Deyu Agriculture Corp. Receives Local Government Grants
BEIJING, Jan. 31, 2013
BEIJING, Jan. 31, 2013 /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 its
wholly-owned subsidiary, Jinzhong Deyu Agriculture Trading Co., Ltd ("Jinzhong
Deyu"), recently received $206,000 USD (RMB 1.3 million) of Jinzhong city
government subsidies, which will be used to support Deyu's business operations
as well as the construction of its grains processing projects.
"We are thrilled to receive these grants as we believe they will help us
expand our business and further promote economic and industrial development in
Jinzhong," said Jianming Hao, Chief Executive Officer of Deyu. "Fostering a
large, robust and modernized agricultural industry in Shanxi Province,
particularly in Jinzhong, and boosting farmers' incomes in the region are very
important to us, and with these grants, we believe we are in a much better
position to meet these aims."
In 2012, the Shanxi Provincial Development and Reform Commission in China
approved the inclusion of the Coarse Grain Processing Development of Jinzhong
Deyu in the list of its local agricultural products industrial support and
agro-processing investment plan. The Coarse Grains Processing Development
strives to generate social and economic benefits in Shanxi Province in
accordance with the policy of the Shanxi Provincial Government in
strengthening the "Three Rural Works," which are works related to agriculture,
rural areas and farmers.
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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