XI'AN, China, Aug. 3 /PRNewswire-Asia/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer through its wholly owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. and Beijing Gufeng Chemical Products Co., Ltd., today announced that it launched nine new HA based fertilizer products and added twenty-one new distributors in the fourth quarter ended June 30, 2010.
The Company's new fertilizer products launched in the fourth quarter of fiscal year 2010 include five tailored, three functional and one broad-spectrum fertilizer.
Tailored Fertilizer
Among the newly introduced tailored fertilizer are: a Soybean Tailored Fertilizer, which has been developed specifically for soybean's yield increment and oil output; an Oil Crop Tailored Fertilizer, which promotes the full development of oil seeds while reducing empty hulls and imperfect gains, and improves the crop and oil yield; Jin Dang Gui, which promotes even and robust seedlings of angelica and increases its survival rate of seedling transplantation while preventing yellow leaves, leaf rolls and falling; Ju Ye Bao, which has been developed to both reduce rotten roots and control the over growth of chrysanthemum, particularly, stevia; and Xiao Neng Dou, which quickens the synthesis of starch and protein while increasing the number of rhizobium, therefore improving the weight and oil yields of soybeans.
Functional Fertilizer
Newly introduced functional fertilizer include: Mian Sha, which reduces bad cotton balls and segments, and improves the ginned cotton's yield and quality; You Ji Gai Shen, which prevents deceases from lack of calcium and thus promotes the flower bud differentiation and improves the fruit setting rate and natural swelling; and Ting Bao, which increases the number of sprouts.
Broad-Spectrum Fertilizer
A newly introduced broad spectrum fertilizer is Run Tian, which improves the soil structure and resists the reproduction of bacterium. It also helps to increase the sweetness and vitamin in fruits such as melon.
"We continue to meet our customers' diversified and ever-changing demands," said Mr. Tao Li, the Company's chairman and CEO. "Thanks to our R&D team, we successfully launched these nine new products on time. Historically, we launched three to four new products every quarter. In the third quarter of fiscal 2010 ended March 31, 2010, we delivered seven new products. In this immediately passed quarter, we launched even more. We already received positive feedback from our customers' for these new products. We expect these new fertilizers to generate strong, incremental profits to the Company, and increase our competitive position in the HA fertilizer market."
Distribution Network Update
The Company also announced that in addition to its 552 distributors as of March 31, 2010, it has signed agreements with an additional 21 new distributors throughout the quarter ending June 30, 2010. The new 21 clients bring the Company's regional distributor base to 573 individual distributors and strengthen the Company's distribution footprint in key provinces, autonomous regions and municipal cities throughout China.
About China Green Agriculture, Inc.
China Green Agriculture, Inc. produces and distributes humic acid ("HA") based compound fertilizers and other variety of compound fertilizers through its wholly owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., ("Jinong") and Jinong's subsidiary, Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"). Excluding Gufeng, Jinong produces and sells 158 different kinds of fertilizer products per year. Excluding Gufeng, all of Jinong's fertilizer products are certified by the PRC government as green food production materials, as stated by the China Green Food Research Center. Jinong's liquid based fertilizers are highly concentrated liquids which require an application of approximately 120 ml per mu per application. Its average end user has approximately four mu of land (one mu = .165 acres). Jinong also has the capacity to produce highly concentrated powdered fertilizers. Excluding Gufeng, Jinong currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, 4 autonomous regions and 3 municipal cities in the PRC. The leading five provinces which collectively accounted for 40.4% of the Company's fertilizer revenue for the three months ended March 31, 2010 are Shaanxi (11.2%), Shandong (10.8%), Anhui (7.9%), Henan (5.6%), and Sichuan (4.9%). On July 2nd, 2010, Jinong acquired and wholly owned Gufeng since then. Beijing Gufeng Chemical Products Co. Ltd. was founded in 1993. Its wholly-owned subsidiary Tianjuyuan was founded in 2001. Both are Beijing-based producers of compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer. Gufeng produces and sells over 300 different kinds of fertilizer products every year. At present, it has over 150 distributors nationwide. Gufeng has developed certain proprietary knowledge with respect to fertilizer production, and its products are sold throughout China and abroad. Gufeng operates a facility with an annual production capacity of 300,000 MTs of compound fertilizer. The current utilization rate is approximately 60%. 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 Safe Harbor 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, except as required by applicable law or regulation.
For more information, please contact:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
China Green Agriculture, Inc.
Mr. Ken Ren, Chief Financial Officer
Tel: +1-530-220-3026
Email: kenren@cgagri.com