BEIJING, Feb. 23 /PRNewswire-Asia/ -- Yongye International, Inc. (Nasdaq: YONG), ("Yongye or "the Company") a leading developer, manufacturer, and distributor of Shengmingsu brand plant and animal nutrient products in the People's Republic of China (PRC), today announced that the Company's branded store network has expanded to 9,110 stores as of the end of 2009 compared with 1,125 stores at the end of 2008. In addition, the Company announced a new one-day sales record at one of its branded stores in Shayang County, Hubei Province.
A significant portion of the growth in the Company's branded store network took place in central and southern China, expanding the Company's geographic reach beyond its already strong presence in the north and northwest provinces of China. These independently-owned stores all feature prominent Yongye branding on the storefront and premium display space inside of the stores.
"These new sales territories provide Yongye with a much broader national presence and indicate that our branded store model is being replicated successfully on a national basis," said Mr. Zishen Wu, Chief Executive Officer. "These new stores will enable Yongye to rapidly penetrate rural Chinese markets and further promote strong brand recognition through marketing and education at the village level."
On December 6, 2009, one of the Company's branded stores in Shayang County, Hubei Province, sold 41,628 bottles or $85,000 worth of Shengmingsu plant product, setting a new one-day sales record for an individual Yongye branded store. This new one-day single-store sales record was 65% greater than the previous one-day sales record achieved on October 30, 2009.
Mr. Wu continued, "Leveraging our integrated marketing campaigns in rural Chinese villages and our unique branded store distribution model, we have successfully grown our presence across China and significantly broadened brand awareness of our Shengmingsu plant product. We believe the continued fast growth of our branded store network is a testament to the strength of our Shengmingsu brand, the uniqueness of our sales and marketing model, and the strong local support of our distribution partners."
About Yongye International, Inc.
Yongye International, Inc., headquartered in Beijing, is engaged in the development, manufacturing, distribution and sales of Shengmingsu brand plant and animal nutrient products. The Company's patented and patent pending formulas and proprietary extraction processes allow it to create products that increase crop yields and improve the health of livestock. Its sole operating subsidiary, Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd., is headquartered in Beijing with major operations located in Inner Mongolia, People's Republic of China. For more information, please visit the Company's website at http://www.yongyeintl.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Yongye International, Inc.
Mr. Larry Gilmore-VP of Corporate Strategy
Tel: +86-10-8232-8866 x8880
Email: larry.gilmore@yongyeintl.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com