BEIJING, Oct.18, 2012 /PRNewswire-FirstCall/ -- Deyu Agriculture Corp. (OTCBB: DEYU) (the "Company"), a Beijing, China based vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains, today announced that effective October 11, 2012, the Board expanded the number of members serving on the Company's Board from five to seven in accordance with the Company's Bylaws, and subsequently filled the vacancies created by the expansion by appointing Mr. Greg Chen and Mr. Jan Poulsen to serve on the Board until the next following annual meeting of the stockholders of the Company, at which such directors shall be eligible for election by the stockholders.
Additionally, Mr. Chen was appointed the President of Deyu, where his responsibilities shall include assisting the Company with its international and domestic market development, enhancing the Company's investor relations programs and the execution of those programs and assisting the Company with its corporate and operational strategies and business planning.
Also effective October 11, 2012, Mr. Longjiang Yuan resigned as a member of Deyu's Audit Committee, and Mr. Poulsen was appointed to serve on the Audit Committee. Mr. Yuan will still serve as a Board member of the Company.
"We are excited to have Greg and Jan join our Board, and to appoint Greg as President," said Jianming Hao, Chief Executive Officer and Chairman of Deyu. "Greg's proven record of growing brands and companies, plus Jan's deep experience in asset management and business development, will be instrumental to our future growth. In particular, we are looking forward to Greg and Jan assisting us with the launch of a series of investor relations programs in the near future that we are confident will help us garner more attention from the investment community and maximize shareholder value.
"We truly appreciate the support of our shareholders, and we are determined to better reward those of whom stay the course with their investments in Deyu," continued Mr. Hao. "All of us at Deyu are optimistic about our future and our team is prepared to capitalize on the many opportunities that we see on the horizon, and with the added support of Greg and Jan, we believe now is an ideal time to increase awareness in the investment community of our growing business through extensive investor relation programs geared towards further strengthening and rewarding our shareholder base."
Mr. Chen has over fifteen (15) years of international business strategy, development and management experience in the investment, fine arts, media, technology and manufacturing sectors. Prior to joining the Company, Mr. Chen has served as Chief Executive Officer of the P-Media Group, a company providing commercial promotion and marketing strategies and related services in China, since August 2009. From May 2007 to July 2009, Mr. Chen served as Director of China Operations for Capital Market Services Inc, a New York based financial firm, to oversee its China strategy development and operations. Prior to May 2007, Mr. Chen served as Managing Director of Titian International Inc, an international business development services firm. Mr. Chen was instrumental in the first major global Chinese contemporary art exhibition by Sotheby's in 2006, a ground-breaking event in the international contemporary art landscape. Educated in US and China, Mr. Chen is fluent in Mandarin, has a Masters of Science degree in EE/Control-Theory.
Mr. Poulsen has over twenty (20) years of management experience working for international organizations within the food & beverage industry and from the auditing firm PricewaterhouseCoopers. Mr. Poulsen has extensive experience in a wide variety of areas including financial management, strategy and business development, M&A activities, turnaround expertise as well as technology implementations. Since August 2011, Mr. Poulsen has served as an M&A advisor for H.T. Capital, an investment bank in New York. From 2001 to August 2011, Mr. Poulsen had various management positions at Arla Foods, a global company within the dairy industry. Mr. Poulsen served as the Chief Financial Officer for Arla Foods Inc. in the USA from September 2009 to August 2011, as the Finance Manager and Business Development Manager from 2006 until August 2009, and as Project Manager for Group Finance from 2001 to 2006. Mr. Poulsen has a Masters of Science in Business Administration and an Auditing degree from Aarhus School of Business in Aarhus, Denmark, extensive leadership education from Columbia University and IMD in Switzerland. Mr. Poulsen is deemed an independent director of the Company and is deemed an "audit committee financial expert".
About Deyu Agriculture
Deyu Agriculture Corp. is a vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains operating in Shanxi Province of the People's Republic of China. The Company has access to over 109,000 acres of farmland in Shanxi Province for breeding, cultivating, processing, warehousing and distributing grain and corn products. Deyu has an extensive wholesale network in over 15 provinces and a retail distribution network of approximately 20,000 supermarkets and convenience stores in 29 provinces across China. Deyu's facilities include advanced production lines and modern warehouses with a total production capacity of over 105,000 tons for grain products, storage capacity of over 100,000 tons and annual turnover of 700,000 tons for corn products. The Company's website is located at www.deyuagri.com.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Deyu's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, changes in the agricultural industry, the Company's ability to maintain its competitive position. Additional Information regarding risks can be found in the Company's quarterly and annual reports filed with the U.S. Securities and Exchange Commission at www.sec.gov.
Mr. Kevin Fickle, President
NUWA Group LLC
Mr. Greg CHEN, President
Deyu Agriculture Corp.
Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-5224-1802 X389
SOURCE Deyu Agriculture Corp.