China Agritech, Inc., a national liquid and granular organic compound fertilizer manufacturer and distributor in China, announced that Mr. Yu Chang, Chairman, CEO, and President of the company, and one of the directors of the company, Ms. Xiaorong Teng, have purchased shares in the open market.
According to the press release, Mr. Yu Chang purchased a total of 27,012 common shares at prices ranging between $0.86 and $1.05 per share and Ms. Xiaorong Teng purchased 20,000 common shares at prices ranging between $0.86 and $1.01 per share.
Mr. Yu Chang commented, “We believe we have built a successful business and we are potentially entering a new phase of growth with our new granular fertilizers to enhance our market share in the growing organic fertilizer market in China. We announced higher 2008 preliminary unaudited revenues and net income compared with the results of a year ago. The purchase of the Company’s stock reflects our confidence in the Company and our commitment to the Company’s future.”