China Green Agriculture, Inc. Launched Eight New Fertilizer Products during Third Quarter of Fiscal Year 2011
XI'AN, China, April 25, 2011 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a producer and distributor of humic acid ("HA") based compound fertilizers, blended fertilizers, organic compound fertilizers, slow-release fertilizers and highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizers through its wholly owned subsidiaries in China, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), today announced that it launched eight new HA based fertilizer products during the three months ended March 31, 2011.
Jinong rolled out a new liquid fertilizer called Mai Feng, and a new powder fertilizer called Miao Wang.
Mai Feng strengthens wheat's resistance to drought, cold, and lodging. It further helps reduce rust, dust brand and powdery mildew diseases, thus producing wheat crops that are less prone to damage and have a longer shelf life.
Miao Wang aims to fuel root and leaf development at early stages of crop growth.
For the three months ended March 31, 2011, the management believes Jinong's new products contributed approximately RMB1.2 million (approximately US$177.5 thousand) in revenue.
Gufeng produced six new products, including four sulfur-based organic-inorganic compound fertilizers, one chloride-based blend fertilizer and one sulfur-based compound fertilizer.
The four sulfur-based organic-inorganic compound fertilizers increase the output of crops, oil crops, fruits and vegetables.
The chloride-based blend fertilizer prevents empty corn grains and increases corn output.
The sulfur-based compound fertilizer is a generic fertilizer for all crops, fruits and vegetables.
For the three months ended March 31, 2011, the management believes Gufeng's new products contributed approximately RMB18.1 million (approximately US$2.8million) in revenue.
"I am very pleased that these new products reached the market during this past quarter. They further demonstrated our long-term commitment to faster product development process and market roll-out of new products," said Mr. Tao Li, the Company's Chairman and CEO. "Going forward, we will continue to launch new fertilizer products to address customer's rapidly changing needs. We believe our new product strategy can strengthen our competitive position in the compound fertilizer market. As we emphasized in our recently announced ten-year growth plan, our new product strategy supported by a strong research and development platform is critical for the Company to achieve its $3 billion annual revenue goal by 2020."
About China Green Agriculture, Inc.
The Company mainly produces and distributes humic acid-based compound fertilizers and other varieties of compound fertilizers through its wholly-owned subsidiaries, Jinong and Gufeng. Jinong produces and sells 146 different kinds of fertilizer products, all of which are certified by the PRC government as Green Food Production Materials, as stated by the China Green Food Research Center. Jinong currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, four autonomous regions and three central-government-controlled municipalities in the PRC. For the three months ended December 31, 2010, the top five provinces (or municipalities) of fertilizer sales accounted for 29.2% of total revenues. The five provinces (or municipalities) and their respective percentage contribution to total fertilizer revenues were Hebei (7.0%), Jilin (6.8%), Liaoning (6.4%), Shaanxi (4.8%) and Beijing (4.1%). Jinong had 598 distributors in China. Gufeng had 157 distributors including some large state-owned enterprises. Gufeng and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based producers of compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer. Gufeng produces and sells over 300 different kinds of fertilizer products, and has over 150 distributors nationwide. For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and the execution of the ten-year growth plan and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
For investor and media inquiries, please contact: |
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China Green Agriculture, Inc. |
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Mr. Ken Ren, Chief Financial Officer |
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Tel: +1-530-220-3026 |
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Email: [email protected] |
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Christensen |
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Rene Vanguestaine |
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Tel: +1-646-209-2574 |
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+852-6686-1376 |
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Email: [email protected] |
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or |
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Kathy Li |
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Tel: +1-480-614-3036 |
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Email: [email protected] |
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SOURCE China Green Agriculture, Inc.
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