BEIJING, March 29, 2011 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (Nasdaq: YONG), a leading agricultural nutrient company in China ("Yongye" or the "Company"), today announced that the Company's main operating affiliate, Yongye Nongfeng, recently received a High-Tech Enterprise Certificate by Inner Mongolia Autonomous Region government.
Companies with High-Tech certification are qualified to receive certain favorable government policies, including the reduction of corporate income tax rate. As a High-Tech enterprise, Yongye Nongfeng will receive a reduced corporate income tax rate of 15% for three years, starting from November 29, 2010. Prior to receiving the certification, Yongye Nongfeng's previous reduced 15% corporate income tax rate benefit ends in 2010.
"It is Yongye's great honor to receive the High-Tech Enterprise certificate, which represents our efforts to bring high value-added products to China's agricultural market," commented Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International. "We believe such official recognition of Yongye will further improve our corporate profile in the domestic market and are pleased to receive the financial benefits associated with this corporate income tax cut measure over the next three years."
About Yongye International
Yongye International is a leading agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye produces and markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Both products are sold under the brand name "Shengmingsu," which means "life essential" in Chinese. The Company's patented technologies and formulas allow it to create products that increase crop yields and improve the health of livestock. The Company sells its products primarily to provincial or regional level distributors, who then channel those products to a carefully selected network of over 24,000 independently owned, Yongye branded stores or directly to rural farmers and government farms in China. For more information, please visit the Company's website at http://www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CCG Investor Relations
Ms. Kelly Wang
Mr. Athan Dounis
Finance Director – Capital Markets
Ms. Wendy Xuan – Business Associate
Phone: +86-10-8232-8866 x 8827
SOURCE Yongye International, Inc.