XI'AN, China, Feb. 11 /PRNewswire-Asia/ -- China Green Agriculture, Inc. (NYSE: 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., today announced that Mr. Robert B. Fields has been appointed to its Board of Directors. Mr. Fields is replacing Mr. Barry Raeburn, who resigned effective February 3, 2009.
"Mr. Fields's extensive corporate background combined with his significant experience from serving on the board of directors for eight public companies and director of more than a dozen companies in the past will complement the strengths of our existing board members," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of China Green Agriculture. "We welcome him to our Company and are confident that his proven leadership and insight will help us drive long-term profitable growth for our shareholders. I would also like to thank Mr. Raeburn for his contribution to the Board and the Company and am joined by the other directors in wishing him well in the future."
Mr. Fields currently serves as the Chairman of ActForex, Inc., a
New York-based fully hosted management service provider of proprietary software for currency trading with over 20,000 registered traders, since 2001. Since April 25, 2008, Mr. Fields has served on the Board of Directors and as a member of the Audit Committee and Compensation Committee for SkyPeople Fruit Juice, Inc. (Amex), a processor and manufacturer of concentrated kiwifruit, apple, pear and other fruit juices and fruit products in China. In June 2000 Mr. Fields was appointed to the Board of Statmon Technologies, Inc. (OTCBB), an emerging wireless and remote site infrastructure management solution provider, and continues to serve on that board as well as to serve as Chairman of Statmon's Audit Committee. From June 2005 through May 31, 2006, Mr. Fields served on the Board of Directors and as Chairman of the Audit Committee of Genoil Inc. (OTCBB), which develops innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries. From 1999 to 2002, Mr. Fields was Executive Advisor to Laidlaw Global Corp. (AMEX). From 1997 to 1998, Mr. Fields served as Vice Chairman and, from 1997 to 1999, as a director of Laidlaw Ship Funding Ltd.
Mr. Fields currently serves as President of the Friars National Association Foundation, Inc., a New York-based non-profit organization benefitting the arts, and since 1998 Mr. Fields has held various officer positions with the organization. From 1995 to 1998 he was a director of Hospital Staffing Services, Inc. (NYSE), and prior to that Mr. Fields also served as President and CEO of L'Express Inc., a New Orleans based interstate regional airline, EVP of American Finance Group in Boston, and as a director and on the Audit Committee of Flight International Group of Newport News, Virginia, a public company. Additionally, Robert Fields was managing director of Equifund, L.P. Since 1979 he has served as the President of Tradestar Ltd., his wholly owned consulting firm that specializes in asset appreciation. Additionally, Mr. Fields has had investments in the oil and gas industry within the U.S. through Dorado Exploration, FTP Oil & Gas, and PetroFields, LLC.
About China Green Agriculture, Inc.
China Green Agriculture, Inc. produces and distributes humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., ("Jinong"). Jinong produces and sells over 140 different kinds of fertilizer products per year. All of Jinong's fertilizer products are certified by the PRC government as green food production materials, as stated by the China Green Food Research Center. Jinong's liquid based 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). Jinong 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 34.7% of the Company's fertilizer revenue for the three months ended December 31, 2009 are Shaanxi (9.1%), Shandong (6.8%), Guangdong (6.7%), Heilongjiang (6.2%) and Hebei (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.
