TORONTO, ONTARIO--(Marketwired - May 2, 2013) - China Green Star Agricultural Corporation (TSX VENTURE:GRE) ("Green Star" or the "Company") today announced it has granted 50,000 stock options under its stock option plan to directors of the Company.
All of the options are exercisable at a price of eighty-two cents ($0.82) per share and have been granted on May 2, 2013. The term of the options is five years and they vest immediately from the date of grant.
A total of 50,000 options have been granted to directors of the Company, including 25,000 stock options to Bryan Knebel, Independent Director & Chairman of the Audit Committee, and 25,000 to Frank Galati, Independent Director.
Mr. Bryan Knebel was Chief Financial Officer of The Skor Food Group Inc. (acquired in 2011 by Group Colabor) for the past 8 years. Prior to that, he worked as Chief Financial Officer of Lombardi Media Corporation and several other TSX-Venture Exchange listed public companies over a period of 15 years. Mr. Knebel started his financial career with the Toronto-Dominion Bank in commercial banking. He has extensive knowledge and experience in developing internal and external growth strategies through arranging debt and equity financing for growth oriented public companies on the TSX-Venture Exchange.
Mr. Frank Galati was President and Chief Executive Officer of Destination Products International Ltd., a spin-off of Cott Corporation and a company focused on the marketing and distribution of frozen and fresh meal solutions to the North American Grocery and Mass Merchandising markets through diversified distribution channels. The company increased revenues from $12 million to over $100 million and was named one of Canada's Fifty Best Managed Companies by The Financial Post. Prior to that, Mr. Galati held several senior financial roles with Cott Corporation and Maple Leaf Foods, including; CFO of Cott's US business, a subsidiary with revenue in excess of $1 billion and CFO for Maple Leaf Foods Grocery Division, a company with over $300 million in revenue of canned and frozen food products. Today, Mr. Galati is Managing Partner of Bedford Group's resource practice, advising resource companies on talent and leadership issues, and has sat on various advisory boards to food and health supplement companies focused on growth in US and Canadian markets.
About China Green Star Agricultural Corporation
Green Star operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.
Green Star has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, Green Star has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.
China Green Star Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".
For further information on Green Star please visit our web site at www.greenstaragricultural.com.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
When used in this press release, such statements may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking information in this press release includes management's plan to further implement its dividend policy, management's future expansion plan including acquisition of additional agricultural land and exploring other strategic acquisitions. These forward-looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether a result of new information, future results or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.