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SOURCE China Green Agriculture, Inc.
XI'AN, China, May 9, 2014 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" 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 wholly-owned subsidiaries in China, today announced that the Company entered a cooperation agreement (the "Agreement") with Nestle (China) Co., Ltd. ("Nestle China"), to jointly develop a direct sales program (the "Direct Program"), as a mutual effort to supply the Company's fertilizer products to coffee bean farmers in China.
Pursuant to the Agreement, the Company will provide fertilizer products to certified coffee bean farmers in Yunnan province, who sell beans to Nestle (China). In the Direct Program, coffee bean farmers can purchase fertilizer at a better price directly from the Company than an average retail price from the distributors in the fertilizer market. To qualify for the Direct Program, the farmers, who sell coffee bean to Nestle (China), shall be certified by 4C association, the Common Code for the Coffee Community, a certification initiative in the coffee industry.
To purchase fertilizer in the Direct Program, participating farmers will make down payment toward the purchase price, and Nestle (China) will endorse the qualification of the participants for the Company. Pursuant to the Agreement, the Company will roll out the direct sales of its fertilizers to all certified farmers for Nestle (China) throughout China.
In addition to selling fertilizer, in the Direct Program, the Company will also offer training sessions to the farmers to improve their use of fertilizer with best practice, and provide customer support to the farmers during the crop's growth.
"We are excited to work with Nestle (China) under the framework of this agreement," stated Mr. Tao Li, Chairman and Chief Executive Office of China Green Agriculture. "This may provide new engine to the Company's business growth. We are confident that our quality fertilizer will attract more customers and drive our business to new progress in the future."
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, i.e.: 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 123 different kinds of fertilizer products as of March31, 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 891distributors in the PRC as of March31, 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 March31, 2014, Gufeng produced and sold 323 different kinds of fertilizer products, and had 252distributors 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 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.
Mr. Fang Wang (English and Chinese)
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