Business News
China Green Agriculture, Inc. Progresses on Construction of New Facilities
2008-08-19 08:00:00
XI'AN, China, Aug. 19 /Xinhua-EMWNews/ -- China Green Agriculture, Inc. (OTC Bulletin Board: CGAG) ("China Green Agriculture" or "the Company"), a leading producer and distributor of organic humic acid ("HA") based liquid compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., today announced that it is progressing as scheduled in the construction of its expanded fertilizer manufacturing facilities at its headquarters in Shaanxi province, PRC. The new manufacturing facilities, which broke ground in May of this year, will increase China Green Agriculture's annual organic fertilizer output by an additional 40,000 tons, from 10,000 tons per year to 50,000 tons. To date, China Green Agriculture has completed its foundation work for the new facility and is currently constructing the main building. In addition, the Company has recently finalized contracts for the purchase and installation of all equipments that will be used in the manufacturing facility including dryers, mixers, reactors, etc. This equipment was custom ordered from a medical machinery manufacturer to function in accordance with the Company's proprietary automated control system, allowing China Green Agriculture to manufacture high grade, uniform quality fertilizer products. Furthermore, the new facility will be able to produce granular HA fertilizer, diversifying the Company's product offering from liquid fertilizers. "We are pleased with the speed and efficiency with which the construction process of our new facilities has proceeded," commented Mr. Tao Li, CEO of China Green Agriculture. "As we are currently operating at above capacity, we are eager to be able to expand our production volumes as soon as possible. At the current pace of construction, we hope for our new facilities to come online in February of 2009."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. produces and distributes humic acid
("HA") based liquid compound fertilizer through its wholly owned
subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd.,
("TechTeam"). TechTeam produces and sells approximately 10,000 metric tons
of over 100 different kinds of fertilizer products per year. All of
TechTeam's fertilizer products are certified by the PRC government as green
products and suitable for growing Grade AA "green" foods, also known as
green products that contain little or no chemical materials, as stated by
the China Green Food Research Center. TechTeam's fertilizers are highly
concentrated liquids which require an application of approximately 120 ml
per mu per application. Its average customer has approximately four mu of
land (one mu = .165 acres).
China Green Agriculture currently markets its fertilizer products to
private wholesalers and retailers of agricultural farm products in 27
provinces in the PRC. The leading five provinces by revenue for the fiscal
year ended June 30, 2007 include Heilongjiang (9.99%), Guangdong (7.81%),
Xinjiang (6.59%), Shandong (5.81%), and Henan (5.80%). For more
information, visit http://www.cgagri.com .
Cautionary 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:
Company Contact:
Mr. Tao Li
Chief Executive Officer
China Green Agriculture, Inc.
Tel: +86-29-88266386
Email: [email protected]
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY Office)
Email: [email protected]
Web: http://www.ccgirasia.com
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