Deyu Agriculture Acquires Long-Term Land Use Rights to Over 8,700 Acres of Farmland to Expand and Cultivate Ecosystem
BEIJING, Oct. 6 /PRNewswire-Asia/ — Deyu Agriculture Corp. (OTC Bulletin Board: ECBI) (“Deyu Agriculture” or the “Company”), an emerging, vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and various grains, today announced the acquisition of land use rights to approximately 53,000 mu (8,731 acres) of ecological farmland in Jinzhong City, Shanxi Province. The farmland will be used exclusively for the cultivation of organically grown grains. The acquisition agreement was entered into September 30, 2010.
“This acquisition is a key component of Deyu Agriculture’s strategic growth plan. The organically grown grains produced on this farmland will ensure an adequate supply as we expand our simple processed grain products throughout China, and look to expand our market into deeply processed organic grain products,” said Mr. Jianming Hao, Chairman and Chief Executive Officer of Deyu Agriculture. “As we continue to monitor the supply of grains in the market, acquiring these land use rights for the next 42 years, along with our 20 year exclusive farming rights to over 550,000 mu of farmland in the Shanxi Province, will help ensure an adequate supply of organically grown grains for our current and future growth plans.”
About Deyu Agriculture Corp.
Deyu Agriculture Corp. (“Deyu Agriculture” or the “Company”) is an emerging organic and non-organic agricultural products producer and distributor in Shanxi Province of the People’s Republic of China engaged in procuring, processing, marketing and distributing various grain and corn products. Deyu Agriculture maintains a large base in Jinzhong City, Shanxi Province for breeding, cultivating, processing and warehousing, and focuses on processing and distributing grain and corn products.
For more information, contact Deyu Agriculture directly or go to Deyu Agriculture’s website at http://www.china-deyu.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’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 as well as other relevant risks, including but not limited to risks outlined in the Company’s periodic filings with the U.S. Securities and Exchange Commission. Deyu Agriculture does not assume any obligation to update the information contained in this press release.
Company and Investor Relations Contact: David Lethem, Chief Financial Officer Deyu Agriculture Corp. Tel: +1-239-940-8889 E-mail: firstname.lastname@example.org. Web Site: http://www.china-deyu.com
SOURCE Deyu Agriculture Corp.