BEIJING, Aug. 19, 2013 /PRNewswire/- Deyu Agriculture
Corp. (OTCBB: DEYU) (the "Company"), a Shanxi Province, China-based vertically integrated producer,
processor, marketer and distributor of organic and other
agricultural products made from corn and grains, today announced
that Mr. Jianming (Jimmy) Hao has
amicably resigned from his directorship and chairmanship positions
on the Board and Mr. Longjiang Yuan
has amicably resigned from his position as a director of the
Company, effective August 16, 2013.
To fill the vacancies created by such resignations, the Company's
board of directors has approved the appointment of Mr. Hong Wang to serve as Chairman of the Board and
Professor Xinli Li to serve as a
director of the Company, effective from August 16, 2013. Professor Xinli Li is deemed "independent" and will also
serve as a member of the Audit Committee, Nominating Committee and
Compensation Committee of the Board.
Mr. Wang has been serving as an executive director of the
Company since April 2012. Prior to
that, he served as Vice President of Detian Yu Biotechnology
(Beijing) Co., Ltd., a subsidiary
of the Company, since October
2009.
Professor Li has served as a Researcher of the Culture Industry
Research Institute at Shenzhen
University, since September 2011.
Prior to that, he served as the Head of the Department of
Advertising and as an Associate Professor at Shenzhen University beginning in November 2004. Professor Li earned his Bachelors
of Science degree from Huazhong Normal University, and his Masters
Degree in Tourism Economics from Nankai University.
Mr. Greg Chen, Chief Executive
Office of the Company, commented on behalf of the Board, "We would
like to thank Jimmy for his leadership and outstanding contribution
to the Company since its foundation. His leadership has provided
Deyu a good foundation for future growth. Mr. Hao has decided to
resign due to personal reasons. We wish him all the best for the
future."
"Mr. Wang is one of the co-founders of the Company and has been
serving the Company as a Director. His experience in the Chinese
grain industry will help shape the future of the Company," added
Greg Chen. "We are also very pleased
to be welcoming Professor Li to the board as an independent
director. His expertise will be of importance for Deyu as we are
moving into new market areas. We would also like to express our
sincere appreciation to Mr. Longjiang
Yuan for his valuable support over the past years."
About Deyu Agriculture Corp.
Deyu Agriculture Corp. is a vertically integrated producer,
processor, marketer and distributor of organic and other
agricultural products made from corn and grains operating in
Shanxi Province in the People's Republic of China. The Company
has access to over 109,000 acres of farmland in Shanxi Province for breeding, cultivating,
processing, warehousing and distributing grain and corn products.
We have a nationwide sales network covering manufacturers, grain
traders, wholesalers, distributors, institutional clients and
retail stores in China. Deyu
Agriculture Corp.'s facilities include sophisticated production
lines and modern warehouses with a total production capacity of
over 105,000 tons for grain products, storage capacity of over
100,000 tons and annual turnover of 700,000 tons for corn products.
The Company's website is located at www.deyuagr.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
upon the current plans, estimates and projections of Deyu
Agriculture Corp.'s management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. Such statements include, among others,
those concerning market and industry segment growth and demand and
acceptance of new and existing products; any projections of sales,
earnings, revenue, margins or other financial items; any statements
of the plans, strategies and objectives of management for future
operations; any statements regarding future economic conditions or
performance; uncertainties related to conducting business in
China, as well as all assumptions,
expectations, predictions, intentions or beliefs about future
events. Therefore, you should not place undue reliance on these
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: business conditions in China, general economic conditions;
geopolitical events and regulatory changes, availability of
capital, changes in the agricultural industry, the Company's
ability to maintain its competitive position. Additional
Information regarding risks can be found in the Company's quarterly
and annual reports filed with the U.S. Securities and Exchange
Commission at www.sec.gov.
Company Contact
Mr. Greg Chen, Chief Executive
Officer
Deyu Agriculture Corp.
Tel: +1-646-499-5475
Email: gregchen@china-deyu.com
Ms. Amy He, Chief Financial
Officer
Deyu Agriculture Corp.
Tel: +86-10-8273-2870 x8522
Email: amy@china-deyu.com
SOURCE Deyu Agriculture Corp.