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| 8-K - 8-K - AgFeed Industries, Inc. | v211737_8k.htm |
AgFeed Industries,
Inc. Announces
Appointment of John Stadler as Chairman
NEW YORK,
February 14, 2011 AgFeed Industries, Inc. (Nasdaq: FEED, NYSE Alternext: ALHOG -
News) (“AgFeed” or the “Company”), an international agribusiness company with
operations in the U.S. and China and one of the largest independent hog
producers and manufacturer of animal nutrients in China, announced that its
Board has elected John Stadler as its Chairman and appointed him interim
President and Chief Executive Officer.
Mr.
Stadler, a founder of M2 P2, LLC and its former Chairman, succeeds Dr.
Songyan Li as Chairman of the Company. Dr. Li relinquished his
position on the Company’s board to assume the role of Vice Chairman of the
Company’s hog production business with a strategic focus on Chinese government
relations in pursuit of the Company’s core strategy of “AgFeed, Government &
Farmer”. Mr. Junhong Xiong stepped down from his position as the
Company’s President and Chief Executive Officer and as a member of the Board of
Directors to focus more time on his existing vital leadership role as Chairman
of the Company’s animal nutrition business that is in registration for an
Initial Public Offering.
Mr.
Stadler has over 45 years of experience as a senior executive and investor in
the animal production and processing industry. Dr. Li, the Company’s
outgoing chairman, stated “Mr. Stadler’s assumption of a leadership role in the
Company demonstrates and reinforces the Company’s commitment to the operating
excellence that is at the core of our M2P2 operations and assuring the adoption
of these operating standards across all aspects of our business”.
In
addition, AgFeed announced that Edward Pazdro has been made the permanent Chief
Financial Officer of the Company. Mr. Pazdro had been appointed
acting Chief Financial Officer in November of 2010.
ABOUT AGFEED INDUSTRIES,
INC.
NASDAQ
Global Market Listed AgFeed Industries (www.agfeedinc.com) is an international
agribusiness with operations in the U.S. and China. AgFeed has two
business lines — animal nutrients in premix, concentrates and complete feeds and
hog production. AgFeed is one of China's largest commercial hog producers in
terms of total annual hog production as well as one of the largest premix feed
companies in terms of revenues. In the U.S., AgFeed’s hog production
unit, M2P2, is a market leader in setting new standards for production
efficiency and productivity. The transfer of these processes, procedures and
techniques will allow our Chinese hog production units to set new standards for
production in China. China is the world's largest hog producing country that
produced over 645 million hogs in 2009, compared to approximately 100 million
hogs produced annually in the U.S. China also has the world's largest consumer
base for pork consumption. Over 62% of total meat consumed in China
is pork. Hog production in China enjoys income tax free
status. The swine feed markets in which AgFeed operates represent a
$20 billion segment of China's $58 billion per year animal feed
market.
SAFE HARBOR DISCLOSURE
NOTICE
Certain
statements regarding AgFeed Industries set forth in this press release contain
forward-looking information and speak only as of the date of such
statement. You can identify these statements by the fact that they
use words such as "will," "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," "target," "forecast" and other words and terms of
similar meaning in connection with any discussion of future operating or
financial performance or business plans and prospects. This
forward-looking information is subject to numerous material risks, uncertainties
and assumptions, certain of which are beyond the control of AgFeed Industries,
including the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, environmental risks,
competition from other industry participants, stock market volatility, ability
to access sufficient capital from internal and external sources. Readers are
cautioned that the material assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise. Actual results, performance or achievement
could differ materially from those expressed in, or implied by, this
forward-looking information and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking information will transpire or
occur, or if any of them do so, what benefits that AgFeed Industries will derive
therefrom. AgFeed Industries disclaim any intention or obligation to
update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable
securities laws. For additional information and risk factors that
could affect AgFeed Industries, see its filings with the Securities and Exchange
Commission, including “Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” including “Cautionary Statement
for Forward-Looking Statements,” set forth in its Quarterly Report on
Form 10-Q for the period ended September 30, 2010. The
information contained in this press release is made as of the date of the press
release, even if subsequently made available by AgFeed Industries on its website
or otherwise.
Contact: Investor
Relations: AgFeed Industries, Inc. Tel: (917)
804-3584 Email: ir@agfeedinc.com
The
Company's policy is to handle all questions by email to ir@agfeedinc.com and
they will be answered as soon as possible.