Agronix, Inc. Enters into its First MOU in China with Henan Hongye Agricultural Development, Inc.
WEDNESDAY, FEBRUARY 11, 2004 08:20 AM
LOS ANGELES, Feb 11, 2004 (PRIMEZONE via COMTEX) -- Agronix, Inc. (OTCBB:AGNI) (Berlin Stock Exchange:AGNI.BE) is pleased to announce it has entered into an agreement with Henan Hongye Agricultural Development, Inc. (HHAD), a company based in Henan Province, China for a period of 12 months to work exclusively with Agronix to complete a business arrangement to transfer Agronix's BCR technology to HHAD's existing waste management facilities and to integrate Agronix's technology into future waste management plants for the Henan Region of China. Agronix and HHAD intend to reach a formal contract over the next 6 months.
The introduction to HHAD was made through the Representation Agreement between Agronix and Genesis Technology Group Inc. Genesis's CEO, Gary Wolfson stated, "We are very encouraged with HHAD's initial acceptance of Agronix's organic waste technologies. The Chinese market has enormous potential for Agronix -- this is a good start."
The Agronix team consisting of Messrs. Peter Drummond (CEO/Chairman), Tim Woodward (Asia Regional Advisor), Dave Roberts (President Operations/Business Advisor) and Dale Fehr (Vice President Operations/Technical Advisor), met with Mr. Zhi Yi Na (President), Mr. Zhang Ren Liang (General Manager) and Mr. Lu Run Sheng (Senior Advisor) of HHAD. They toured some of HHAD's production facilities which included a hog and chicken factory farm. At the end of the inspection day, the delegation met with government officials including the Party Secretary, Zhang Jie.
Both parties to the agreement felt the outcome of the agreement will improve the quality of life of the citizens of Henan Province and China.
Peter Drummond, CEO/Chairman, stated, "The demand for organic waste processing and end products (organic fertilizer) from Agronix's BCR System will play a significant role in Agronix' future success in China.
Henan Hongye Agricultural Development, Inc. was founded in 1996 and now has 1,200 employees with annual sales of $14.5 million. Demand in the region for fertilizer exceeds $1.2 billion annually. HHAD intends to expand its 30,000 ton production facility to 100,000 tons per year, based on documents furnished by the company.
Agronix is a recognized leader in innovative organic waste management technology. The Company's BCR System converts organic waste materials (animal manure, sewage sludge, bio-solids, and industrial food processing waste, etc.) into organic fertilizers, soil amendments and other value-added agricultural products. The Company is also engaged in the business of developing their BCIR System technology that is used to recover chemical commodities from organic waste for a wide variety of commercial industries such as agriculture, food, oil and gas, paper, clothing and pharmaceuticals.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
SOURCE: Agronix, Inc.