BEIJING, Feb. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"), a leading organic compound fertilizer manufacturer and distributor in China, announced the appointment of Mr. Xuenong Zhang to its board as an independent director.
Mr. Zhang has over 30 years of industry experience having worked for several large domestic fertilizers companies in China including Sinofert Holdings Ltd. Mr. Zhang is currently the Deputy General Manager of Xinhuinong Agricultural Material (Beijing) Co., Ltd., a private company specializing in the import, export, distribution and sales of fertilizer raw materials and fertilizer products. Prior to that, Mr. Zhang worked at Sinofert where he advanced from General Manager of Sinofert's Jiangsu branch to a Manager of Sinofert's nationwide nitrogen fertilizer division and to Deputy General Manager of Sinofert Holdings. Mr. Zhang started his career at the Agricultural Production Group in the Jiangsu Province.
Mr. Xuenong Zhang remarked, "I thought highly of the integrity and reliability of China Agritech's organic fertilizer products during my official capacity at Sinofert and am very pleased to have the opportunity to contribute to the Company's growing business. Due to unique benefits such as slower nutrient release rate, moisture retention and soil improvement, organic fertilizers are becoming a viable alternative increasingly used by Chinese farmers. I believe that China Agritech's complimentary product portfolio with both organic liquid and granular fertilizers, and their expanding distribution center network, place the Company in a strategically advantageous position to capitalize on the long-term growth in the Chinese agricultural space."
Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech, commented, "We welcome the valuable addition of Mr. Zhang to our Board of Directors. We expect that Mr. Zhang's broad experience in the Chinese fertilizer industry, in-depth understanding of the business environment, and his key industry connections will provide us with valuable operational insights and enhance our corporate governance."
As a result of the new appointment and compliance with NASDAQ listing rules, Mr. Charles Law resigned as a director for China Agritech.
"We are very thankful for Charles' valuable contribution to China Agritech as we transition to a larger organic fertilizer company. With our rapid growth in the Chinese agriculture market, we will continue to bring in industry veterans to steer our company in the right direction," Chairman Chang added.
About China Agritech, Inc.
China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The Company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The Company sells its products to farmers located in 28 provinces of China. For more information, please visit http://www.chinaagritechinc.com.
Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions, future operating results of the Company, capital expenditures, expansion and growth opportunities, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Except as required by law, China Agritech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
For more information, please contact:
Mr. Gareth Tang
Mr. Shiwei Yin/Kevin Theiss
SOURCE China Agritech, Inc.