Deyu Agriculture Corp. Announces Changes to Board of Directors
BEIJING, Aug. 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 Mr. Jianming (Jimmy) Hao has amicably resigned from his directorship and chairmanship positions on the Board and Mr. Longjiang Yuan has amicably resigned from his position as a director of the Company, effective August 16, 2013. To fill the vacancies created by such resignations, the Company's board of directors has approved the appointment of Mr. Hong Wang to serve as Chairman of the Board and Professor Xinli Li to serve as a director of the Company, effective from August 16, 2013. Professor Xinli Li is deemed "independent" and will also serve as a member of the Audit Committee, Nominating Committee and Compensation Committee of the Board.
Mr. Wang has been serving as an executive director of the Company since April 2012. Prior to that, he served as Vice President of Detian Yu Biotechnology (Beijing) Co., Ltd., a subsidiary of the Company, since October 2009.
Professor Li has served as a Researcher of the Culture Industry Research Institute at Shenzhen University, since September 2011. Prior to that, he served as the Head of the Department of Advertising and as an Associate Professor at Shenzhen University beginning in November 2004. Professor Li earned his Bachelors of Science degree from Huazhong Normal University, and his Masters Degree in Tourism Economics from Nankai University.
Mr. Greg Chen, Chief Executive Office of the Company, commented on behalf of the Board, "We would like to thank Jimmy for his leadership and outstanding contribution to the Company since its foundation. His leadership has provided Deyu a good foundation for future growth. Mr. Hao has decided to resign due to personal reasons. We wish him all the best for the future."
"Mr. Wang is one of the co-founders of the Company and has been serving the Company as a Director. His experience in the Chinese grain industry will help shape the future of the Company," added Greg Chen. "We are also very pleased to be welcoming Professor Li to the board as an independent director. His expertise will be of importance for Deyu as we are moving into new market areas. We would also like to express our sincere appreciation to Mr. Longjiang Yuan for his valuable support over the past years."
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.deyuagr.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.