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Synutra Annual Report on Form 10-K Includes 'Going Concern' Explanatory Paragraph from Auditor
Date:6/19/2009

QINGDAO, China and Rockville, Md. June 19 /PRNewswire-Asia/ -- Synutra International, Inc. (Nasdaq: SYUT, "Synutra"), a leading infant formula company in China, and a producer, marketer and seller of nutritional products for infants, children and adults, stated today that its Form 10-K, filed on June 15, 2009, included an unqualified audit opinion in which Synutra's independent auditor, Deloitte Touche Tohmatsu CPA Ltd. ("DTTC"), included an explanatory paragraph expressing substantial doubt regarding Synutra's ability to continue as a "going concern" in its report on Synutra's financial statements for the fiscal year ended March 31, 2009.

Liang Zhang, Chairman and CEO of Synutra, commented, "We are making efforts to overcome any doubt about our ability to continue as a going concern. We continue to pursue our market recovery strategies and to address our short-term working capital deficit head on. We are making good progress in our negotiations with ABN Amro regarding the refinancing of the original $35 million loan, and expect to commence our repayment schedule later this year. We are also currently in the process of evaluating funding alternatives, including seeking refinancing of certain of our short-term loans from PRC banks. I want to reiterate that we are increasingly confident that we can return to profitability and financial stability by the end of the current fiscal year, which ends on March 31, 2010. The rising sales and narrowing losses demonstrated in our third to fourth quarter sequential results demonstrate our progress thus far."

As a result of the melamine incident and the related product recall, Synutra experienced significant operating losses and negative cash flows from operations for the fiscal year ended March 31, 2009. In addition, the operating losses have resulted non-compliance with ce
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SOURCE Synutra International, Inc.
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