Yongye International Announces Resignation of Chief Operating Officer and
BEIJING, Sept. 30, 2013
BEIJING, Sept. 30, 2013 /PRNewswire-FirstCall/ --Yongye International, Inc.
(NASDAQ: YONG), ("Yongye" or the "Company") a leading developer, manufacturer,
and distributor of crop nutrient products in the People's Republic of China
("PRC"), today announced that Mr. Nan Xu has resigned from the role of Chief
Operating Officer and as a member of the Board of Directors. Mr. Xu's
resignation was for personal reasons and his last day of service to Yongye
will be October 1, 2013.
Mr. Xu's responsibilities and duties as Chief Operating Officer will be
assumed by members of the senior management team and a smooth transition is
anticipated. The Company does not currently plan to nominate a new member to
the Board of Directors.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye, stated, "We
would like to thank Mr. Xu for his dedication to Yongye and for his important
contributions to the development and growth of the Company. We wish him the
very best in his future endeavors."
"It has been an honor and privilege to be a part of Yongye's senior management
team and Board of Directors during what was a critical point in the Company's
evolution," stated Mr. Nan Xu. "I wish the entire team continued success."
About Yongye International, Inc.
Yongye International, Inc. is a leading crop nutrient company headquartered in
Beijing, with its production facilities located in Hohhot, Inner Mongolia,
China. Yongye's principal product is a liquid crop nutrient, from which the
Company derived substantially all of the sales in 2012. The Company also
produces powder animal nutrient product which is mainly used for dairy cows.
Both products are sold under the trade name "Shengmingsu," which means "life
essential" in Chinese. The Company's patented formula utilizes fulvic acid as
the primary compound base and is combined with various micro and macro
nutrients that are essential for the health of the crops. The Company sells
its products primarily to provincial level distributors, who sell to the
end-users either directly or indirectly through county-level and village-level
distributors. For more information, please visit the Company's website at
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements of
historical fact included herein are "forward-looking statements." These
forward-looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions, involving
known and unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission and
available on the SEC's website (http://www.sec.gov). All forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other than as
required under the securities laws, the Company does not assume a duty to
update these forward-looking statements.
Yongye International, Inc.
Ms. Kelly Wang
Finance Director – Capital Markets
Ms. Rain Xia
Phone: +86-10-8232-8866 x 8827
Mr. John Capodanno (U.S.)
Ms. Cara O'Brien (Hong Kong)
SOURCE Yongye International, Inc.
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