Press Release Source: China Agritech, Inc. On Tuesday February 22, 2011, 8:00 am EST
BEIJING, Feb. 22, 2011 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc. (Nasdaq:CAGC - News) ("China Agritech", or the "Company"), a leading organic compound fertilizer manufacturer and distributor in China, announced that it has expanded its sales partnership with China National Agrochemical Corporation ("CNAC") for the Company's Green Vitality organic granular compound fertilizer products.
Pursuant to the agreement, China Agritech will supply Green Vitality organic granular compound fertilizers worth an estimated value of RMB 44 million (approximately US$6.8 million) through December 2011.
By the end of 2010, the Company had become an official supplier of organic liquid compound fertilizers to the China National Agrochemical Corporation ("CNAC"), China's largest developer, manufacturer and seller of pesticides and one of the major players in the domestic fertilizer market. China Agritech's sales contract with CNAC in 2010 was valued at approximately US$2.0 million, focused upon the Company's Green Vitality organic liquid compound fertilizers.
Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech, commented, "We are excited about the expansion of our relationship with CNAC, which is one of the largest players in the Chinese agricultural market with over 1,000 points of sale nationwide. This new contract further acknowledges the superior quality of our organic granular fertilizers, and the potential yield enhancement and economic benefits our products can provide to the large number of farming communities in China. Going forward, we are confident that our high-quality organic compound fertilizers will reach a wider audience of farmers in China through our comprehensive distribution channels that capitalize on our regional distribution center network, as well as our strategic relationships with major domestic agricultural enterprises such as CNAC and SinoChem."
