Company Provides FY2008 Revenue, Net Income and EPS
China Organic Agriculture, Inc. (OTCBB: CNOA), a diversified food
products company capitalizing on China's consumer revolution, announces
that is has filed with the SEC for a 15-day extension to submit its
annual Form 10-K report.
The Company and its auditors have been working diligently to complete
its annual report, however the auditors need more time to complete the
10-K.
“The complexity of our activities in Q4 2008 requires more time to
complete the appropriate figures,” said Jinsong Li, Chief Executive
Officer. “While our critical numbers (revenues, earnings, earnings per
share) are finalized and won’t change, we are compiling consolidated
cashflow numbers from our multiple acquisitions and dispositions
completed in the period. The Company extends its apologies to
shareholders. The need for the extension in this particular instance is
to ensure that the audit is done to the highest of standards.”
The Company is confident that the 15-day extension will be adequate to
complete the 10-K filing. This extension does not result in any
penalties and represents the routine extension time-frame for annual
reports filed with the SEC.
Since most of the critical numbers have been completed, CNOA is pleased
to report unaudited revenues of $112 million, net income of $20 million
and earnings per share (EPS) of $0.34.
“As a brief aside, we want to keep our shareholders up to date on the
status of the lawsuits filed against CNOA,” said Mr. Li. “On March 27th,
the judge on the case recused himself due to his relationship to the law
firm representing CNOA. Obviously the suit is still in the preliminary
stages as we wait for another judge to be announced. As I’ve stated
previously, the allegations of this suit are without merit and will be
vigorously defended. This potential litigation shall not deter
management from its goal of continuing to grow China Organic into a
leading distributor of natural and organic foods as well as premium
wines.”
About China Organic Agriculture
China Organic Agriculture is a diversified food products company
capitalizing on China’s increasing domestic demand for premium products.
The Company sells to distributors in China, which it will seek to
leverage for increased market penetration in agricultural, food and
related premium products. For more information, please visit: www.chinaorganicagriculture.com.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements. Forward-looking statements include, but are not limited to,
statements concerning future acquisitions, estimates of, and increases
in, production, cash flows and values, statements relating to the
continued advancement of China Organic Agriculture’s products and other
statements which are not historical facts. When used in this document,
the words such as "could," "plan," "estimate," "expect," "intend,"
"may," and similar expressions denote forward-looking statements.
Although China Organic Agriculture Inc. believes that its expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ
from these forward-looking statements include, but are not limited to,
those set forth in our reports filed with the Securities and Exchange
Commission, together with the risks discussed in our press releases and
other communications to shareholders issued by us from time to time,
such as our ability to raise capital as and when required, the
availability of raw products and other supplies, competition, the costs
of goods, government regulations, and political and economic factors in
the People's Republic of China in which our subsidiaries operate.
China Organic Agriculture, Inc.
Kate Ou, 646-200-6322
kateou@chinaorganicagriculture.com
