XI'AN, China, Jan. 12, 2011 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer through its wholly owned subsidiaries in China, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. and Beijing Gufeng Chemical Products Co., Ltd., made the following statement:
Recently, allegations about the business of China Green Agriculture were circulated by admitted short sellers, who will profit if the stock price of China Green Agriculture declines. The reports containing these allegations are largely inaccurate. The Company's outside U.S. legal counsel, in response to an informal inquiry by the U.S. Securities and Exchange Commission ("SEC"), has voluntarily provided a comprehensive report on selected issues that were of interest to the SEC to the Los Angeles Office of the SEC. China Green Agriculture will continue to cooperate with the SEC on this matter.
About China Green Agriculture, Inc.
China Green Agriculture, Inc. mainly produces and distributes 464 humic acid (HA)-based compound fertilizers and other varieties of compound fertilizers through its wholly-owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"). It currently has 740 distributors covering 21 provinces, four autonomous regions and three central-government-controlled municipalities in the PRC. For the three months ended September 30, 2010, the top five provinces of fertilizer sales accounted for 28.2% of fertilizer revenues. The five provinces and their respective percentage contribution to total fertilizer revenues were Hebei (7.6%), Heilongjiang (6.1%), Liaoning (5.2%), Jilin (4.8%), and Shaanxi (4.6%). For more information, visit http://www.cgagri.com.
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, market acceptance, additional competition from existing and new competitors, changes in technology, 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.
SOURCE China Green Agriculture, Inc.