XI'AN, China, Feb. 6, 2015 /PRNewswire/ -- China Green
Agriculture, Inc. (NYSE: CGA; "China Green Agriculture",
"CGA" or the "Company"), a company that mainly produces and
distributes humic acid-based compound fertilizers, other varieties
of compound fertilizers and agricultural products through its
subsidiaries in China, today announced that the Company's
affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously
announced as Xi'an Gem Grain Co., Ltd) has entered into an
agreement to jointly build an
"Agricultural Comprehensive Development Base Project" (the
"Project") with the Shiquan County Government in China. The total investment on the Project is
expected to be three billion RMB
(about 480 million USD, with the
initial investment of 50 million RMB
(about 8 million USD) to be made in
spring 2015.
900LH.com is a subsidiary of Xi'an Techteam Investment Holding
(Group) Co., Ltd, ("Techteam Investment"). Techteam Investment is a
holding company owned and controlled by Mr. Tao Li, Chairman and
CEO of the Company. 900LH.com focuses on the production and sales
of high-end organic agricultural products. It has contracted with
more than 200 planting and breeding bases globally and prefers to
utilize and promote the Company's fertilizers. The scope of the
Project includes the development of Panlong Valley farm of
900LH.com, where the Company showcases its products. Panlong Valley
is located at Shiquan County, Shaanxi Province, 150 miles
southwest of Xi'an. A corporate video clip of 900LH.com and
Panlong Valley is available
at http://v.youku.com/v_show/id_XODM5MjQ2OTM2.html.
During the first phase of the foregoing project, 900LH.com will
focus on building an ecological farm base. The base will include
leisure farming, sightseeing, and sales of agriculture products.
The total investment of the first phase would be one billion RMB (160
million USD approximately) including the cost of relocating
local residents. In the second phase, the ecological farm will
develop into a modern agriculture farm. The modern farm's operation
will include and not limit to, planting, breeding, agricultural
products processing, and tourism. The investment of the second
phase would be two billion RMB
(320 million USD approximately).
The Company and 900LH.com have entered agreements that the
Company's fertilizers will be exclusively supplied to all plants
and agricultural products in the Project and 900LH.com will promote
the Company's fertilizers to all its affiliated farms. In the
Project, 900LH.com, the Company, and the government in Shaanxi Province will collaborate closely.
"I am glad that we will work together with government to jointly
develop the Project," stated Mr. Tao Li, Chairman and CEO of
the Company," this implies the rapid development of 900LH.com. I
expect 900LH.com and the Company would have tight cooperation on
their sales developments. With the close cooperation of business
partners and government's supports, I believe the Company will grow
into a leading one in the agricultural industry."
About China Green Agriculture, Inc.
The Company produces and distributes humic acid-based compound
fertilizers, other varieties of compound fertilizers and
agricultural products through its wholly-owned subsidiaries,
Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"),
Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") and a
variable interest entity, Xi'an Hu County Yuxing Agriculture
Technology Development Co., Ltd. ("Yuxing"). Jinong produced and
sold 120 different kinds of fertilizer products as of December
31, 2014, all of which are certified by the government of
the People's Republic of China
(the "PRC") as Green Food Production Materials, as stated by the
China Green Food Development Center. Jinong currently markets its
fertilizer products to private wholesalers and retailers of
agricultural farm products in 27 provinces, four autonomous
regions, and three central-government-controlled municipalities in
the PRC. Jinong had 972 distributors in the PRC as
of December 31, 2014. Gufeng, and its wholly-owned subsidiary,
Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based
producers of compound fertilizers, blended fertilizers, organic
compound fertilizers, and mixed organic-inorganic compound
fertilizers. As of December 31, 2014, Gufeng produced and sold
332 different kinds of fertilizer products, and had 271
distributors in the PRC. For more information,
visit http://www.cgagri.com. The Company routinely posts
important information on its website.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
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, business and environment conditions, development,
shipment, market acceptance, additional competition from existing
and new competitors, changes in technology, the execution of its
ten-year growth plan, a satisfactory conclusion of the pending
securities class action litigation 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
regulations.
For more information, please contact:
China Green Agriculture, Inc.
Ms. Ran Liu (English and Chinese)
Tel: +86-29-88266500
Email: liuran@cgagri.com
To view the original version on PR Newswire,
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SOURCE China Green Agriculture, Inc.