NEW YORK, June 13, 2007 (PRIME NEWSWIRE) -- AgFeed Industries, Inc. (OTCBB:AGFI) (http://www.agfeedinc.com), a leader in China's premix animal nutrition industry and the first such company publicly traded in the U.S., today announced that AgFeed was named the "Most Recommended" premix product by the GuangXi Swine Farmers Association, a local Chinese government agency. AgFeed is the only company in GuangXi that has received such recognition.
AgFeed's GuangXi subsidiary was the Company's first strategic acquisition in its 12 year corporate history. The GuangXi subsidiary was acquired by the Company in December 2006 at a cost of approximately one time 2007 projected earnings. Integration of GuangXi has been highly successful.
Recent development: AgFeed has announced that it is in various stages of discussion to acquire three businesses in the animal feed industry in China. The Company has also applied for listing on the NASDAQ Stock Market. Company Chairman Dr. Li is scheduled to meet with US institutional investors during the last week in June.
Songyan Li, Ph.D., Chairman of AgFeed Industries commented: "We are honored to have been named the only "Most Recommended" premix product company in China's vast GuangXi province. This recognition should further enhance our product sales in this fast growing region. We are pleased that AgFeed is rapidly growing sales and market shares while we continue to focus on product quality. Our Board of Directors recently visited the Guangxi plant. We are also pleased that our U.S. board members have recently purchased shares from the market after their visit to AgFeed in China."
About AgFeed Industries, Inc.
AgFeed Industries is the first China-based animal 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 premix animal nutrition products targeting China's vast and growing animal feed market. China's animal feed market was approximately $40 billion in 2006 according to China Feed Industry Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect AgFeed's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in AgFeed's filings with the Securities and Exchange Commission.