Attached files
| file | filename |
|---|---|
| EX-10.1 - China Green Agriculture, Inc. | v167391_ex10-1.htm |
| EX-10.2 - China Green Agriculture, Inc. | v167391_ex10-2.htm |
| 8-K - China Green Agriculture, Inc. | v167391_8k.htm |
Exhibit
99.1
China
Green Agriculture, Inc. to Raise
Approximately
$20 Million in Registered Direct Offering
XI'AN, China, Nov. 23
/PRNewswire-Asia-FirstCall/ — China Green Agriculture, Inc. (NYSE Amex: CGA;
"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., has
entered into definitive agreements to sell 1,282,052 shares of its common stock
at a price per share of $15.60 pursuant to a registered direct offering to
several select institutional investors, representing gross proceeds of
approximately $20 million.
The
shares are being sold under the Company's previously filed shelf registration
statement, which was declared effective by the Securities and Exchange
Commission on June 12, 2009. The Company intends to use all of the net proceeds
for working capital purposes.
Rodman
& Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital
Group, Inc. (Nasdaq: RODM - News), acted as the
exclusive placement agent for the transaction. The company has granted Rodman
the exclusive right for a period of 30 days to place up to an additional 320,513
shares ($5,000,000) on the same terms as the current placement.
This
press release does not constitute an offer to sell or the solicitation of an
offer to buy any securities of the Company and there shall not be any sale of
any such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. Copies of the
preliminary prospectus supplement and the accompanying prospectus and, when
available, will be available on the SEC’s website, http://www.sec.gov , and by
contacting Rodman & Renshaw LLC, at 1251 Avenue of the Americas, 20th Floor,
New York, NY 10020, or by telephone at (212) 430-1710.
About
China Green Agriculture, Inc.
China
Green Agriculture, Inc. produces and distributes humic acid ("HA") based liquid
compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong
Humic Acid Product Co., Ltd., ("TechTeam"). TechTeam produces and sells over 130
different kinds of fertilizer products per year. All of TechTeam's fertilizer
products are certified by the PRC government as green food production materials,
as stated by the China Green Food Research Center. TechTeam's fertilizers are
highly concentrated liquids which require an application of approximately 120 ml
per mu per application. Its average end user has approximately four mu of land
(one mu = .165 acres). Techteam also has the capacity to produce highly
concentrated powdered fertilizers. China Green Agriculture currently markets its
fertilizer products to private wholesalers and retailers of agricultural farm
products in 21 provinces, 4 autonomous regions and 3 municipal cities in the
PRC. The leading five provinces which collectively accounted for 36.4% of the
Company's fertilizer revenue for the year ended June 30, 2009 are Shandong
(9.5%), Shaanxi (8.3%), Heilongiiang (6.5%), Xinjiang (6.5%) and Anhui (5.9%).
For more information, visit http://www.cgagri.com.
Safe
Harbor Statement
This
press release contains forward-looking statements 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 and business conditions, development, shipment,
market acceptance, additional competition from existing and new competitors,
changes in technology, and various other factors beyond the Company's control.
All forward-looking statements are expressly qualified in their entirety by this
Cautionary Statement and the risk factors detailed in the Company's reports
filed with the Securities and Exchange Commission. 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.
For more
information, please contact:
In
the US:
China
Green Agriculture, Inc.
Ms.
Ying Yang, Chief Financial Officer
Tel: +1-626-623-2575
Email:
yangying@cgagri.com
OR
HC
International, Inc.
Ted
Haberfield, Executive VP
Tel: +1-760-755-2716
Email:
thaberfield@hcinternational.net
In
China:
China
Green Agriculture, Inc.
Mr.
Jonnie Wang, Secretary of Board, Investor Relations Officer
Tel: +86-29-8826-6368
Email:
wangxilong@cgagri.com