XI'AN, China, Jan. 25, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that it launched two new fertilizer products and added 12 new distributors in the second quarter ended December 31, 2012.
The two new fertilizer products, one broad-spectrum fertilizer product and one functional fertilizer product , were launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong") during the second quarter ended December 31, 2012. The launch of the two new products brought the total number of Jinong's fertilizer products in use to 131.
The management estimated the two new products contributed approximately RMB872, 500 (approximately $138,291) to Jinong's revenues during the quarter. Jinong also added 10 new distributors during the quarter, which brought the total number of Jinong's distributors to 789. These new distributors contributed approximately RMB2, 514,030 (approximately $398,474) to Jinong's revenues during the quarter. During the three months ended December 31, 2012, Jinong's revenues attributable both to Jinong's new distributors and new products were RMB160, 000 (approximately $25,360).
Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng") added two new distributors during the quarter, which brought the total number of Gufeng's distributors to 189. These two new distributors contributed approximately RMB284, 402 (approximately $45,078) to Gufeng's revenues for the quarter ended December 31, 2012.
"Thanks to our R&D team, we successfully launched these two new fertilizer products during the quarter. These two new fertilizer products had brought our total number of fertilizer products to 448. Meanwhile, we appreciate our marketing team's effort to the ongoing business expansion, which brought our total number of distributors to 978 as of the end of the quarter," said Mr. Tao Li, the Company's Chairman and CEO.
About China Green Agriculture, Inc.
The Company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Jinong, Gufeng and Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 131 different kinds of fertilizer products as of December 31, 2012, all of which are certified by the PRC government 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 22 provinces, four autonomous regions, and three central-government-controlled municipalities in the PRC. Jinong had 789 distributors in China as of December 31, 2012. Gufeng, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based producers of compound fertilizer, blended fertilizer, organic compound fertilizer, and mixed organic-inorganic compound fertilizer. As of December 31, 2012, Gufeng produced and sold 317 different kinds of fertilizer products, and had 189 distributors in China. 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. Jane Zuo (English and Chinese)
Investor Relations Manager
SOURCE China Green Agriculture, Inc.