China Green Agriculture, Inc. ("China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., announced today that the Company has completed seedling cultivation at its new $38 million, 88-acre research and development center, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Xi'an Yuxing"), and expects to finish seedling transplantation for Xi'an Yuxing's 100 sunlight greenhouses by October 2010.
China Green Agriculture completed construction of the 100 sunlight greenhouses at Xi'an Yuxing as scheduled at the end of June 2010. The new R&D facility will further increase the Company's ability to introduce new customized, high-margin fertilizer products as well as expand its production of cultivated agricultural products which are currently sold to the local marketplace. A second phase of the project, to include the construction of 12 intelligent greenhouses, is expected to be completed by the end of December 2011.
"We are pleased with the seedling progress in Xi'an Yuxing," commented Mr. Tao Li, Chairman and CEO of China Green Agriculture, "The seedling transplantation, when completed, will strengthen the Company's agricultural products business in fiscal year 2011, and facilitate the development of new fertilizer products through broader testing and experimentation. Our expanding R&D capabilities, supported by strong sales and marketing programs, should enable us to continue to gain market share and build on being one of the leading fertilizer producers in China."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. currently offers 148 different HA-based compound fertilizers, which are distributed via 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China. Its fertilizer products are certified by the Chinese government as "Green Food Production Materials." The leading five provinces which collectively accounted for 40.4% of the Company's fertilizer revenue for the three months ended March 31, 2010 are Shaanxi (11.2%), Shandong (10.8%), Anhui (7.9%), Henan (5.6%), and Sichuan (4.9%).
China Green Agriculture completed construction of the 100 sunlight greenhouses at Xi'an Yuxing as scheduled at the end of June 2010. The new R&D facility will further increase the Company's ability to introduce new customized, high-margin fertilizer products as well as expand its production of cultivated agricultural products which are currently sold to the local marketplace. A second phase of the project, to include the construction of 12 intelligent greenhouses, is expected to be completed by the end of December 2011.
"We are pleased with the seedling progress in Xi'an Yuxing," commented Mr. Tao Li, Chairman and CEO of China Green Agriculture, "The seedling transplantation, when completed, will strengthen the Company's agricultural products business in fiscal year 2011, and facilitate the development of new fertilizer products through broader testing and experimentation. Our expanding R&D capabilities, supported by strong sales and marketing programs, should enable us to continue to gain market share and build on being one of the leading fertilizer producers in China."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. currently offers 148 different HA-based compound fertilizers, which are distributed via 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China. Its fertilizer products are certified by the Chinese government as "Green Food Production Materials." The leading five provinces which collectively accounted for 40.4% of the Company's fertilizer revenue for the three months ended March 31, 2010 are Shaanxi (11.2%), Shandong (10.8%), Anhui (7.9%), Henan (5.6%), and Sichuan (4.9%).
