Agria Names Alan Lai as Executive Chairman
BEIJING -- (Marketwire) -- 03/25/13 -- Agria Corporation (NYSE: GRO)
(the "Company" or "Agria") today announced that its Board of
Directors has named Alan Lai, currently the Chairman of the Board of
Agria, as Executive Chairman of the Company's Board of Directors,
Mr. Lai has served as Chairman of the Company's Board of Directors
since 2007. As Executive Chairman, Mr. Lai will continue to lead the
Company's Board of Directors and remain actively involved in the
Company's strategic planning, corporate development and corporate
"We are pleased that Alan has agreed to serve as Executive Chairman
of the Company," said Sean Shao, independent director and a member of
Agria's Transition Committee. "I have worked closely with Alan over
the past several years and he has been
intimately involved in the
strategic planning and execution of Agria's business. His insights
and executive-level experience will continue to be tremendous assets
as we move forward with our exciting growth and development
initiatives. His active involvement with PGG Wrightson, as well as
his chairmanship of PGW's Agritech sub-committee, will facilitate the
strategic integration of PGW's technical capabilities and expertise
with Agria's reach in China."
"I am pleased to assume a broader role as Executive Chairman of the
Board at this important stage of Agria's development and look forward
to working more actively with the management team as we move
forward," said Mr. Lai. "I am confident Agria is well-positioned to
drive leadership in the market through our significant innovations in
seed products and agriculture services. My experience of leading
Agria's executive teams in China has been very encouraging thus far.
We have seen significant growth opportunities for our seeds business
in China over the last year and, barring adverse weather conditions,
expect our China seeds business to generate significant
year-over-year revenue growth. I look forward to leading the Agria
team alongside our PGW team to forge a better future and greater
value for Agria and its shareholders."
With the appointment of Mr. Lai as Executive Chairman, the position
of Chief Executive Officer is not expected to be filled in the near
future. Agria will assess the need to fill this vacancy on a
strategic and ongoing basis.
Mr. Lai joined Agria in 2007 and has served as Chairman of Agria's
Board of Directors since June 2007 and as chairman of Agria's
compensation committee since March 2010. Mr. Lai also served as
Agria's Co-Chief Executive Officer from September 2007 to June 2008
and as the company's Chief Executive Officer from November 2008 to
September 2009. Mr. Lai is also a Director of Brothers Capital
Limited, Agria's largest shareholder. Mr. Lai founded Aero-Biotech
Group Limited in 2005, which is a wholly-owned subsidiary of Agria
Corporation, and serves as its Director. Mr Lai is a Director of PGG
Wrightson Limited (NZSE: PGW), a leading agricultural company and
subsidiary of Agria Corporation. Over the course of his career, Mr.
Lai has accumulated extensive experience in investments, mergers and
acquisitions and management leadership expertise. He has invested in
and established many successful businesses in the agriculture,
animation, logistics and transportation, and pharmaceutical sectors
in China, Hong Kong and internationally. Mr. Lai holds a Bachelor's
degree in Accounting from Monash University, Melbourne, Australia, a
Master's degree in Finance from The Chinese University of Hong Kong
and is a Certified Public Accountant in Australia.
About Agria Corporation
Agria Corporation (NYSE: GRO) is an
agricultural company with operations in China and internationally.
Agria operates three principal business lines: China seeds,
international seeds and agriservices. In China, Agria engages in
research and development, production and sale of seed products,
including field corn seeds, edible corn seeds and vegetable seeds.
Agria owns through Agria Asia a 50.22% equity interest in PGG
Wrightson Limited, New Zealand's largest agricultural services
company. For more information about PGG Wrightson Limited, please
visit www.pggwrightson.co.nz. For more information about Agria
Corporation, please visit www.agriacorp.com.
Safe Harbor Statement:
This announcement contains forward-looking
statements. These statements, including the management's commentary,
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,
"estimates," "confident" and similar statements. Agria may also make
written or oral forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission on Forms 20-F and 6-K,
etc., in its annual report to shareholders, in press releases and
other written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Agria's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, those risks
outlined in Agria's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date of this announcement unless otherwise stated and Agria does
not undertake any obligation to update any forward-looking statement,
except as required under applicable law.
For more information, please contact:
Chief Financial Officer
Tel: +852 2748 9390
Phone (U.S.): +1-646-308-1207
Phone (China): +86-10-6583-7511
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