Deyu Agriculture Corp. Receives Local Government Grants
BEIJING, Jan. 31, 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, announced today that its wholly-owned subsidiary, Jinzhong Deyu Agriculture Trading Co., Ltd ("Jinzhong Deyu"), recently received $206,000 USD (RMB 1.3 million) of Jinzhong city government subsidies, which will be used to support Deyu's business operations as well as the construction of its grains processing projects.
"We are thrilled to receive these grants as we believe they will help us expand our business and further promote economic and industrial development in Jinzhong," said Jianming Hao, Chief Executive Officer of Deyu. "Fostering a large, robust and modernized agricultural industry in Shanxi Province, particularly in Jinzhong, and boosting farmers' incomes in the region are very important to us, and with these grants, we believe we are in a much better position to meet these aims."
In 2012, the Shanxi Provincial Development and Reform Commission in China approved the inclusion of the Coarse Grain Processing Development of Jinzhong Deyu in the list of its local agricultural products industrial support and agro-processing investment plan. The Coarse Grains Processing Development strives to generate social and economic benefits in Shanxi Province in accordance with the policy of the Shanxi Provincial Government in strengthening the "Three Rural Works," which are works related to agriculture, rural areas and farmers.
About Deyu Agriculture
Deyu Agriculture Corp. is a vertically integrated agricultural value chain from farmland to consumer market, which produces, processes, markets and distributes organic and other agricultural products made from corn and grains operating in Shanxi Province in 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. Deyu Agriculture Corp. has an extensive wholesale network in over 15 provinces and a retail distribution network of approximately 20,000 supermarkets and convenience stores in 29 provinces across 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.
Deyu Hotline: +1-646-499-5475
Mr. Greg Chen, President
Deyu Agriculture Corp.
Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-5224-1802 X389
Mr. Kevin Ma
NUWA Group LLC
SOURCE Deyu Agriculture Corp.
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