Navigation Links
China Agritech, Inc. Receives $10 Million From Warrant Exercise by The Carlyle Group
Date:6/29/2010

BEIJING, June 29 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc. (Nasdaq: CAGC) ("China Agritech", or the "Company"), a leading organic compound fertilizer manufacturer and distributor in China, today announced that it has received $10 million as a result of the exercise of common stock warrants held by Carlyle Asia Growth Partners IV, L.P. and CAGP IV Co-Investment, L.P., two affiliates of The Carlyle Group. The Carlyle Group affiliates originally acquired the warrants in connection with the Company's strategic private placement, consummated on October 20, 2009. A total of 1,857,024 newly issued shares of the Company's common stock were issued from the warrant exercise. Carlyle Asia Growth Partners IV, L.P. and CAGP IV Co-Investment, L.P., received 1,705,249 shares and 151,775 shares, respectively, as a result of their exercise of the warrants.

Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech, commented, "We are pleased that The Carlyle Group has increased its investment in and commitment to China Agritech. This investment will immediately provide better visibility to our financial statements, as there will no longer be non-cash charges related to these warrants that will affect our earnings. With the new proceeds to further strengthen our balance sheet, we have ample capital to support our ongoing operations and execute our current expansion plans, especially to begin the ramp up of our distribution network in China. We look forward to extending our growth track record and maximizing value to our long-term shareholders."

Mr. Wayne Tsou, Managing Director, Carlyle Asia Growth Partners, commented, "We are encouraged by the Company's current operations and future outlook. Carlyle always has been active in investing globally in technologies and companies focused on sustainable development. We intend to continue to provide resources and assistance to help China Agritech achieve its strategic goals and expand in the Chinese agricultural market."

The Carlyle Group is a global alternative asset manager with $90.5 billion of assets under management committed to 67 funds as of March 31, 2010. Carlyle invests across three asset classes -- private equity, real estate and credit alternatives -- in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $60.6 billion of equity in 969 transactions. The Carlyle Group employs more than 880 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. http://www.carlyle.com .

About China Agritech, Inc.

China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The Company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The Company sells its products to farmers located in 28 provinces of China.

Safe Harbor Statement

This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions, future operating results of the Company, capital expenditures, expansion and growth opportunities, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Except as required by law, China Agritech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

    For more information, please contact:

    In China:
     Mr. Gareth Tang
     Chief Financial Officer
     China Agritech, Inc.
     Tel:   +86-10-5962-1220
     Email: gareth@chinaagritech.com

    In the U.S.:
     Mr. Kevin Theiss
     Investor Relations
     Grayling
     Tel:   +1-646-284-9409
     Email: kevin.theiss@grayling.com


'/>"/>
SOURCE China Agritech, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. China Kangtai Cactus Biotech Files 2nd Quarter 2007 10QSB and Announces Unaudited Quarterly Results
2. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
3. China Medical Technologies to Participate in the Morgan Stanleys 2007 China Medical Corporate Day
4. China-Biotics, Inc. Signs Intention Agreement to Supply Probiotics to Bright Dairy & Food Co., Ltd.
5. China Technology Announces New Chief Financial Officer
6. China Medical Technologies Reports First Quarter Financial Results
7. China Medical Technologies to Participate in Credit Suisses 2007 Asian Technology Conference
8. China Technology Announces Entry to the Solar Energy Sector
9. China Sky One Medical Receives $1.5 Million Government Grant to Further Develop Six New Cancer Products
10. Kiwa Bio-Tech Named Recommended Brand by the China Green Food Association
11. China Kangtai Cactus Biotech, Inc. Announces Plans for New Product Launch
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... June 23, 2016   Boston Biomedical , ... compounds designed to target cancer stemness pathways, announced ... granted Orphan Drug Designation from the U.S. Food ... gastric cancer, including gastroesophageal junction (GEJ) cancer. Napabucasin ... to inhibit cancer stemness pathways by targeting STAT3, ...
(Date:6/23/2016)... ... June 23, 2016 , ... Charm Sciences, Inc. is ... has received AOAC Research Institute approval 061601. , “This is another AOAC-RI approval ... Bob Salter, Vice President of Regulatory and Industrial Affairs. “The Peel Plate methods ...
(Date:6/23/2016)... , ... June 23, 2016 , ... ... announced the launch of the Supplyframe Design Lab . Located in Pasadena, ... explore the future of how hardware projects are designed, built and brought to ...
(Date:6/23/2016)... , June 23, 2016  Blueprint Bio, a ... discoveries to the medical community, has closed its Series ... Matthew Nunez . "We have received a ... the capital we need to meet our current goals," ... provide us the runway to complete validation on the ...
Breaking Biology Technology:
(Date:6/21/2016)... British Columbia , June 21, 2016 /PRNewswire/ ... appointed to the new role of principal product ... been named the director of customer development. Both ... NuData,s chief technical officer. The moves reflect NuData,s ... teams in response to high customer demand and ...
(Date:6/15/2016)... ALBANY, New York , June 15, 2016 ... published a new market report titled "Gesture Recognition Market ... Trends and Forecast, 2016 - 2024". According to the ... at USD 11.60 billion in 2015 and is ... and reach USD 48.56 billion by 2024.  ...
(Date:6/7/2016)... 7, 2016  Syngrafii Inc. and San Antonio ... that includes integrating Syngrafii,s patented LongPen™ eSignature "Wet" ... collaboration will result in greater convenience for SACU ... while maintaining existing document workflow and compliance requirements. ... Highlights: ...
Breaking Biology News(10 mins):