HONG KONG, Feb. 18, 2011 (GLOBE NEWSWIRE) -- Le Gaga Holdings Limited ("Le Gaga" or the "Company") (Nasdaq:GAGA), one of the largest greenhouse vegetable producers in China as measured by the area of greenhouse coverage and one of the fastest growing major vegetable producers in China, today announces that the Company has reached agreements with local villagers' committees in the cities of Putian and Quanzhou in Fujian Province, China for the lease of 3,950 mu of arable land.
As of the date of this announcement, 2,095 mu of land under the lease agreements has been handed over to the Company for operation. The remaining 1,855 mu is expected to be handed over to the Company within the next few months. The Company is currently in the process of collecting the requisite authorization letters or consents from the holders of the operation rights for the new land and filing of the lease agreements with the relevant local government.
The additional land of 3,950 mu will bring Le Gaga's total arable land to 21,902 mu. This addition is in line with the Company's long-term growth strategy of increasing its arable land to support its greenhouse area expansion as the Company plans to devote most of the new land to greenhouse vegetable cultivation.Mr. Shing Yung Ma, Chairman and CEO of Le Gaga, commented: "The new land is close to our target markets and public infrastructures and has very good soil conditions. The addition of new land fits in our strategy of further expanding our production capacity in the provinces of Fujian and Guangdong and will help us achieve our growth objectives." About Le Gaga Holdings Limited (Nasdaq:GAGA) Le Gaga is one of the largest greenhouse vegetable producers in China as measured by the area of greenhouse coverage and one of the fastest growing major vegetable producers in China. Through its subsidiary China Linong International Limited, the Company sells and markets over 100 varieties of vegetables to wholesalers, institutional customers and supermarkets in China and Hong Kong with a trusted brand among customers. In particular, the Company supplies vegetables to supermarkets such as Walmart in China and Wellcome, Parknshop and Vanguard in Hong Kong.
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