Attached files
| file | filename |
|---|---|
| 8-K - AgFeed Industries, Inc. | v169279_8k.htm |
| EX-10.27 - AgFeed Industries, Inc. | v169279_ex10-27.htm |
| EX-10.23 - AgFeed Industries, Inc. | v169279_ex10-23.htm |
| EX-10.24 - AgFeed Industries, Inc. | v169279_ex10-24.htm |
| EX-10.26 - AgFeed Industries, Inc. | v169279_ex10-26.htm |
| EX-10.25 - AgFeed Industries, Inc. | v169279_ex10-25.htm |
Exhibit
99.1
AgFeed
Industries Forms Joint Venture with Hypor — Hypor AgFeed Breeding Company Inc. —
to Develop and Operate Genetic Nucleus Farm in Wuning, China
NEW
YORK, December 17, 2009
/PRNewswire-Asia/ — AgFeed Industries, Inc. (Nasdaq: FEED - News), one of the
largest independent hog production and animal nutrient companies in China, today
announced the formation of a joint venture with Hypor, B.V., a Hendrix Genetics
Company, world renowned as a leading provider of superior swine genetics and
technology. The new company, Hypor AgFeed Breeding Company Inc., will
develop, operate and market a genetic nucleus farm in Wuning,
China. Hypor AgFeed Breeding is owned 85% indirectly by AgFeed and
15% by Hypor.
The
Wuning farm will be stocked with the best pure-line animals and genetic material
imported from Hypor's purebred facilities in Canada and France for
cross-breeding purposes. This facility will supply AgFeed's
multiplier breeding farms in Lushan and Ganda with genetically superior hogs
that are bred to be productive and efficient, allowing AgFeed to maximize its
hog production and improve feed conversions at these
facilities. Additionally, any excess capacity produced by the Wuning
farm will be marketed to other hog farmers, allowing the joint venture to
maximize its profit potential.
AgFeed
Industries' Chairman Songyan Li commented, "we are very excited about taking
this next step in the realization of our strategic plan. When we
entered into our original relationship with Hypor in April we embarked on the
development of a scientifically bred hog population that would result in the
production and sale of about 2 million "green certified" hogs into the Chinese
market during 2010-2011. With the formation of Hypor AgFeed Breeding
we will ensure the genetic quality of our hog population from the top of the
breeding pyramid to market."
Gerry
Daignault, AgFeed's Chief Operating Officer, added, "we believe that this new
venture strengthens our existing alliance with Hypor and positions us to exploit
the genetics expertise, innovative technology and purebred stock of a world
class organization to expand our breeding capacity and the quality of our stock
as we grow our hog production business."
Raf
Beeren, Director of Hypor Asia, continued "this joint venture is the natural
evolution of the relationship we began with AgFeed earlier this
year. Through Hypor AgFeed Breeding, Hypor will have established
another breeding facility in China, AgFeed will have developed a ready source of
genetics material to produce superior hogs and the Chinese consumer will receive
top quality pork."
ABOUT
AGFEED INDUSTRIES, INC.
NASDAQ
Global Market listed AgFeed Industries (www.agfeedinc.com) is
a U.S. company with its primary operations in China. AgFeed has two
profitable business lines — premix and blended animal feed and hog
production. AgFeed is China's largest commercial hog producer in terms of
total annual hog production as well as the largest premix feed company in terms
of revenues. China is the world's largest hog producing country that
produces over 600 million hogs per year, compared to approximately 100 million
hogs in the U.S. China also has the world's largest consumer base for pork
consumption. Over 62% of total meat consumed in China is pork. Hog
production in China enjoys income tax free status. The pre-mix feed market
in which AgFeed operates is an approximately $1.6 billion segment of China's $40
billion per year animal feed market, according to the China Feed Industry
Association.
ABOUT
HYPOR
Hypor, a
Hendrix Genetics Company, is one of the world's leading suppliers of swine
genetics. Hypor is committed to providing superior genetics, which support
profitability in the pork meat value chain. With its head office located in
Boxmeer, the Netherlands, the company has strategically located breeding centers
in North America, Europe and Asia. www.hypor.com
SAFE
HARBOR DISCLOSURE NOTICE
This
press release contains forward-looking information about AgFeed Industries,
Hypor and Hypor AgFeed Breeding. You can identify these statements by the fact
that they use words such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target," "goal," "potential,"
"forecast" and other words and terms of similar meaning in connection with any
discussion of future operating or financial performance, business plans and
prospects. Readers are cautioned not to place undue reliance on such
forward-looking statements because risks and uncertainties may cause actual
results to differ materially from those expressed in, or implied by, such
statements. Among such risks and uncertainties are the Company's ability to
successfully implement the JV and the risk factors described in the reports
filed by the Company with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date of such statement, and
AgFeed Industries does not undertake any obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise. Comparisons of results for current and any prior periods
are not intended to express any future trends or indications of future
performance, unless expressed as such, and should only be viewed as historical
data.
Contact:
Investor Relations: AgFeed
Industries, Inc.
Tel:
917-804-3584 (US)
Email:
ir@agfeedinc.com