Deyu Agriculture Corp. Adds New Subsidiary, Extends Business Coverage to
BEIJING, Jan. 14, 2012
BEIJING, Jan. 14, 2012 /PRNewswire/ -- Deyu Agriculture Corp. (OTCBB: DEYU)
(the "Company"), a Shanxi Province, China based vertically integrated
producer, processor, marketer and distributor of organic and other
agricultural products made from corn and grains, announced today that the
Company formed a 99% owned subsidiary, Jilin Jinglong Agriculture Development
Limited ("Jinglong"), which is primarily engaged in the procurement, storage
and sales of corn and grain.
In October 2012, Jinglong was incorporated in Jilin Province, one of the three
Provinces of Northeast China, with registered capital of approximately US$3.2
million. The Provinces of Northeast China are some of the nation's top crop
producing areas. According to the China's National Bureau of Statistics, in
2011, crop production from these regions collectively reached approximately
107.8 billion kilograms, which was approximately 18.9% of China's total crop
Regions in Northeast China are especially rich in the production of corn, rice
and various types of grains, including soybeans, kidney beans and sunflower
seeds. The area as whole is situated around the same Latitude (45° of North
Latitude) as the U.S. and Ukraine corn belts, which are collectively known as
the world's three "Golden Corn Belts."
"Setting up Jinglong is a major step for us in further developing our
agriculture production chain," said Jianming Hao, Chief Executive Officer of
Deyu. "With its strategic location in Jilin Province, we expect that Jinglong
will play a pivotal role in extending our business coverage to the whole
Northeast Region of China. Furthermore, by establishing a more complete value
chain from the farm to the market, we are looking to strengthen our commitment
to providing organic and green products, as we anticipate that Jilin will help
us better ensure quality and efficiency, as well as fortify our resources to
develop a more diversified product portfolio."
About Deyu Agriculture
Deyu Agriculture Corp. is a vertically integrated agricultural value chain
from farmland to consumer market, which produces, processes, markets and
distributes organic and other agricultural products made from corn and grains
operating in Shanxi Province in China. The Company has access to over 109,000
acres of farmland in Shanxi Province for breeding, cultivating, processing,
warehousing and distributing grain and corn products. Deyu Agriculture Corp.
has an extensive wholesale network in over 15 provinces and a retail
distribution network of approximately 20,000 supermarkets and convenience
stores in 29 provinces across China. Deyu Agriculture Corp.'s facilities
include sophisticated production lines and modern warehouses with a total
production capacity of over 105,000 tons for grain products, storage capacity
of over 100,000 tons and annual turnover of 700,000 tons for corn products.
The Company's website is located at www.deyuagri.com.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward looking statements are based upon the current plans, estimates
and projections of Deyu Agriculture Corp.'s management and are subject to
risks and uncertainties, which could cause actual results to differ from the
forward looking statements. Such statements include, among others, those
concerning market and industry segment growth and demand and acceptance of new
and existing products; any projections of sales, earnings, revenue, margins or
other financial items; any statements of the plans, strategies and objectives
of management for future operations; any statements regarding future economic
conditions or performance; uncertainties related to conducting business in
China, as well as all assumptions, expectations, predictions, intentions or
beliefs about future events. Therefore, you should not place undue reliance on
these forward-looking statements. The following factors, among others, could
cause actual results to differ from those set forth in the forward-looking
statements: business conditions in China, general economic conditions;
geopolitical events and regulatory changes, availability of capital, changes
in the agricultural industry, the Company's ability to maintain its
competitive position. Additional Information regarding risks can be found in
the Company's quarterly and annual reports filed with the U.S. Securities and
Exchange Commission at www.sec.gov.
Deyu Hotline: +1-646-499-5475
Mr. Greg Chen, President
Deyu Agriculture Corp.
Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-5224-1802 X389
Mr. Kevin Ma
NUWA Group LLC
SOURCE Deyu Agriculture Corp.
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