abh3vt re CNOA.ob:
Makes you wonder if today's announcement has been orchestrated to enable a sale of the remaining shares at a similar price . . .
China Organic Agriculture's CEO Announces Intention to Purchase Company Stock
Monday May 5, 8:33 am ET
LOS ANGELES & JILIN, China--(BUSINESS WIRE)--China Organic Agriculture, Inc. (OTCBB: CNOA - News) (the “Company”), a growth-driven agricultural products company leading China's organic foods revolution, announced today that Mr. Changqing Xu, CEO of the Company, plans to purchase no less than $2 million dollars of Company stock or no less than 1% of the total outstanding shares within a year depending on the market value of the shares.
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Mr. Changqing Xu, CEO of China Organic Agriculture stated, “Since the current stock price does not reflect the Company’s full and fair value, and is in my view substantially undervalued, I have chosen to purchase shares to represent my and CNOA management’s confidence in the Company’s long-term growth.”
Mr. Xu continued, “By continuing to sign cooperative partnership agreements with local green and organic rice grain depots, as well as retail distributors, China Organic Agriculture can increase the capacity of its rice production, while at the same time ensuring that annual operating profit and growth targets can be realized. We are also excited about the opportunity to diversify the range of agriculture products we currently offer. Our goal is to continue to be one of the leaders in the green and organic rice industry in China, while expanding the variety of agricultural products we supply to our loyal Chinese customers, all while delivering significant value to our shareholders.”
About China Organic Agriculture
China Organic Agriculture is among the largest producers of green and organic rice in China. CNOA controls all aspects of the process from developing seeds to planting, processing, R&D and distribution. The Company has an extensive distribution network, located in the major cities in China.
CNOA has experienced significant growth since its inception in 2002. CNOA has put solid plans in place to markedly expand sales.
The quality of CNOA’s products results in the ability to obtain prices approximately 15% higher than comparable products. CNOA has in excess of 6,260 acres dedicated to the production of green and organic rice. The irrigation system is fed from the Nen River, one of the last unpolluted rivers in China. The Company’s flagship brand, ErMaPao, has won several quality awards, holds the highest organic certification and is one of the most popular brands in the country."
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