XI'AN, China, Nov. 23, 2010 /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, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer through its wholly owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. and Beijing Gufeng Chemical Products Co., Ltd., today announced that it has engaged Ernst & Young(China) Advisory Limited ("Ernst & Young") as advisor on internal auditing and SOX 404 compliance for the fiscal year 2011.
Ernst & Young will review the company's practices and advise on potential improvements in its internal controls over financial reporting and compliance with the requirements of Section 404 of the Sarbanes-Oxley Act.
"We are very pleased to have Ernst & Young join our efforts to enhance our internal controls. We are confident that Ernst & Young, with its profound expertise in auditing and SOX 404 advisory services, will help us ensure that our practices are sound" commented Mr. Tao Li, Chairman and Chief Executive Officer of China Green Agriculture.
Chairman Li continued: "This is a first step in delivering on our commitment to engage two 'Big 4' auditing firms. We remain fully committed to providing our shareholders with a greater sense of comfort in our accounting practices and are continuing our discussions on the hiring of a new independent auditor."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. mainly produces and distributes 464 humic acid (HA)-based compound fertilizers and other varieties of compound fertilizers through its wholly-owned subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"). It currently has 740 distributors covering 21 provinces, four autonomous regions and three central-government-controlled municipalities in the PRC. For the three months ended September 30, 2010, the top five provinces of fertilizer sales accounted for 28.2% of fertilizer revenues. The five provinces and their respective percentage contribution to total fertilizer revenues were Hebei (7.6%), Heilongjiang (6.1%), Liaoning (5.2%), Jilin (4.8%), and Shaanxi (4.6%). 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, the ability to engage a Big 4 audit firm as the auditor, 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 regulation.
