BEIJING, June 8 /PRNewswire-Asia-FirstCall/ -- Yongye Biotechnology International, Inc. (OTC Bulletin Board: YGYB; "Yongye" or the "Company"), a leading developer and distributor of Shengmingsu brand plant and animal nutrient products located in the People's Republic of China (PRC), today announced that, through its sole operating subsidiary, Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd. (''Yongye Nongfeng''), it has obtained a renewed fertilizer production license from the PRC Ministry of Agriculture for the products it currently distributes. The fertilizer production license will permit Yongye Nongfeng to manufacture its own plant and animal nutrient products. Its effective date is May 6, 2009 and it is renewable in February 2010.
All fertilizers producers in China, including those producing plant and animal nutrient products, must be registered with the PRC Ministry of Agriculture. Pursuant to Yongye's restructuring process begun in October 2008, Inner Mongolia Yongye Biotechnology, Yongye Nongfeng's predecessor company and current contract manufacturer, transferred the fertilizer production license to Yongye Nongfeng. The Company can now begin transferring the manufacturing of its plant and animal nutrient products from Inner Mongolia Yongye to Yongye Nongfeng by acquiring Inner Mongolia Yongye's land and remaining assets related to the manufacture of plant and animal nutrient products. The restructuring process is expected to be finished within the next 5 months.
"Obtaining the license to manufacture our high quality plant and animal nutrient products is a critical milestone in the restructuring process, which will provide us with total control over our manufacturing process and facilities," said Mr. Zishen Wu, CEO of Yongye Biotechnology International, Inc. "This move toward greater vertical integration is vital as we move forward with our plans to aggressively expand our business, increase market penetration and build awareness of our Shengmingsu brand with farmers throughout China."
About Yongye Biotechnology International, Inc.
Yongye Biotechnology International, Inc., headquartered in Beijing, is engaged in the development, distribution and sales of Shengmingsu brand plant and animal nutrient products. The Company's patent pending processes and proprietary formulas allow it to create products that increase crop yields and improve the health of livestock. Its sole operating subsidiary, Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd., is located in Inner Mongolia, People's Republic of China. The Company sells its products through distributors and directly to farmers located in ten provinces throughout China.
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.
For more information, please contact: Yongye Biotechnology International, Inc. Mr. Larry Gilmore-VP of Corporate Strategy Phone: +86-8232-8866 x8880 Email: firstname.lastname@example.org CCG Investor Relations, Inc. Mr. Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: email@example.com Web: http://www.ccgirasia.com
|SOURCE Yongye Biotechnology International, Inc.|
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