China Agritech Expands Sales Contract with Sinochem, China's Largest Fertilizer Distributor
September 08 2009 - 5:00AM
PR Newswire (US)
- New contract for 15,000 tons of "Green Vitality" granular
fertilizer in addition to the prior contract of 1,200 tons of
liquid fertilizer - BEIJING, Sept. 8 /PRNewswire-Asia-FirstCall/ --
China Agritech, Inc. (OTC:CTEC) (BULLETIN BOARD: CTEC) ("China
Agritech" or "the Company"), a leading national liquid and granular
organic compound fertilizer manufacturer and distributor in China,
today announced that it expanded a sales and distribution
partnership with Sinochem Fertilizer Co., Ltd. ("Sinochem") for the
Company's "Green Vitality" granular fertilizer products. This
contract is for the supply of 15,000 tons of Green Vitality
granular fertilizer and is worth an estimated value of RMB 44
million (approximately US$6.4 million value of sales). This
contract runs through December 2010. The Company will continue to
supply Sinochem with "Green Vitality" liquid fertilizer under an
existing contract. The Company's Green Vitality compound granular
fertilizer products are a premium line. It is an innovative and
versatile granular fertilizer as it can improve the yields of a
large variety of crops. China Agritech will be responsible for
delivery and technical services. Sinochem is China's largest
integrated agricultural company and is China's largest fertilizer
corporation with integrated manufacturing, supply and sales. Mr. Yu
Chang, Chief Executive Officer of China Agritech, commented, "We
are excited about the expansion of our relationship with Sinochem,
China's largest agricultural and fertilizer distribution company.
This new contract acknowledges the quality of our granular
fertilizers and the fertilizer solutions they provide to the
farmers. We anticipate that Sinochem's large sales and distribution
network will help us reach new customers and markets within China."
About China Agritech, Inc. China Agritech, Inc. is engaged in the
development, manufacture and distribution of liquid and granular
organic compound fertilizers and related products in China. The
Company has developed proprietary formulas that provide a
continuous supply of high-quality agricultural products while
maintaining soil fertility. The Company sells its products to
farmers located in 28 provinces of China. 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,
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: In the U.S.: Mr. Kevin Theiss /
Mr. Valentine Ding Investor Relations Grayling Tel: +1-646-284-9409
Email: DATASOURCE: China Agritech, Inc. CONTACT: In China: Mr.
Gareth Tang, Chief Financial Officer, China Agritech, Inc.,
+86-10-5962-1220, or ; In the U.S.: Mr. Kevin Theiss & Mr.
Valentine Ding, Investor Relations, Grayling, +1-646-284-9409, or
Web site: http://www.chinaagritechinc.com/
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