Deyu Agriculture Corp. Announces Appointment of New CEO and President
BEIJING, April 19, 2013
BEIJING, April 19, 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, today announced that
effective April 15, 2013, Mr. Jianming Hao resigned as Chief Executive Officer
of the Company, Mr. Greg Chen resigned as President of the Company and was
appointed as new Chief Executive Officer of the Company, and Mr. Jan Poulsen
resigned as a Director of the Company and was appointed as President of the
"We thank Jianming for his contribution to Deyu. He worked hard to lead the
Company through challenging periods. His vision and leadership have provided
Deyu with the foundation for its future growth," said Executive Director Mr.
Hong Wang on behalf of Deyu's Board. "Jianming will remain on the Company's
Board and serve as Chairman where he will stay closely involved through the
transition to impart his knowledge and experiences in the industry.
"Greg previously served as our President, and has over fifteen years of
international business strategy, development and management experience in
various industries," added Mr. Wang. "The Board has complete confidence that
Greg is the right person to be our next CEO. With the upcoming industrial and
market opportunities and challenges, Greg will lead the enhanced management
team to achieve more sustainable competitiveness on multiple strategic and
operational fronts for the Company.
"We are also excited that our management team has an addition of Jan as
President," continued Mr. Wang. "Jan's twenty-plus years ofinternational
management experiences,operational proficienciesand skills within strategy
and business development in the food and beverage industries, will be very
instrumental to our future growth."
About Deyu Agriculture Corp.
Deyu Agriculture Corp. is a vertically integrated producer, processor,
marketer and distributor of organic and other agricultural products made from
corn and grains operating in Shanxi Province in the People's Republic of
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. We have a nationwide sales network covering
manufacturers, grain traders, wholesalers, distributors, institutional clients
and retail stores in 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.
Mr. Greg Chen, Chief Executive Officer
Deyu Agriculture Corp.
Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-8273-2870 x8522
SOURCE Deyu Agriculture Corp.
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