XI'AN, China, Jan. 24, 2012 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a producer and distributor of humic-acid based compound fertilizers, blended fertilizers, organic compound fertilizers, mixed organic-inorganic compound fertilizers, slow-release fertilizers, highly-concentrated water soluble fertilizers and agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings through its wholly-owned subsidiaries in China, today announced that it launched five new humic-acid based fertilizer products and added 26 new distributors in the second quarter ended December 31, 2011.
The five new fertilizer products, including three tailored fertilizers, one broad-spectrum fertilizer and one powder fertilizer, were launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong"), during the second quarter ended December 31, 2011. Among the three tailored fertilizers, Jiehailing, which can reproduce the beneficial cells in the plants and rapidly decompose the pesticide residues, is a breakthrough in the Company's fertilizer research and development. It was the first time for the Company to launch a fertilizer with such functions. In consideration of the current environmental pollution and soil crust by the pesticide residues, the Company is developing fertilizers that can solve the complicated soil and environmental problems caused by pesticides.
The five new products contributed RMB5, 397,796 (approximately $849,613) to Jinong's fertilizer revenues during the quarter. Jinong also added 22 new distributors during the quarter, which brought the total number of Jinong's distributors to 699. These new distributors contributed RMB3, 523,980 (approximately $554,674) to Jinong's fertilizer revenues during the quarter.
Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng"), added four new distributors during the quarter. These four new distributors contributed RMB38, 733,615 (approximately $6,096,671) to Gufeng's fertilizer revenues during the quarter.
"We are very pleased with our strong R&D capacity, which enabled us to rapidly develop five new fertilizer products in the past quarter. These five new fertilizer products have increased our total number of fertilizer products to 465 and have further diversified our fertilizer products mix. Meanwhile, we are also grateful for our marketing team's capability of continuous business development, a result of which our total number of distributors reached 876," said Mr. Tao Li, the Company's Chairman and CEO. "Our R&D capacity and new business development capability constituted the main drivers of the company's growth and will be continuously strengthened in the future to realize our 10-year growth plan."
About China Green Agriculture, Inc.
The Company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Jinong, Gufeng, Xi'an Jintai Agriculture Technology Development Company ("Jintai") and Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 152 different kinds of fertilizer products as of December 31, 2011, all of which are certified by the PRC government as Green Food Production Materials, as stated by the China Green Food Development Center. Jinong currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 22 provinces, four autonomous regions, and three central-government-controlled municipalities in the PRC. Jinong had 699 distributors in China as of December 31, 2011. 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. As of December 31, 2011, Gufeng produced and sold more than 300 different kinds of fertilizer products, and had 177 distributors in China. 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 within the meaning of the Private Securities Litigation Reform Act of 1995 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, the execution of its 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 more information, please contact:
China Green Agriculture, Inc.
Ms. Jane Zuo (English and Chinese)
Secretary of the Board
SOURCE China Green Agriculture, Inc.