Deyu Agriculture Corp. Announces Appointment of New CEO and President
BEIJING, April 19, 2013 /PRNewswire/ -- Deyu Agriculture Corp. (OTCBB: DEYU) (the "Company"), a Shanxi Province, China-based vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains, today announced that effective April 15, 2013, Mr. Jianming Hao resigned as Chief Executive Officer of the Company, Mr. Greg Chen resigned as President of the Company and was appointed as new Chief Executive Officer of the Company, and Mr. Jan Poulsen resigned as a Director of the Company and was appointed as President of the Company.
"We thank Jianming for his contribution to Deyu. He worked hard to lead the Company through challenging periods. His vision and leadership have provided Deyu with the foundation for its future growth," said Executive Director Mr. Hong Wang on behalf of Deyu's Board. "Jianming will remain on the Company's Board and serve as Chairman where he will stay closely involved through the transition to impart his knowledge and experiences in the industry.
"Greg previously served as our President, and has over fifteen years of international business strategy, development and management experience in various industries," added Mr. Wang. "The Board has complete confidence that Greg is the right person to be our next CEO. With the upcoming industrial and market opportunities and challenges, Greg will lead the enhanced management team to achieve more sustainable competitiveness on multiple strategic and operational fronts for the Company.
"We are also excited that our management team has an addition of Jan as President," continued Mr. Wang. "Jan's twenty-plus years of international management experiences, operational proficiencies and skills within strategy and business development in the food and beverage industries, will be very instrumental to our future growth."
About Deyu Agriculture Corp.
Deyu Agriculture Corp. is a vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains operating in Shanxi Province in the People's Republic of China. The Company has access to over 109,000 acres of farmland in Shanxi Province for breeding, cultivating, processing, warehousing and distributing grain and corn products. We have a nationwide sales network covering manufacturers, grain traders, wholesalers, distributors, institutional clients and retail stores in China. Deyu Agriculture Corp.'s facilities include sophisticated production lines and modern warehouses with a total production capacity of over 105,000 tons for grain products, storage capacity of over 100,000 tons and annual turnover of 700,000 tons for corn products. The Company's website is located at www.deyuagri.com.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the current plans, estimates and projections of Deyu Agriculture Corp.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, changes in the agricultural industry, the Company's ability to maintain its competitive position. Additional Information regarding risks can be found in the Company's quarterly and annual reports filed with the U.S. Securities and Exchange Commission at www.sec.gov.
Mr. Greg Chen, Chief Executive Officer
Deyu Agriculture Corp.
Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-8273-2870 x8522
SOURCE Deyu Agriculture Corp.