BEIJING, Aug. 30 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc.
(Nasdaq: YONG) ("Yongye" or the "Company"), a leading manufacturer, developer and distributor of "Shengmingsu" brand plant and animal nutrient products in China, today announced the opening a new production facility in Wuchuan County, Hohhot, Inner Mongolia.
The Company's new facility is capable of producing 20,000 tons per annum of Shengmingsu plant nutrient product and 10,000 tons per annum of Shengmingsu animal nutrient product, for a total production capacity of 30,000 tons per annum. The capacity from the new facility is in addition to the Company's prior capacity of 15,000 tons per annum for plant nutrient product and 1,000 tons per annum for animal nutrient product, bringing the Company's total capacity to 46,000 tons per annum. The Company expects the new facility to become fully operational in the fourth quarter of 2010.
The grand opening ceremony for the new production facility was held on August 28, 2010, and had over 1,000 attendees, including from the Ministry of Agriculture, the Inner Mongolia and Wuchan County governments, Yongye's regional distributors and business partners, and members of the financial and media communities. Mr. Zishen Wu, Chief Executive Officer, was joined for the ribbon cutting ceremony by Mr. Robert McCooey, Senior Vice President at NASDAQ; Mr. Zhao Zekun, Chief Editor of CCTV's Agriculture Channel; Mr. Tao Yuanjie, President of Farmer's Daily; Mr. Qu Zhenyuan, President of China Agricultural University; and other dignitaries and guests.
"The opening of our second production facility is an important milestone in our business development," stated Mr. Wu. "Our last factory expansion in Hohhot was completed in October of 2008. Over the last two years our company has experienced tremendous growth. This growing demand is a testament to the effectiveness of both our scalable business model and the ability of our Shengmingsu plant nutrient product in helping farmers increase crop yields, thereby providing them with a compelling return on investment. We continue to see strong sales growth in our traditionally strong provinces as well as in the newer provinces of Central and Southern China which have recently added Yongye branded stores. We expect the new production facility to provide significant support to our continuous business expansion throughout China in the next several years."
About Yongye International
Yongye International is a Chinese agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Both products are sold under the brand name "Shengmingsu," which means "life essential" in Chinese. 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. The Company sells its products primarily to provincial or regional level distributors, who then channel those products to a carefully selected network of independently-owned Yongye branded stores in 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
Phone: +1-626-319-4742 (US Cell)
+86-10-8232-8866
Email: larry.gilmore@yongyeintl.com
Ms. Wendy Xuan-Business Associate
Phone: +86-10-8232-8866 x 8827
Email: wendy.xuan@yongyeintl.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
