XI'AN, China, Jan. 7, 2011 /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 in China , Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), today announced that Gufeng has signed an export contract with Sinoagri Holding Company Limited, one of the largest domestic fertilizer traders in China.
According to the terms of the agreement, Gufeng is expected to export 165,000 tonnes of binary acid compound fertilizer products to India. The first delivery under the contract will take place in late May 2011.
"Our success in winning this significant new business will help us strengthen our position in the competitive domestic fertilizer market and bolster our revenue growth for the 2011 fiscal year," commented Mr. Tao Li, Chairman and Chief Executive Officer of China Green Agriculture. "This is an additional bonus for the Company, which will reaffirm the company's guidance in fiscal year 2011. In addition, this new bulk contract also helps demonstrate the success of the Gufeng acquisition and substantially increases our export business. We are confident that our high quality fertilizers will draw new customers and help us rapidly gain shares in the overseas market in the coming years."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. mainly produces and distributes 464 humic acid (HA)-based compound fertilizers and other varieties of compound fertilizers through its wholly-owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"). It currently has 740 distributors covering 21 provinces, four autonomous regions and three central-government-controlled municipalities in the PRC. For the three months ended September 30, 2010, the top five provinces of fertilizer sales accounted for 28.2% of fertilizer revenues. The five provinces and their respective percentage contribution to total fertilizer revenues were Hebei (7.6%), Heilongjiang (6.1%), Liaoning (5.2%), Jilin (4.8%), and Shaanxi (4.6%). 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 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 SEC. 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.