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, increas
|SOURCE Yongye Biotechnology International, Inc.|
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