BEIJING, Oct. 8 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"), a leading organic compound fertilizer manufacturer and distributor in China, today provides updates on corporate matters.
The Company remains committed to, and is in the process of, engaging a "Big Four" auditing firm soon, which will conduct the audit of the Company's 2010 financial results. A formal contract is expected to be signed and announced following the 2010 third quarter financial results release.
Regarding the recent market rumors, the Company believes such statements are intended to damage China Agritech's corporate image and the credibility of its management. The Company believes it has not been involved in any improper related-party transactions and management has not taken part in activities against their professional integrity. The Company considers the reputation and integrity of China Agritech to be of utmost importance to its future success and thus intends to vigorously defend it.
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: In China: Mr. Gareth Tang Chief Financial Officer China Agritech, Inc. Email: firstname.lastname@example.org In the U.S.: Mr. Shiwei Yin/Kevin Theiss Investor Relations Grayling Tel: +1-646-284-9474 Email: email@example.com firstname.lastname@example.org
SOURCE China Agritech, Inc.