generate strong revenue and earnings growth as we head into fiscal year 2011 and beyond."
Distribution Network Update
Additionally, the Company announced that that it has signed agreements with 12 new distributors throughout the quarter ending March 31, 2010. The 12 new clients have increased the Company's regional distributor base to 552 individual distributors and strengthened the Company's distribution footprint in key provinces, autonomous regions and municipal cities throughout China. With the cooperation of distributors, the Company promotes and introduces its new and existing fertilizer products through television and print advertisements, award ceremonies, local meetings and educational workshops.
About China Green Agriculture, Inc.
China Green Agriculture, Inc. currently offers 148 different HA-based compound fertilizers, which are distributed via 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China. Its fertilizer products are certified by the Chinese government as "Green Food Production Materials." The leading five provinces which collectively accounted for 34.7% of the Company's fertilizer revenue for the three months ended December 31, 2009 are Shaanxi (9.1%), Shandong (6.8%), Guangdong (6.7%), Heilongjiang (6.2%) and Hebei (5.9%). For more information, visit http://www.cgagri.com .
Safe Harbor Statement
This press release contains forward-looking statements 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 and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. 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.
For more information, please contact:
In the US:
China Green Agriculture, Inc.
Ms. Ying Yang, Chief Financial Officer
Tel: +1-626-623-2575
Email: yangying@cgagri.com
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
In China:
China Green Agriculture, Inc.
Mr. Jonnie Wang, Secretary of Board, Investor Relations Officer
Tel: +86-29-8826-6368
Email: wangxilong@cgagri.com
