Attached files
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| 8-K - Yongye International, Inc. | v163469_8k.htm |
Exhibit
99.1
Yongye
International Announces Completion of Restructuring
BEIJING,
Oct. 20 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (Nasdaq:
YONG), (“Yongye or “the Company”) a leading manufacturer, developer and
distributor of Shengmingsu brand plant and animal nutrient products in the
People’s Republic of China (PRC), today announced that the Company consummated
the restructuring plan required by its September 2008 financing as of October
16, 2009.
Yongye is
now a fully integrated manufacturer having acquired the land, buildings,
equipment, and fertilizer license of its predecessor, Inner Mongolia Yongye. The
restructuring process began when the Yongye’s cooperative joint venture
subsidiary, Yongye Nongfeng Biotechnology Co. (“Yongye Nongfeng”), purchased the
production equipment used in the existing 2,000 tonnes per annum production
facility from Inner Mongolia Yongye. In addition, all personnel, services, and
control issues relating to the manufacturing operations have also been
transferred to Yongye Nongfeng. In June 2009, the Ministry of Agriculture issued
Yongye Nongfeng the fertilizer license. Most recently, the title for the land
and remaining buildings were transferred to Yongye Nongfeng, effectively
completing the restructuring process.
“We look
forward to capitalizing on our new tightly integrated business model by better
managing our research, manufacturing, and distribution activities and
efficiently executing our 2010-2012 strategic plan,” commented Mr. Zishen Wu,
Chairman and CEO of Yongye International.
About
Yongye International, Inc.
Yongye
International, Inc., headquartered in Beijing, is engaged in the manufacturing,
development, distribution and sales of Shengmingsu brand plant and animal
nutrient products. The Company’s patented and patent pending formulas and
proprietary extraction processes 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 headquartered in Beijing
with administrative and sales offices located in Inner Mongolia, People’s
Republic of China. For more information, please visit the Company’s website at
http://www.yongyeintl.com
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
International, Inc.
Mr. Larry
Gilmore-VP of Corporate Strategy
Phone:
+86-10-8232-8866 x8880
Email:
larry.gilmore@yongyeintl.com
CCG
Investor Relations, Inc.
Mr.
Crocker Coulson, President
Phone:
+1-646-213-1915 (New York)
Email:
crocker.coulson@ccgir.com