The preliminary revenue is now lower than the previous guidance of
In addition, in the fourth quarter of 2008, the Company successfully
collected
"I am pleased with our preliminary 2008 results, especially with our
improvement on the balance sheet and our success in meeting our previous net
income target," said Mr.
Mr. Chang continued, "In addition, the Chinese government recently introduced policies to raise the government purchase price of crops from farmers, and increase in financial incentives and tax reduction for farmers who purchase farm equipment and fertilizers. We believe this works in our favor as we are already a leading producer of green fertilizers."
About China Agritech, Inc.
China Agritech, Inc. is engaged in the development, manufacturing and
distribution of liquid organic compound fertilizers and related products in
For more information about the Company, please visit http://www.chinaagritechinc.com .
Safe Harbor Statement
This release contains 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" 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 (and expressly disclaims any such 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. Kelviz Lim Investor Relations China Agritech, Inc. Tel: +86-10-5962-1228 Email: kelviz@chinaagritech.com In the U.S.: Valentine Ding Investor Relations Grayling Global Tel: +1-646-284-9412 Email: vding@hfgcg.com
SOURCE China Agritech, Inc.