NEW YORK, April 16, 2007 (PRIME NEWSWIRE) -- AgFeed Industries, Inc. (OTCBB:AGFI.OB) (website: http://www.agfeedinc.com), the first China-based animal nutritional product company publicly traded in the U.S., today announced that the Company has launched a new baby pig growth product in collaboration with Professor Bud Harmon of Purdue University. Dr. Harmon is a world renowned professor and scientist in the animal nutrition industry. Dr. Harmon has been a technical advisor to the Company.
Songyan Li, PhD., Chairman of AgFeed Industries commented: "We launched this new product in March targeting the premium market for baby pigs which is a $3.8 billion per year business in China. We appreciate our advisor Professor Bud Harmon of Purdue University for his guidance in the successful product development. During the first month of the product launch, we signed over $2 million in sales contracts. We have just completed a strong first quarter. We expect our rapid growth to continue throughout the year."
About AgFeed Industries, Inc.
A U.S. company under U.S. corporate governance, AgFeed Industries is the first China-based animal feed and nutritional product company publicly traded in the U.S. Through its operating subsidiaries which were founded in 1995 in China, AgFeed is a leading manufacturer, marketer and distributor of animal nutrition products targeting China's vast and growing animal feed market. AgFeed is the No. 1 player in the pre-mix market for pork by sales volume in China's eastern provinces. China's animal feed market was $34.6 billion in 2005 according to China Feed Industry Association.
Safe Harbor Statement
Certain forward-looking statements made on this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to the risks described in the company filings with the Securities and Exchange Commission.