XI'AN, China, June 20, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" 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 one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Xi'an Hu County Yuxing Agriculture Technology Development Co, Ltd. ("Yuxing"), declared that it will commence a greenhouse drip irrigation project that has approved by the Hu County Water Supplier Bureau. The project is expected to be completed by the end of June.
Upon the completion of this project, Yuxing expects to see water consumption savings of at least two thirds, along with reductions in greenhouse humidity, pest-borne diseases and fertilizing costs. Furthermore, Yuxing plans to inspect the surrounding vegetable planting bases, research the high price vegetable varieties from the market, cultivate some unique feature vegetables such as asparagus, Tianqi sprouts, bean sprouts and wolfberry in the second half of this year following the completion of the project.
"We are glad that our company has succeeded in the application for the greenhouse drip irrigation project from the Hu County Water Supplier Bureau," stated Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "With the implementation of this project, which includes Yuxing's modified greenhouse of up to 15,000 square meters, we are confident that we will maintain our competitive advantage over other companies."
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.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") and Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 132 different kinds of fertilizer products as of March 31, 2013, 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 27 provinces, four autonomous regions, and three central-government-controlled municipalities in the PRC. Jinong had 797 distributors in China as of March 31, 2013. 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 March 31, 2013, Gufeng produced and sold 317 different kinds of fertilizer products, and had 198 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.
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