Le Gaga Holdings Limited Announces Damage Caused by Super Typhoon "Usagi"
HONG KONG, Oct. 4, 2013 (GLOBE NEWSWIRE) -- Le Gaga Holdings Limited
(Nasdaq:GAGA) ("Le Gaga" or "the Company"), a leading greenhouse vegetable
producer in China, today announced damage caused by super typhoon Usagi at its
production bases in Huidong, Guangdong Province.
Super typhoon "Usagi" hit the Company's production bases in Pingshan and
Duozhu, Huidong, Guangdong Province, on September 22, 2013 and caused
substantial damage. These two production bases have greenhouses of a total
area of 2,000 mu (133 hectares), part of which experienced various degrees of
damage.Management took prompt action and galvanized employees to undertake
rescue efforts, during the most serious natural disaster experienced in the
history of the Company.
Mr. Shing Yung Ma, the Company's chief executive officer, said, "The Company's
management and employees have maintained a high morale in the face of this
natural calamity.We have secured the seedlings and production materials for
this winter, which is the peak season for our Company, and have begun
implementing this winter's production plan.We are working hard to undertake
repair efforts to minimize disruption to this winter's production and mitigate
the impact to our operational results."
The damage caused by this natural disaster will affect production and the
Company's business, results of operations and financial condition.The Company
is still evaluating the extent of the damage and has not yet quantified the
impact.The Company will announce in due course the results of any further
About Le Gaga Holdings Limited (Nasdaq:GAGA)
Le Gaga is a leading greenhouse vegetable producer in China.The Company sells
and markets greenhouse vegetables such as peppers, tomatoes, cucumbers and
eggplants, as well as green leafy vegetables to wholesalers, institutional
customers and supermarkets in China and Hong Kong. The Company has
successfully built a trusted brand among its customers.
The Company currently operates farms in the Chinese provinces of Fujian,
Guangdong and Hebei. Leveraging its large-scale greenhouses, proprietary
horticultural know-how and comprehensive database, the Company specializes in
producing and selling high-quality, off-season vegetables during the winter
CONTACT: For further information, please contact:
Tel: (852) 2522 1838
Tel: (852) 2522 1368
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