|By PR Newswire||
|June 15, 2009 09:50 AM EDT||
The Chinese government has reported that raw materials prices are
gradually declining, which resulted in steadily improving market conditions
for compound fertilizers in
To further enhance profits, China Agritech plans to launch higher-margined
products into the domestic markets in the near future. In
China Agritech continues to focus on improving its cash flow and it anticipates significant improvement in the collection of accounts receivable in the second half of 2009.
Two organic granular fertilizer manufacturing production facilities are now in commercial production with a total annual capacity of 150,000 metric tons. Based on feedback from the Company's extensive marketing network, several large orders are expected to be concluded during the remainder of 2009 which could fulfill the approximated annual sales target. The new marketing and distribution agreement with Odyssey International is expected to also add to revenues during 2009.
In addition to organic growth, China Agritech is intent on augmenting growth through accretive acquisitions within the Chinese fertilizer industry. Several potential candidates have already been identified.
About China Agritech, Inc.
China Agritech, Inc. is engaged in the development, manufacture and
distribution of liquid and granular organic compound fertilizers and related
For more information about the Company, please visit http://www.chinaagritechinc.com .
Safe Harbor Statement
This release may contain certain "forward-looking statements" relating to the business of China Agritech and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions, including, but not limited to, statements regarding the continued demand for China Agritech's products, China Agritech's ability to sustain growth for the balance of the year and China Agritech's ability to generally meet all of its objectives. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, ability to produce and sell organic granular products in targeted markets, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Except as required by law, China Agritech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
For more information, please contact: In China: Mr. Gareth Tang Chief Financial Officer China Agritech, Inc. Tel: +86-10-5962-1220 Email: [email protected] In the U.S.: Mr. Kevin Theiss / Mr. Valentine Ding Investor RelationsGrayling Tel: +1-646-284-9409 Email: [email protected] [email protected]
SOURCE China Agritech, Inc.