XI'AN, China, Nov. 13, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today updates that certain employees had made investments to the Company through the Company's Employee Stock Purchase Plan (the "ESPP").
Forty-seven Company's employees had submitted their enrollment forms for the subscription of a total of 464,776 shares of Common Stock from the Company for this round of subscription under the ESPP. These employees made a total cash contribution to the Company at an aggregated amount of $1,045,757. The Company's Compensation Committee, the administrator of the ESPP designated by the Company's Board of Directors, authorized the share issuance at the market value at $2.25 per share, the closing price on October 16, 2014.
As of today, together with previous investments made by Mr. Tao Li, Chairman and CEO of the Company and other employees, the Company's employees had invested an aggregated amount of $4.9 million personal wealth to the Company.
"I am delighted to see my team are investing with me," Mr. Tao Li, Chairman and CEO of the Company, said, "Not only just our careers, we are also pledging our own wealth in our own Company. We had not ever been more closely bounded to our shareholders in history than today."
About China Green Agriculture, Inc.
The Company 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 and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 125 different kinds of fertilizer products as of September 30, 2014, all of which are certified by the government of the People's Republic of China (the "PRC") 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 27 provinces, four autonomous regions, and three central-government-controlled municipalities in the PRC. Jinong had 961 distributors in the PRC as of September 30, 2014. Gufeng, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based producers of compound fertilizers, blended fertilizers, organic compound fertilizers, and mixed organic-inorganic compound fertilizers. As of September 30, 2014, Gufeng produced and sold 331 different kinds of fertilizer products, and had 268 distributors in the PRC. 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, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation 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 regulations.
China Green Agriculture, Inc.
Ms. Ran Liu (English and Chinese)
SOURCE China Green Agriculture, Inc.