China Green Agriculture, Inc. (NYSE:CGA)

Xi’an, China, June 28, 2019 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. (CGA) today announced that its Board of Directors and shareholders approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-12. The reverse stock split is effective after market close on June 27, 2019 (Effective Time). The Common Stock will begin trading on a split-adjusted basis on the New York Stock Exchange (NYSE) at the market open on June 28, 2019.

At the Effective Time, every twelve issued and outstanding shares of the Company’s Common Stock will be converted into one share of the Company’s Common Stock. Once effective, the reverse stock split will reduce the number of shares of Common Stock issued and outstanding from approximately 47.82 million to approximately 3.98 million.

No fractional shares will be issued in connection with the reverse stock split, with shares rounded to the nearest whole share (except that any resulting shareholding share less than one whole share will be rounded to one whole share.) Holders of the Company’s Common Stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split.

The reverse stock split is intended to increase the market price per share of the Company’s Common Stock to ensure the Company regains full compliance with the NYSE share price listing rule and maintains its listing on the NYSE and to improve the marketability and liquidity of the Company’s Common Stock. The Company anticipates that effects of the reverse stock split will be sufficient for the Company to regain compliance with the NYSE’s continued listing standards by mid-August, 2019.

The trading symbol for the Company’s Common Stock will remain “CGA.” The new CUSIP number for the Company’s Common Stock following the reverse stock split will be 16943W204.

URUMQI, China, Oct. 8, 2018 /PRNewswire/ – China Lending Corporation ("China Lending" or the "Company") (Nasdaq: CLDC), a non-bank direct lending corporation servicing micro, small and medium sized enterprises (MSME), currently underserved by commercial banks in China, today announced that it has entered into a strategic cooperation agreement (the "Agreement") with Zhejiang Lixin Holding Co., Ltd. ("Lixin"), a financial service company providing financial leasing, factoring, funding, financing guarantee and supply chain management solutions and related advisory services for individuals and MSMEs in the Yangtze River Delta Region.

Pursuant to the Agreement entered into on October 8, 2018, Lixin will make full use of its related resources in helping China Lending revitalize its business through possible reorganization and restructuring as well as assisting the Company to explore potential merger and acquisition opportunities. Specifically, the partnership aims to help the Company upgrade its product portfolio to include multiple ways of micro financing currently in market demand, increase its market shares in the segmented niches of supply-chain financing, and expand its business to eastern regions of China. In return, Lixin hopes to access China's western regional markets, where Lixin's expertise in financial solutions should resonate favourably with a large body of potential customers. The partnership, in short, complement resources and advantages to generate sustainable growth for both parties.

Ms. Jingping Li, Chairwoman and Chief Executive Officer of China Lending, commented, "We are excited about the opportunity to have Lixin as our new exclusive strategic partner as we try to right the ship for our micro lending business that has been struggling in recent quarters due to changing market conditions and financial difficulties with some customers. We look forward to developing this partnership in the coming months."

XI'AN, China, Feb. 14, 2018 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. (NYSE:CGA) ("China Green Agriculture" or the "Company"), a company which mainly produces and distributes humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries and variable interest entities in China, today announced its financial results for the second quarter of Fiscal Year 2018, confirmed revenue guidance, and raised income guidance for full Fiscal Year 2018.

Summary

Second Fiscal Quarter 2018 Results (USD)

(Three Months ended December 31, 2017)

Highlights:

Revenue meets guidance.
Net income beats guidance.
Net sales of 63.4 million, meets guidance of $58 million to $65 million.
Gross Profit of 18.5 million.
Net Income of 7.8 million, exceeds guidance of $4.7 million to $6 million by 30%.
EPS (Diluted) of $0.20 based on 38.5 million fully diluted shares.
(Six Months ended December 31, 2017)

Net sales of 126.7 million.
Net Income of 12.9 million.
EPS (Diluted) of $0.34 based on 38.5 million fully diluted shares.
Guidance

3rd Fiscal Quarter 2018: management expects Revenue of $68 million to $78 million; Net Income of $6 million to $8 million; EPS of $0.15 to $0.20 based on 38.5 million fully diluted shares.
 
Fiscal Year 2018: management confirms to expect Revenue of $263 million to $301 million; raises to expect Net Income of $23 million to $32 million; EPS of $0.60 to $0.83 based on 38.5 million fully diluted shares.
"We had finished another solid quarter. Our results continue to validate the strength of our market positions," said Mr. Zhuoyu Li, the Chairman and CEO of the Company. "With strong engagement in both manufacturing and wholesale business, our company’s fundamentals continue to improve. The development of the wholesale segment demonstrates our commitment to investing in growth segments throughout our business and is key to the future of our company."

Third Quarter 2017 Financial Results

• Sales $13.5 million vs last years same quarter of $11.9 million
• EPS from continuing operations (Basic & Diluted) was ($ 0.17) vs last years loss of ($0.13).

XI'AN, China, Nov. 15, 2017 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by China Green Agriculture, Inc. (CGA), please note that the "Guidance" section's first bullet contained incorrect figures. The corrected release follows:

China Green Agriculture, Inc. (CGA) ("China Green Agriculture" or the "Company"), a company which mainly produces and distributes humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries and variable interest entities in China, today announced its financial results for the first quarter of Fiscal Year 2018, and confirmed guidance for full Fiscal Year 2018.

Summary
First Fiscal Quarter 2018 Results (USD)
(Three Months ended September 30, 2017)

Net sales of 62.8 million.
Gross Profit of 19.1 million.
Net Income of 5.1 million.
EPS (Diluted) of $0.13 based on 38.5 million fully diluted shares.
Guidance

2nd Fiscal Quarter 2018: management expects Revenue of $58 million to $65 million; Net Income of $4.7 million to $6 million; EPS of $0.12 to $0.16 based on 38.5 million fully diluted shares.
 
Fiscal Year 2018: management confirms to expect Revenue of $263 million to $301 million; Net Income of $21 million to $30 million; EPS of $0.54 to $0.77 based on 38.5 million fully diluted shares.

"We had finished a solid first quarter in a new fiscal year," said Mr. Tao Li, the Chairman and CEO of the Company. "With strong engagement in both manufacturing and wholesales business, our company’s fundamentals continue to improve. In this environment, we delivered robust results during the quarter. We expect that with both manufacturing and wholesales business in place we will continue to optimize our performance, with the potential for a great fiscal year 2018."

Third Quarter 2017 Financial Results

• Total net sales for the three months ended March 31, 2017 were $81,305,628, an increase of $2,667,154, or 3.4%, from $78,638,474 for the three months ended March 31, 2016.
• EPS Diluted was $0.21 vs. last years same quarter of $0.22.

"On January 1, 2017, Jinong completed the strategic acquisition of two companies located in Heilongjiang and Anhui provinces in China." Mr. Zhuoyu Li, President of the Company, stated, "Based upon these acquisitions, we are now penetrating the six market areas in which these newly joined companies are positioned. We are moving quickly towards our goal of building one of the key production and distribution platforms in rural China."

"I am very pleased with the successful acquisitions. They help us take a step forward for transformation of our Company" said Mr. Tao Li, Chairman and Chief Executive Officer of the Company.

Second Quarter 2017 Financial Results

• Total net sales for the three months ended December 31, 2016 were $58,745,013, an increase of $1,779,013, or 3.1%, from $56,966,000 for the three months ended December 31, 2015.
• Net sales increased 3.1% to $59 million; Net income increased 29% to $5.5 million with EPS of $0.15 vs. last years same quarter of $0.12
  

"We had successfully closed a new round of strategic acquisitions at the beginning of 2017. We welcome our new team members, the founders of Xiangrong and Fengnong, on board. Let's work together to unlock the intrinsic value of our Company. " said Mr. Zhuoyu Li, President of the Company. " I'm also happy with the performance of the other six companies we acquired last year, which contributed approximately $8.4 million, representing 14.3% of the total sales during the three months ended December 31, 2016. These six companies had formed a solid base for Company's transformational growth strategy."

Mr. Tao Li, Chairman and Chief Executive Officer of the Company, stated, "We are very pleased with our performance in business operation, generating $4.3 million net income in the second quarter ended December 31, 2016," he concluded. "Looking ahead to the Fiscal Year 2017, we expect revenue of $277 to $300 million; net income of $20 to $27 million; and EPS of $0.52 to $0.7 based on 38.5 million fully diluted shares. I believe Zhuoyu Li and his team will continue to execute the Company's transformational growth strategy successfully."

Third Quarter Fiscal Year 2017 and Confirmed Fiscal Year 2017 Guidance

For the ongoing third quarter ending March 31, 2017, amid the marketing efforts both online and offline, management has expectation of net sales of $72 to $82 million, net income of $4 to $7 million, and EPS of $0.1 to $0.18 based on 38.5 million fully diluted shares. For the fiscal year ended June 30, 2017, management has expectation of net sales of $277 million to $300 million, net income of $20 million to $27 million, and an EPS of $0.52 to $0.7 based on 38.5 million fully diluted shares.

XI'AN, China, August 11, 2016 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that its variable interest entity ("VIE"), Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), joined BASF SE the world's largest chemical producer, to deliver a live demonstration that showcased the chemical effects of CABRIO^®, a product of BASF SE, in Dongguxian village, Shaanxi, on August 9, 2016.

More than 230 farmers and distributors attended the demonstration. At the planting site, farmers were excited to closely appreciate the jujube orchard which applied CABRIO, and were highly satisfied with the effectiveness of CABRIO.

"The demonstrations are often held to highlight the performance and functionality of our products," said Zhuoyu Li, President of the Company, "Lishijie holds similar demonstrations many times a year. By organizing demonstrations, Lishijie enhanced its sales, and introduced CGA to the local farmers and distributors, which simultaneously raised awareness of our products and ecommerce platform."

"After CGA's recent strategic acquisition of Lishijie, CGA formed important partnership with BASF which enriched our product range and expanded the sales market," said Mr. Tao Li, Chairman and CEO of the Company, "I believe that CGA, together with its subsidiaries and VIEs will create a unique ecommerce sales network in both metropolitan and rural areas in China."

XI'AN, China, July 8, 2016 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA) ("China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that its wholly-owned subsidiary Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., a company organized under the laws of the People's Republic of China ("Jinong"), as authorized by the board of directors of the Company and Jinong, entered into (i) Strategic Acquisition Agreements (the "SAA"), (ii) Agreements for Convertible Notes (the "ACN"), and (iii) VIE Agreements, with the shareholders of the group of six companies on June 30, 2016.

Transaction Highlight:

The strategic acquisitions take the first leap forward to establish a brand new sales segment of agriculture related products, and to transform the company into a platform centered venture.
The total purchase price includes $6 million in cash and $8 million in convertible notes.
Convertible notes are due in 3 years with an annual fixed rate of 3%.
The effective conversion price of the convertible notes will be no less than $5.00 per share*.
The acquirees are located in the following four provinces in China, there are:
Province
Number of the acquirees
Henan province
1
Jilin province
1
Shaanxi province
2
Xinjiang Uygur Autonomous Region
2
*Such a conversion occurs if the performance of the acquirees hit a minimum of 10% of annual compound growth rate within the three years and if Jinong elects to have the note converted into the common shares of CGA. Whether to convert the notes into cash, equity or a combination of both is at the discretion of Jinong.

(The detailed summary of the transaction is available at: https://www.sec.gov/Archives/edgar/data/857949/000114420416111996/v443872_8k.htm)

These six companies are located in different provinces or regions in China. They all are the dominant participants in their local markets and are all conducting business mainly in agriculture sales and distribution industry, including fertilizers, pesticides, seeds and food.

"We had successfully closed this batch of acquisitions. Its success is the result of joint efforts from all involved parties. Our new team members, the founders of these newly joined companies, are sharing the same value with us. We own the same vision, the vision to transform ourselves from a manufacturer and a wholesaler to a platform with unlimited capacity to serve the underdeveloped but limitless rural market in China," said Mr. Zhuoyu Li, President of the Company, who is the architect and leader of the acquisitions. "Upon the close of the acquisitions, we are penetrating into the four market areas in which these newly joined companies are based. We are leaping toward our goal of building one of the largest platform ventures for rural market in China."

"I'm very glad with the success of the acquisitions. This is a great first step for our transformation," said Mr. Tao Li, the Chairman and CEO of the Company. "Jack Ma said that today is difficult, tomorrow will be more difficult, but the day after tomorrow will be beautiful. I believe the same. I am confident Zhuoyu and the team will thrive in the journey."

Third Quarter 2016 Financial Results

• Total net sales for the three months ended March 31, 2016 were $78,638,474, a decrease of $848,741, or 1.1%, from $79,487,215 for the three months ended March 31, 2015. This decrease was due to the decrease in Jinong's sales volume and Gufeng's lowering selling prices to answer to the market demand.
• EPS (Diluted) $0.54 vs. last years same quarter of $0.69

"We are very pleased with our performance in business operation, which generated $8.3 million net income in the third quarter ended March 31, 2016. Although revenues and net income decreased year over year, we did better than we expected," said Mr. Tao Li, Chairman and Chief Executive Officer of China Green Agriculture."Looking ahead to the fourth quarter of fiscal year 2016, we expect net sales of $74 to $80 million, net income of $3 to $7 million, and EPS of $0.08 to $0.19 based on 37 million fully diluted weighted average shares outstanding for the fourth quarter ended June 30, 2016. We are confident in achieving our target for the fourth quarter of fiscal year 2016. We believe our growth plan will well serve the interests of our shareholders."

"I have aspired to apply my skill set and experience in the agriculture industry," said Mr. Zhuoyu Li, the newly appointed President of the Company, "Joining the Company and being able to work side by side with my father is that aspiration realized. I am very excited for this career opportunity and am humbly grateful for the trust from the board. I will devote myself to the growth of the Company with full energy."

Fourth Quarter Fiscal Year 2016 and Fiscal Year 2016 Guidance

For the fourth quarter ending June 30, 2016, management expects net sales of $74 to $80 million, net income of $3 to $7 million, and EPS of $0.08 to $0.19 based on 37 million fully diluted shares. For the fiscal year ended June 30, 2016, management expects net sales of $264 million to $270 million, net income of $23 million to $27 million, and an EPS of $0.62 to $0.73 based on 37 million fully diluted shares.

XI'AN, China, Jan. 28, 2016 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA)("CGA" or the "Company") which produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its operating subsidiaries in China, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), today announced that it launched two new fertilizer products and retained nine new distributors in its second fiscal quarter ended December 31, 2015.

During the quarter, Jinong has launched two new fertilizer products, and currently has 129 fertilizer products available in market. Jinong also engaged seven new distributors during the same quarter, and now has a total of 1,044 distributors.

Gufeng currently has 332 fertilizer products available in market. During the quarter, Gufeng brought on board two new distributors, and now has a total of 290 distributors.

"We are now offering 461 fertilizer products via a network of 1,334 distributors nationwide. I am very glad to see our team had the strong ability in R&D and marketing development." said Mr. Tao Li, Chairman and CEO of the Company, "Thanks for our advanced online sales strategy, we look forward to further expanding our distribution footprint with more product choices for clients in the future."

XI'AN, China, Dec. 17, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's online sales platform www.900nong.com("900nong.com")  exceeded Gross Merchandise Volume ("GMV"*) goal during the November E-Commerce Shopping Carnival in China (the so called  "Double 11"), which is the biggest E-Commerce Shopping Carnival in China.

The business model of 900nong.com is analogous to T-mall with specialization in selling basic agricultural materials. 900nong.com also offers, among others things, agriculture information, agricultural technology, bulk farm-products and land transfer information. The purpose of building the platform is to provide comprehensive services to rural residents from their farmlands to their everyday life all over the country.

During the Double 11, the 900nong.com received more than 90 thousands shopping orders. The GMV reached RMB 11.1 million (US$ 1.7 million), and had exceeded planned goal by 27%. Among the GMV the agricultural materials contributed RMB 3.32 million (US$ 0.5 million) and the living goods and groceries contributed RMB 7.78 million  (US$ 1.2 million).

Since 900nong.com came into operation from March 2015, the total GMV reached RMB 33.4million (US$ 5.2 million), among which the agricultural materials contributed RMB 14.2 million (US$ 2.2 million) and the living goods and groceries contributed RMB 19.2 million (US$ 3 million).

"It is amazing that 900nong.com exceeded GMV goal during the Double 11," stated Mr. Tao Li, Chairman and CEO of the Company, "This is the first time our distributors embraced the Double 11 through the online platform, we got enthusiastic response from our customers. I believe with the rapid growth of the electronic economy and the 900nong.com, our online sales will grow fast in the near future."

*Gross merchandise volume ("GMV") is the total amount settled through AliPay and Wechatpay on 900nong.com. All 2015 11.11 GMV and other figures are subject to final auditing following conclusion of the event.

First Quarter 2016 Financial Results

• Total net sales for the three months ended September 30, 2015 were $54,184,271, an increase of $2,882,481 or 5.6%, from $51,301,790 for the three months ended September 30, 2014.
• EPS (Diluted) was $0.20 vs. $0.25 vs. last years same quarter.

"We are very pleased with our performance on business operation, generating $7.2 million net income in the first quarter ended September 30, 2015," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the second quarter of fiscal year 2016, we expect net sales of $53.7 to $56 million, net income of $3 to $5 million, and EPS of $0.08 to $0.14 based on 36.9 million fully diluted weighted average shares outstanding for the second quarter ended December 31, 2015. We are confident in achieving our target for the second quarter of fiscal year 2016. "

Second Quarter Fiscal Year 2016 and Confirmed Fiscal Year 2016 Guidance

For the ongoing second quarter ending December 31, 2015, amid the marketing efforts both online and offline, management has expectation of net sales of $53.7 to $56 million, net income of $3 to $5 million, and EPS of $0.08 to $0.14 based on 36.9 million fully diluted shares. For the fiscal year ended June 30, 2016, management has expectation of net sales of $257.6 million to $269.4 million, net income of $21.1 million to $24.1 million, and an EPS of $0.57 to $0.65 based on 36.9 million fully diluted shares.

XI'AN, China, November 6, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA) ("CGA" or the "Company") which produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") , Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), and Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), today announced that it retained 33 new distributors in its first fiscal quarter ended September 30, 2015.

During this quarter, Jinong has 127 fertilizer products available in market. Jinong brought on board 27 new distributors during this quarter, and now has a total of 1,037 distributors.

Gufeng currently has 332 fertilizer products available in market. During the quarter, Gufeng engaged six new distributors, and now has a total of 288 distributors.

"We are now offering 459 fertilizer products via a network of 1,325 distributors nationwide. I am proud of our marketing team and the online sales system -- 900nong.com. With the marketing team's strong ability and the convenience provided by 900nong.com, our distributor numbers increased significantly during this quarter," said Mr. Tao Li, Chairman and CEO of the Company, "We look forward to further expanding our distribution footprint in the future."

XI'AN, China, September 14, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced its financial results for the Fiscal Year ended June 30, 2015 and guidance on revenues and net incomes of the First Fiscal Quarter 2016 and Fiscal Year 2016.

Highlights:

• Sales increased 12.8% to $263.4 million; Net Income increased 23.2% to $31.4 million; Earning per Share (EPS) of $0.93 in Fiscal Year 2015.
• Guidance for First Fiscal Quarter 2016: Revenue of $50 million to $52.5 million; Net Income of $4.3 million to $5.1 million; EPS of $0.13 to $0.15 based on 34 million fully diluted shares.
• Guidance for Fiscal Year 2016: Revenue of $257.6 million to $269.4 million; Net Income of $21.1 million to $24.1 million; EPS of $0.62 to $0.71 based on 34 million fully diluted shares.

"As we concluded our recent fiscal year, we look forward to the new fiscal year to place a particular focus on building Jinong's and Gufeng's fertilizer franchises as well as consolidating Yuxing's operations to pursue growth in agriculture product revenue. Furthermore, as we enter into the new fiscal year, China Green Agriculture is on its way to achieve the early benchmarks of our ten-year plan announced in the year of 2011."

Mr. Tao Li, Chairman and Chief Executive Officer of the Company, stated, "We are very pleased with our performance in business operation, generating $31.4 million net income in the year ended June 30, 2015," he concluded, "Looking ahead to the Fiscal Year 2016, we expect revenue of $257.6 to $269.4 million; net income of $21.1 to $24.1 million; and EPS of $0.62 to $0.71 based on 34 million fully diluted shares. Moreover, we will implement a series of development process along with our corporate restructuring to the use of our resource. Therefore we expect to update our fiscal year guidance when we announce the financial results of the First Fiscal Quarter 2016."

First Fiscal Quarter 2016 and Fiscal Year 2016 Guidance

For the first quarter ending September 30, 2015, management expects net sales of $50 to $52.5 million, net income of $4.3 to $5.1 million, and EPS of $0.13 to $0.15 based on 34 million fully diluted shares. For the Fiscal Year 2016, management expects net sales of $257.6 million to $269.4 million, net income of $21.1 million to $24.1 million, and an EPS of $0.62 to $0.71 based on 34 million fully diluted shares. Management expects to update the Company's fiscal year guidance when it announces the financial results of the First Fiscal Quarter 2016

XI'AN, China, July 8, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's previously announced online sales platform ofbasic agricultural materials has begun operation. The link to the online sales platform is www.900nong.com ("900nong.com").

The business model of 900nong.com is analogous to T-mall but specialized in selling basic agricultural materials. 900nong.com also offers, among others things, agriculture information, agricultural technology, bulk farm-products and land transfer information. The purpose of building the platform is to provide comprehensive services to rural residents from their farmlands to their everyday lives all over the country. The 900nong.com mobile application (app) is under intense development, and is expected to become operational in autumn 2015. With the mobile app, customers will be able to enjoy 900nong.com's services in a more convenient way.

Distributors of the Company can set up online shops on 900nong.com to promote the Company's products as well as other kinds of products such as pesticides and seeds they distribute for various manufacturers. In addition, any interested companies and individuals are able to set up online stores on 900nong.com to sell their products through the website. Eventually, rural residents could purchase anything they need from 900nong.com, instead of traveling far to the physical stores located in the city.

After more than three months of trial operations, as of July 8, 2015 a total of 289 stores were set up on 900nong.com, the total number of registered users reached 2,600 and the trading volume is over RMB 3 million (almost 0.5million USD).

"I am glad that 900nong.com has become operational," stated Mr. Tao Li, Chairman and CEO of the Company, "and I am pleased to see our distributors and other manufacturers are full of enthusiasm to set up stores on 900nong.com. I believe with the new platform, we have opened another door for our sales project. Since E-commerce is becoming popular in rural areas, 900nong.com is expected to contribute a lot to the Company's sales revenue."

Third Quarter 2015 Financial Results

• Total net sales for the three months ended March 31, 2015 were $79,487,215, an increase of $9,191,234, or 13.1%, from $70,295,981 for the three months ended March 31, 2014.

• Net income for the three months ended March 31, 2015 was $9,916,194, an increase of $2,707,063, or 37.6%, compared to $7,209,131 for the three months ended March 31, 2014

"We are very pleased with our performance of business operation, generating $9.9 million net income in the third quarter ended March 31, 2015," said Mr. Tao Li, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the fourth quarter of fiscal year 2015, we expect net sales of $70 to $84 million, net income of $6 to $8 million, and EPS of $0.17 to $0.22 based on 35.6 million fully diluted weighted average shares outstanding for the fourth quarter ending June 30, 2015. We are confident in achieving our target for the fourth quarter of fiscal year 2015. "

Fourth Quarter Fiscal Year 2015 and Fiscal Year 2015 Guidance

For the fourth quarter ending June 30, 2015, management expects net sales of $70 to $84 million, net income of $6 to $8 million, and EPS of $0.17 to $0.22 based on 35.6 million fully diluted shares. For the fiscal year ended June 30, 2015, management expects net sales of $255 million to $269 million, net income of $29 million to $31 million, and an EPS of $0.81 to $0.87 based on 35.6 million fully diluted shares.

XI'AN, China, Feb. 6, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) has entered into an agreement to jointly build an "Agricultural Comprehensive Development Base Project" (the "Project") with the Shiquan County Government in China. The total investment on the Project is expected to be three billion RMB (about 480 million USD, with the initial investment of 50 million RMB (about 8 million USD) to be made in spring 2015.

900LH.com is a subsidiary of Xi'an Techteam Investment Holding (Group) Co., Ltd, ("Techteam Investment"). Techteam Investment is a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company. 900LH.com focuses on the production and sales of high-end organic agricultural products. It has contracted with more than 200 planting and breeding bases globally and prefers to utilize and promote the Company's fertilizers. The scope of the Project includes the development of Panlong Valley farm of 900LH.com, where the Company showcases its products. Panlong Valley is located at Shiquan County, Shaanxi Province, 150 miles southwest of Xi'an. A corporate video clip of 900LH.com and Panlong Valley is available at http://v.youku.com/v_show/id_XODM5MjQ2OTM2.html.

During the first phase of the foregoing project, 900LH.com will focus on building an ecological farm base. The base will include leisure farming, sightseeing, and sales of agriculture products. The total investment of the first phase would be one billion RMB (160 million USD approximately) including the cost of relocating local residents. In the second phase, the ecological farm will develop into a modern agriculture farm. The modern farm's operation will include and not limit to, planting, breeding, agricultural products processing, and tourism. The investment of the second phase would be two billion RMB (320 million USD approximately).

The Company and 900LH.com have entered agreements that the Company's fertilizers will be exclusively supplied to all plants and agricultural products in the Project and 900LH.com will promote the Company's fertilizers to all its affiliated farms. In the Project, 900LH.com, the Company, and the government in Shaanxi Province will collaborate closely.

"I am glad that we will work together with government to jointly develop the Project," stated Mr. Tao Li, Chairman and CEO of the Company," this implies the rapid development of 900LH.com. I expect 900LH.com and the Company would have tight cooperation on their sales developments. With the close cooperation of business partners and government's supports, I believe the Company will grow into a leading one in the agricultural industry."

Second Quarter 2015 Financial Results

• Total net sales for the three months ended December 31, 2014 were $54,051,174, an increase of $13,416,573, or 33.0%, from $40,634,601 for the three months ended December 31, 2013.
• net income increase 41.9% to $5.2million with EPS of $0.16 vs. last years same quarter of $0.12.

"We are very pleased with our performance of business operation, generating $5.2 million net income in the second quarter ended December 31, 2014," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the third quarter of fiscal year 2015, we expect net sales of $75 to $80 million, net income of $8 to $10 million, and EPS of $0.23 and $0.28 based on 35.2 million fully diluted weighted average shares outstanding for the third quarter ended March 31, 2015. With our track-record history and incredible momentum in our fertilizer business, we are confident in achieving our target for the third quarter of fiscal year 2015. "

XI'AN, China, Feb. 3, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company made the payment of the previously announced dividend on January 30, 2015. The dividend was previously announced on October 1, 2014.

The dividend is of US$0.10 per share to the Company's stockholders of common stock of record as of the close of business day on October 31, 2014.

 "This dividend was of its first kind in the Company's history. It demonstrates our commitment to growth momentum and strong financial position. The Company reiterates its policy of returning value to shareholders as we aim to fulfill our strategy of developing the new business model," stated Mr. Tao Li, Chairman and CEO of the Company. " As effective stewards of capital for our shareholders, we also recognize the benefits of returning capital to shareholders as a means of maximizing return on equity. The payment of the foregoing dividend is our latest effort in doing so."

XI'AN, China, Dec. 15, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company will hold its national distributor conference in Xi'an from December 15, 2014 for three consecutive days (the "Conference"), in response to the proposed incentive program for fertilizer sales announced during the "Investor Day Event" held by the Company on October 17, 2014. (For more information, please refer to http://www.prnewswire.com/news-releases/china-green-agriculture-hosted-its-investor-day-event-in-beijing-279563012.html). During the Conference, the Company will announce the detailed incentive policies, in order to stimulate distributors' sales performance.

Approximately 80 distributor representatives of Jinong and Gufeng, the Company's wholly-owned subsidiaries, and 40 management members and staff of the Company are expected to attend the Conference. During the 3-day event, participants will share fertilizer applying technique, exchange experiences in growing plants, and discuss future cooperation with distributor representatives.

"We are pleased to see our distributors being enthusiastic about the incentive program. We will consecutively reward the competent sales force," stated Mr. Tao Li, Chairman and CEO of the Company, "It is the moment to recognize the contributions made by those hard-working distributors to our business. I have confidence that the Conference will bring positive impact to our sales in the long-term."

XI'AN, China, Dec 2, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing") announced that one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Gufeng entered into a strategic cooperation agreement with Sino-agri Mining Resource Exploration Co., Ltd., ("Sino-agri"), a key subsidiary of China National Agricultural Means of Production Group Corporation ("Sino-agri Group"). This agreement is second to the cooperation agreement between Jinong and Sino-agri Group, that the Company had disclosed previously in October 2014.

Sino-agri Group is a nationwide large-scale enterprise group that integrates production, circulation and service as well as specializes in the agricultural means of production, such as chemical fertilizer, pesticides, agricultural film, seeds, agricultural machinery & implements, etc. It is an enterprise at the level of the All China Federation of Supply and Marketing Cooperatives and an exclusively-invested enterprise of China CO-OP Group ( http://www.chinacoop.coop/English/About%20China%20co-ops ), having the total assets of RMB30 billion, sales revenue of more than RMB72 billion, and the sales volume of more than 25 million tons for the agricultural materials of chemical fertilizer, etc. (For more information, please refer to  http://english.sino-agri.com/show.php?id=10 ).

The objective of this strategic cooperation agreement is for Sino-argi and Gufeng to work together with sales goals in three years. Specifically, the agreement targets Sino-agri to sell 150,000 metric tons of compound fertilizers produced by Gufeng ("Gufeng Fertilizers") during calendar year 2015, 300,000-metric-ton Gufeng Fertilizers during 2016,  and 500,000-metric-ton Gufeng Fertilizers in 2017 to promote Gufeng's flagship products.

To accomplish the sales goals of the agreement, Sino-agri and Gufeng are committed to strengthen the production and marketing of Gufeng Fertilizers comprehensively. Specifically, Gufeng will team up with Sino-agri to secure raw materials supplies by leveraging Sino-agri's global access to related raw materials. With that, Gufeng will deliver Sino-agri customized Gufeng Fertilizers upon the orders from Sino-agri's heterogeneous customers by leveraging Gufeng's flexible  development and production process. In the next three-year period, Gufeng will be able to tap  needed financial credit facilities from Sino-agri to fill the Sino-agri orders. In addition to Gufeng Fertilizers, Gufeng is committed to offer product support for Sino-agri's clients. The support includes, but not limit to, soil testing, fertilizer comparison and testing, as well as fertilizer solutions. In parallel, Sino-agri will give priority to purchase Gufeng Fertilizer to replenish its compound fertilizer inventory.

"The agreement between Gufeng and Sino-agri is a booster for Gufeng to promote its sales in the next three years, " said Mr. Tao Li, Chairman and CEO of the Company, "Sino-agri is the leading agricultural conglomerate in China. I believe our partnership with Sino-agri will be exceptional. I vision this agreement as a win-win showcase between us and a large state-owned enterprise in China."

XI'AN, China, Nov. 13, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today updates that certain employees had made investments to the Company through the Company's Employee Stock Purchase Plan (the "ESPP").

Forty-seven Company's employees had submitted their enrollment forms for the subscription of a total of 464,776 shares of Common Stock from the Company for this round of subscription under the ESPP. These employees made a total cash contribution to the Company at an aggregated amount of $1,045,757. The Company's Compensation Committee, the administrator of the ESPP designated by the Company's Board of Directors, authorized the share issuance at the market value at $2.25 per share, the closing price on October 16, 2014.

As of today, together with previous investments made by Mr. Tao Li, Chairman and CEO of the Company and other employees, the Company's employees had invested an aggregated amount of $4.9 million personal wealth to the Company.

"I am delighted to see my team are investing with me," Mr. Tao Li, Chairman and CEO of the Company, said, "Not only just our careers, we are also pledging our own wealth in our own Company. We had not ever been more closely bounded to our shareholders in history than today."

First Quarter 2015 Financial Results

• First Quarter of FY 2015 net sales increased 2.0% to $51.3 million; net income decreased 22.0% to $8.1 million with EPS of $0.25. The revenues met the previously disclosed guidance of between $50.7 million and $54.3 million,
• Net income beat the previously disclosed guidance of between $5.9 and $7.8 million by 0.3 million, and EPS beat the previously disclosed guidance of between$0.18 and $0.24 by $0.01 per share.

"We are very pleased with our performance of business operation, generating $8.1 million net income in the first quarter endedSeptember 30, 2014," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the second quarter of fiscal year 2015, we expect net sales of between $49 million and $53 million, net income of between $3 million and$6 million, and EPS of between $0.07 to $ 0.17 based on 35.2 million fully diluted weighted average shares outstanding for the second quarter ended December 31, 2014. We are confident in achieving our target for the second quarter of fiscal year 2015."

XI'AN, China, Oct. 27, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), entered into a strategic cooperation agreement with China National Agricultural Means of Production Group Corporation ("Sino-agri Group", or "Sino-agri") to promote the sales of the Jinong's fertilizer products.

Sino-agri Group is a nationwide large-scale enterprise group that integrates production, circulation and service as well as specializes in the agricultural means of production, such as chemical fertilizer, pesticides, agricultural film, seeds, agricultural machinery & implements, etc. It is an enterprise at the level of the All China Federation of Supply and Marketing Cooperatives and an exclusively-invested enterprise of China CO-OP Group (http://www.chinacoop.coop/English/About%20China%20co-ops/), having the total assets of RMB30 billion, sales revenue of more than RMB72 billion, and the sales volume of more than 25 million tons for the agricultural materials of chemical fertilizer, etc (The introduction of Sino-agri Group is available at http://english.sino-agri.com/show.php?id=10).

The goal of this strategic cooperation agreement is to require both parties to achieve the following sales goals in the next three years: Sino-agri Group sells 10,000 metric tons high-concentrated fertilizer produced by Jinong in the calendar year of 2015; 20,000 metric tons in 2016 and 50,000 metric tons in 2017.

To achieve the sales goal, Sino-agri and Jinong will conduct cooperation in various aspects, including but not limited to, Sino-agri and Jinong will share certain exclusive business information, execute joint procurement projects, and launch collaborative marketing service to facilitate fertilizer production and sales.

The mission under the agreement is to establish a long-term strategic partnership that is mutually beneficial to both parties. To take advantage of Sino-agri Group's state-owned advantage in fertilizer distribution both domestic and overseas, Jinong will work with Sino-agri Group to improve Jinong's supply chain management in the procurement of raw material, and the sale of concentrated fertilizer products. Specifically, Sino-agri Group will provide quality raw materials and favorite lead time to Jinong. In return, Jinong will deliver to Sino-agri quality concentrated fertilizer with priority at fair market price. In addition, Sino-agri Group will offer large support of working capital and investment to Jinong if Jinong needs liquidity and capital investment to expand production. In the mean time, Jinong concentrates on differentiating the market demand for Sino-agri and will customize corresponding product development and  production process respectively.

Mr. Tao Li, Chairman and CEO of the Company, commented, "We are very excited for having entered this partnership with Sino-agri. With our big brother, Sino-agri, we will showcase to the public an unprecedented collaboration between the large-sale state-owned enterprise and the small-cap company in the agriculture industry. Under the framework of this agreement, I foresee that we will be leveraged by our big brother, Sino-agri's large scale of operation and ample liquidity; and Sino-agri, our big brother, will also benefit from his little brother, Jinong's spirit of entrepreneurship back to back."

XI'AN, China, Oct. 17, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "we" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today provided a shareholder letter from Mr. Tao Li, the Company's Chairman of the Board of Directors and Chief Executive Officer. The full text of this shareholder letter is as follows:

Dear Shareholders:

Certain short sellers published an article on October 1, 2014, that falsely alleged us of misrepresenting results of our operations and our sales. We have carefully analyzed that article and found it contains numerous factual misstatements. The article was a malicious attack to our Company's operations and business model with largely distorted and inaccurate information. Certain presentations in the article were obtained by the short sellers via criminal means, such as corporate espionage and sabotage. The law enforcement in China had already taken the case and is currently prosecuting against this espionage crime.

Our Company operates with high ethical and quality standards while our management constantly reviews our business practices and products. We also hire independent, outside experts to ensure our operations are in full compliance with laws and regulations.

The allegations against us are frivolous. On October 1, we have updated progresses on our development of new business model in a press release, in keeping with our policy of communicating with our shareholders, we hereby provide rebuttal to the shorts' article.

To begin with, an extraordinary number of puts on our stock are due to expire this month while the short sellers had shorted our stock for the past 10 to 12 months. We learned that this activity was pegged to some kind of "significant event."

We all know that October 1 is the National Day in China followed by a seven-day-long holidays week. On October 1, 2014, we announced a dividend payment to our shareholders with the record date set on October 31, 2014.  Ovezealous short sellers abruptly published their article post to our dividend announcement.  Such action reveals their desperate attempt to illegally manipulate the market before their puts expire.

We subsequently refuted the allegations on October 2 during the holidays. After that, we also announced investor days on October 7 and hosted the two-day-investor-days event in Xi'an and Beijing on October 15 and 17, respectively. On October 16, short sellers alleged the Company with false presentation again. Apparently, shorts made another desperate move intended to damage the Company again before their put options expire on October 18.

We have been in the agriculture business for over 14 years. We have numerous customers worldwide. We have one of the finest fertilizer product lines in China and are currently engaged in an exciting new business model at the Internet era. I am incredibly proud of our Company. I condemn the short sellers' scheme as the capital market terrorism. Just like our governments, I don't and will never negotiate with terrorists.

The shorts said they did 344 days of time-lapse surveillance of the Company's fertilizer factory, which showed we only shipped around 10 percent of the sales volume reported. They also said they did 51 days of time-lapse surveillance of Gufeng factory and found 24 percent to 34 percent less volume shipped compared to sales volume reported. This is untrue.

Not only being untrue (which will be explained below), unauthorized video surveillance over a corporation is illegal serious crime espionage in China where the Company's operations are based. The surveillance, over time, was part of the short sellers' deliberate and destructive scheme aimed at weakening the Company's performance in the capital market. By publishing fraudulent allegations on the Internet, the short sellers had spread misleading presentations via illegal surveillance. The short sellers' business model is to disrupt the public with misleading information, sabotage the Company during the holidays, profit from the drops of the Company's share price, and destroy the Company with unprecedented tactics. The short sellers, who had engaged in corporate espionage, are saboteurs. They concealed their identities because they are afraid of the consequence of their malicious actions. The law enforcement in China does not take the espionage crime lightly. The city's police department in Xi'an had already taken up the case. The anti-business-crime task force in the police department is currently pursuing this as espionage, and will actively prosecute the liable saboteurs.

To fulfill the shipping requirement in the production process, we used various means of transportation such as vehicles, railroad trains, air cargo carriers, third parties, and pipelines to move raw materials, inventories, finished goods, as well as supply of parts and logistics from one location to another. Our sales of products were shipped, recorded, collected, summarized, concluded, reported, and evidenced in complete set of records, documents, invoices, receipts, payments, statements, and papers. We use a network of distributors to sell products. Our distributors are well capable of making the best of our products as well as their benefits via various shipping methods. The video clips recorded by the illegal surveillance do not contain the complete sales. If the video clips from illegal surveillance over one location had been sufficient to examine a Company's sales, video surveillance would have been adopted as an efficient and sufficient procedure in the accounting and auditing standard. There is no way that the video clips can be relied upon to measure a Company's revenue. We also do not consider the clips are genuine. These clips are currently in the evidence room under forensic analysis, and will be for the law enforcement's use to prosecute the saboteurs in the espionage case.

As a Nevada corporation with operating subsidiaries in China, we are obliged to timely report our financial results including revenues and earnings to the regulators and tax authorities in both China and U.S. Our financial reports, tax payments and filings, as well as other registration statements, are subject to all means of comprehensive examinations and audits from various entities in both China and U.S., including but not limited to, auditors, state administration of industries and commerce, tax agencies, and credit lenders. We had paid all taxes including income taxes and always fulfilled our reporting duties in both countries. We firmly stand by the consistent information contained in all our filings in both China and U.S. and we are fully committed to the reliability and transparency of financial reporting.

It had been a widely-known and well-documented fact that reports filed with certain authorities in China do not reflect the comprehensive income and financial condition for many companies, and might be different from reports to the authorities in U.S. The difference in reporting occurs particularly on small or middle size companies, who choose not to reveal all financial information in order to avoid disclosing their operating metrics to competitors, suppliers and customers. Albeit the different reporting schedules, procedures and practices in China and the U.S., we had managed to reconcile the historical difference between the reported results to the authorities inChina and U.S., i.e., any of our reported filings in both China and U.S. are accurate and consistent. We will continue to fully, consistently, and accurately report our sales and revenue figures to all authorities in both countries.

In the shorts' article, the shorts said they interviewed current and former employees, one of whom was an ex-manager and said that the Company's factory exaggerated production. Again, this is outrageous.

In the first so-called interview, the short sellers purported themselves as beverage salesmen. They solicited with disguises at the Company's premise at daylight time. By committing such unauthorized acts, the short sellers purposely disregarded of the Company's official visitor policy and trespassed on the Company's property. Their intentionally wrongful interference violated the Company's security codes. The disguised intrusion constituted another crime of corporate espionage. We believe the interview was a scheme of setup and the content was false. Law enforcement is currently pursuing this case. The prosecutors in China had detained the so-called interviewee related to the scheme and will hold the parties who were involved in the espionage liable and will prosecute the espionage crime with no leniency.

In the second interview, the short sellers claimed that they interviewed Chen Lianpeng, an alleged former warehouse director of the Company who started working for the Company since 2008. That is impertinent. Contrary to the short's claim, Mr. Chen was never a manager at the Company. Instead, he joined the Company as an entry-level employee in 2010. After having worked at the Company for 10 months, Mr. Chen was convicted of committing a series of professional misconducts in his non-managerial role. During the 10-month period, he had violated the Company's ethic codes badly numerous times. After reviewing his misdemeanors, the human resource division took disciplinary action and terminated Mr. Chen's employment in 2011. During his tenure at the Company, Mr. Chen had never acted in any managerial role and was never hired again by the Company. The discharge was the penalty to his misconducts. Law enforcement in China had detained Mr. Chen. We strongly condemn that the so-called "interviews" for them being both malevolent and manipulative. In addition to the centralized volume productions, we conduct pilot production and rapid production in locations closer to markets and clients with proprietary formulas, technologies, and oversights. The truthfulness of such an interview should never be relied upon.

On October 16, the shorts distorted the comments from the Company's employee, Ms Qi Hongli. Ms. Qi is a current member of the Company's design team and had been involved in some improvement projects during the Company's numerous campaigns for marketing infrastructure development. The number of outlets that one employee had been working on does not necessarily equal to the number of all the premises that the whole company had sponsored, supported, developed, owned, franchised, including but not limited to, franchise units, proprietary outlets, retail stores, chains, and retail stands etc. Relating only a subset of the entire outlet family, which one employee had been working on, as the population size of the whole sales outlets, is misleading.

The shorts alleged "the auditor, Kabani, signed off on $113 million of outrageous PP&E reclassifications and deferred marketing assets wiping out CGA's cash."

Our auditor performed extensive audit procedures on the Company's financial statements per the auditing standards, and they communicated with the Audit Committee with the procedures performed and the results found.

None of the auditors' audit reports on our financial statements for the past fiscal years regarding the effectiveness of internal control over financial reporting contained an adverse opinion or a disclaimer of opinion since 2012, nor was any such reports has ever been modified as to uncertainty, audit scope or accounting principles. In addition, at no point during the past fiscal years, were there any disagreements between our auditors on any matter of accounting principles or practices, financial statement disclosure, auditing scope or procedures, where disagreement(s), if not resolved to the satisfaction of our auditors, would result in "reportable events" as such term is defined in Item 304(a)(1)(v) of Regulation S-K, and cause an reporting obligation to make reference

The Company's audit committee and management believe that the Company's financial statements have always fairly presented, in all material aspects, the Company's financial condition and results of operations during the past fiscal years, the and that the Company's internal control over financial reporting always remains effective.

Regarding the deferred assets, it represents the amounts that the distributors owed to the Company in their marketing efforts, as well as the cost for developing the promotion equipment to be displayed at the distributors' stores, including product counters and shelves, and the signs of Jinong brand on the shop facades. Such cost is recorded as deferred asset which is reported on the balance sheet as a long-term asset. Such marketing and promotion costs are expensed as selling expense over three years as per the term as stated in the co-operation agreement. The process of systematically reducing this deferred asset is known as amortizing the marketing and promotion costs.

The shorts erroneously claimed that the PP&E reclassifications constitute a capex fraud that is serious enough to halt and delist the Company. Again, facts show that these laughable statements are deceitful.

I cannot help but laugh at how poor the shorts are in understanding basic accounting principles and how ignorant they were by making irresponsible and idiotic claims. Such poor claims illustrate the shorts know nothing about financial reporting. Instead of "professional analysts" they claimed to be, they are no more than bogus liars.

The Company had disclosed the deferred asset timely in quarterly and annual reports since the beginning fiscal year 2014. Deploying deferred assets had been an integral part of the Company's marketing strategy in five-to-ten-year time line. We had been implementing such marketing tactics as early as 2010. Historically, the cost of developing the promotion equipment was recorded as part of the Jinong's PP&E. In fiscal year 2014, we scaled up the deployment of such marketing asset to support marketing campaign. Based on the fact that such promotion equipment are displayed at the distributors' stores instead of utilized by the Company directly, we determined that it is more appropriate to reclassify such costs into deferred assets and present them separately on the balance sheet due to their nature and significance. We deployed $72MM, $31MM, and $9MM in 2014, 2013, and 2012 respectively, and got reported in cash flows from investing activities in the financial statement. It is typical in financial reporting for issuers to represent historical assets out of seasoned categories to newly added categories as a result of asset or liability reclassification to fairly compare the similar assets year over year.

While the short seller blamed us that "for fiscal year 2015, the Company estimates another $41,807,390 amortization expenses of deferred assets," "resulting in a huge negative impact on earnings," with accordance that growth of amortization is "far more than management's sales growth forecast," we never take sales expansion lightly -- the hefty investments in marketing endorsed our decisive commitments to our products and our clients. When we made investment decision in expanding the deferred assets, we aim at supporting our distributors in a period of five years or longer, and we are affirmative to help our distributors in promoting their sales by developing retail franchise stores. Such corporation action was intended to build our marketing infrastructure systematically countrywide.

As mentioned above, we amortize the deferred asset over a three-year use life. The amortization period is based on term of our co-operation agreement with the distributors involved in our marketing campaign and we timely disclosed an estimated $31MM and $10MM amortization expenses of the deferred assets for the fiscal year 2016 and 2017 in Row 9, paragraph "Deferred assets" on page F-8 of the Company's annual report of fiscal year 2014. We expect the marketing efforts will introduce improvement in sales over time concurrently with the decrease in amortization expenses in the next fiscal years.

The short sellers stated that "$26,890,321 at June 30, 2014" "subtracting $25,700,586 of customer deposits leaves the Company with only $1,189,735." This statement is simply incorrect as it does not include any consideration of other current assets such as account receivable with $88,781,608, advances to suppliers with $32,630,865, and inventory with $75,486,898 which are reported on the financial statement as of fiscal year 2014.,

The shorts alleged that they were blocked from obtaining information. That is also fictitious. We have consistently welcomed inquiries and visitors to our offices and transparently provided information about all relevant aspects of our production, management and sales through every possible channels. Any number of shareholders, analysts and potential investors can attest to that.

On October 1, we updated our progress in the business strategy development through press. In the press, we disclosed our Company's new corporate website (http://900cga.com), along with our peer strategy partner's website (http://900lh.com) for the first time. We provided the addresses of our websites for reference purpose regarding the new business strategies. Since the release, in less an hour, these corporate websites got hacked severely by concentrated attacks from the U.S. The cyber attackers had tried to paralyze our websites with numerous attempts since then up till today. While currently under beta testing on full scale, our websites will become live and fully operational after the conclusion of the tests.

The foregoing are the main issues raised in the article, but there are other factual errors littered throughout it. Whether from a lack of accounting knowledge, a poor understanding of Chinese business practices, or an intent to mislead, the author makes countless errors, distorting information which has been readily available in public filings or press releases.

In the new fiscal year, we will focus on building comprehensive framework of offline, online and online-to-offline business strategies to better transform our business model in the new competition landscape of agriculture industry. I will lead my team to enrich the Company with more businesses, deliver better earnings so as to greatly reward our shareholders. As usual, I encourage all parties that are genuinely interested in obtaining a better understanding of the Company's business model, financial performance, and the agriculture industry, to visit the Company and meet our management team.

I hope you find this letter helpful. We remain open to any questions you may have, and are happy to hear from you at any time. We would like to thank you for your continued interests in and supports for our Company. Please be assured that we are working very hard to maximize shareholder value.

Sincerely,
Tao Li
Chairman, President and Chief Executive Officer
China Green Agriculture, Inc.

XI'AN, China, Oct. 2, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced a private placement in the Company's common stock.

The Company's Board of Directors approved a private placement investment in the Company's common stocks from Mr. Tao Li, chairman and CEO of the Company on October 1, 2014. In the transaction,  the Company offers, sells and issues 496,445 shares (the "Shares") of its common stock, par value $0.001 per share (the "Common Stock"), in a private placement to Mr. Tao Li, at a purchase price of $2.25 per share, the closing price of the Common Stock on October 1, 2014, for an aggregate purchase price of $1,117,000pursuant to and in accordance with the terms and provisions of a Securities Purchase Agreement in a form previously presented to the Board.

Together with accumulative subscriptions during the past two years, Mr. Tao Li had purchased a total of 829,896 shares of the Common Stock from the Company with an over $2 million investment of his personal wealth accumulatively since 2012.

The Company also rejects allegations raised in a recent known short seller's article. The Company believes the short seller's article contains numerous errors of fact, and is riddled with misleading speculations.

The Company is engaged in open and transparent communications with investors, security analysts and the public via dialogs of press releases, conference calls, investment conferences, company tours, investor days, and shareholder letters on a regular basis.  

Over the past few years, the Company had been subject to accusations made by short sellers, whose stands were to profit from the drop in the Company's share price. The Company had rebutted all the short sellers' accusations historically and will refute this time in detail via subsequent press releases and shareholder letters as it did before.

The Company intends to take necessary legal measures against any intentionally misleading and false allegations, and deliberate attempts to manipulate its stock prices, in order to protect the interests of the stockholders.

Mr. Tao Li, Chairman and CEO of the Company, said, "We firmly stand by all the consistent information contained in our filings in bothChina and U.S. We are fully committed to the reliability and transparency of our reporting."

Mr. Li continued, "In the new fiscal year, we are focused, on building our comprehensive framework of offline, online, and online-to-offline business strategies, to transform our business model in the new competition landscape of agriculture industry," Mr. Li concluded, "I will lead my team, to grow the Company with more business, and deliver better earnings to afford the Company to better reward our shareholders. I welcome all parties that are genuinely interested in gaining a better understanding of the Company's business model, financial performance, and the agriculture industry, to visit the Company and meet the management."

XI'AN, China, Oct. 2, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced a private placement in the Company's common stock.

The Company's Board of Directors approved a private placement investment in the Company's common stocks from Mr. Tao Li, chairman and CEO of the Company on October 1, 2014. In the transaction,  the Company offers, sells and issues 496,445 shares (the "Shares") of its common stock, par value $0.001 per share (the "Common Stock"), in a private placement to Mr. Tao Li, at a purchase price of $2.25 per share, the closing price of the Common Stock on October 1, 2014, for an aggregate purchase price of $1,117,000pursuant to and in accordance with the terms and provisions of a Securities Purchase Agreement in a form previously presented to the Board.

Together with accumulative subscriptions during the past two years, Mr. Tao Li had purchased a total of 829,896 shares of the Common Stock from the Company with an over $2 million investment of his personal wealth accumulatively since 2012.

Item 3.02      Unregistered Sales of Equity Securities.

On October 1, 2014, the Board of Directors (the “Board”) of China Green Agriculture, Inc., a corporation incorporated in the State of Nevada (the “Company”), approved a private placement investment in the Company’s common stock from Mr. Tao Li, Chairman and CEO of the Company. The Company sold and issued 496,445 shares of its common stock, par value $0.001 per share (the “Common Stock”) at a purchase price of $2.25 per share, the closing price of the Common Stock that day, for an aggregate purchase price of $1,117,000 pursuant to and in accordance with the terms and provisions of a Securities Purchase Agreement in a form previously presented to the Board and the parties entered into on October 1, 2014. A copy of the Securities Purchase Agreement is herein attached as Exhibit 10.1 and incorporated by reference.

XI'AN, China, Oct. 1, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's Board of Directors (the "Board") has declared the Company's first cash dividend of US$0.10 per share to the Company's stockholders of common stock.

The dividend payable represents a total payment to the stockholders of approximately US$3.3 million. The first cash dividend is payable on or about January 31, 2015 to stockholders of record as of the close of business on the record date of Friday, October 31, 2014.

The Board approved this first cash dividend after reviewing the Company's financial performance, market condition and expected cash requirements and cash flows. In the future, the Board will continue to review the Company's performance and consider dividend payments in appropriate amount to its stockholders from time to time.  

Mr. Tao Li, chairman and CEO of the Company, said, "I am committed to reward my shareholders for your support. I am long time obliged to your trust and patience. This dividend due is a new start for us to optimize the use of our cash resources and future cash flows to support our business growth while enhancing the returns and values to our stockholders. The start of  dividend payments demonstrates the management's confidence in our new business model. From the current fiscal year, we engage ourselves to focus, to explore, and to explode our sales through various online, offline, and Online to Offline ("O2O") channels. We are excited and ambitious with our growth in future. I welcome you to evidence with me the modern agriculture business in this revolutionary era."

XI'AN, China, Oct. 1, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's Board of Directors (the "Board") has declared the Company's first cash dividend of US$0.10 per share to the Company's stockholders of common stock.

The dividend payable represents a total payment to the stockholders of approximately US$3.3 million. The first cash dividend is payable on or about January 31, 2015 to stockholders of record as of the close of business on the record date of Friday, October 31, 2014.

 

 

XI'AN, China, Oct.1, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today provides an update on the development of the Company's business strategies.

The agriculture industry in China is currently ongoing a revolutionary restructuring throughout the country. Such restructuring is characterized by the massive consolidation of arable farming lands along with the ongoing urbanization, the replacement of traditional distribution of agricultural material and goods by the new online, offline, online-to-offline channels, and the emerging of new large-scale farming organizations from historically smaller farmer families and farms. Recently, new competitors, including certain high profile players, such as Alibaba Group ("Alibaba"), and Evergrande Real Estate Group, had penetrated into the sales business in the agriculture industry. While untraditional, these new competitors' actions had significantly reshaped the landscape and outlook of the agriculture industry.

To accommodate the Company's growth in such restructuring environment, we are currently establishing a comprehensive business framework that consists of various online, offline, online-to-offline ("O2O") infrastructure channels to enhance the sales strategies of the Company's products. Owning such infrastructure assets is critical for us to induce offline demand, and transform such demand to online orders via offline network of retail outlets.

Our efforts for the above framework include the development of the Company's proprietary internet platform to the sale of the Company's fertilizer products at subsidiary level. The platform is currently under beta testing and expects to become live at http://www.900cga.comby the end of October 2014.

In addition to developing proprietary internet platform, we are utilizing existing internet channels from third-parties to enhance the availability of the Company's products to enlarged customer base. Specifically, for instances, we had recently signed with Alibaba and registered online stores to sell our products at both Alibaba's B2B wholesale portal and its B2C retail platforms.

What becomes especially noteworthy in our business strategies is the build of an agricultural ecosystem that breaks barrier among separate sales channels by universally integrating the sales of basic materials such as fertilizers and the sales of agriculture products together.

We build such ecosystem in two steps.

Step one is centering at the innovation in payment methods. In addition to the traditional monetary methods through which we collect payment in cash from clients, we are currently planning to accept organic grains and quality agriculture products as an alternative payment or credit from our fertilizer customers in exchange for the Company's fertilizer products. Traditional farmers are risk averse and therefore prefer the non-monetary alternative payment for fertilizers to monetary payment as they are typically cash stringent. With that, we are in a better position to exchange fertilizer for quality agriculture products that would have cost more cash for us to procure with cash otherwise. We are working with our peer partner who had already contracted hundreds of farming clients on its own large-scale bases and thus secured reliable source of quality agriculture products across the country. Such innovation in payment is based on the Company's existing offline sales network of fertilizer products nationwide.

Step two in the ecosystem consists of the successful resale of these quality agriculture products that we collect from countryside to urban residents. Although distant from countryside field, the urban residents have been familiar with ecommerce and go shopping on internet regularly.

We are planning to sell quality agriculture products and organic grain to urban residents online at http://www.900lh.com, offline, and online-to-offline by working with our peer strategic partner, Xi'an Gem Grain Co., Ltd. ("Gem Grain")

Gem Grain was founded on March 2014, and is currently a private subsidiary of of the Xi'an Techteam Investment Holding (Group) Co., Ltd,. Gem Grain focuses on producing high-end private customized organic agricultural products and fresh agricultural products sales online, offline, and online-to-offline.  Techteam Investment is a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company. Gem Grain has established more than 200 planting and breeding bases in the world, it requires the farmers in the bases to purchase the Company's fertilizer, that will enhance our fertilizer sales.

Mr. Tao Li, chairman and CEO of the Company, said, "We had researched, explored, and tried numerous approaches to transform our business model. The outlook of our industry had changed. I am challenged to grow the company in the new landscape of competition. In the new fiscal year, I am very confident that we are much better positioned than our competitors in having achieved early steps in developing new strategies. I will lead my team, to take the leadership role of business model innovation ahead of giant companies in the agriculture industry."

Today we are making available to you our short thesis report on CGA.

Summary:

• 344 days of time-lapse surveillance of CGA’s high-margin Jinong fertilizer factory, contributing 75% of CGA’s gross profit, shows it only shipped around 10% of the volume CGA reports it sold.
• 51 days of time-lapse surveillance of CGA’s low-margin Gufeng factory found 24% to 34% less volume shipped compared to volume sold disclosed in SEC filings.
• We interviewed current and former CGA employees, one of whom told us that CGA’s Jinong factory exaggerated its production specifically for its stock listing in the U.S.
• CGA’s auditor, Kabani, signed off on $113 million of outrageous PP&E reclassifications and deferred marketing assets wiping out CGA’s cash. Kabani was also auditor of the  L&L Energy (LLEN) fraud.
• In addition to potentially falsified sales volumes, CGA’s PP&E reclassifications could constitute capex fraud that in and of itself could be enough to have the company halted and delisted.
  Special Note:

Today, aware of the rising short interest in its stock and less than a day after our final attempt to confront management, CGA announced a one-time dividend of 10c per share ($3.3 million in aggregate), payable four months from now. We doubt that CGA has the capability or desire to actually pay this dividend.   CGA’s dividend announcement reminds us of China Media Express (CCME), which announced a dividend policy following a short seller’s report calling the company a fraud.  CCME never paid.

Please see our entire report here.

Fourth Quarter 2014 Financial Results

• For the three months ended June 30, 2014, net sales were $72.2 million, an increase of $2.4 million, or 3.4%, from $69.8 million for the three months ended June 30, 2013.
• EPS Diluted for the fourth quarter is $0.11 vs. last years same quarter of $0.51

"As we concluded our recent fiscal year, we look forward to a year with no distractions and expenses from the recently resolved class action lawsuit. The new fiscal year will start with a particular focus on building Jinong's and Gufeng's fertilizer franchises as well as consolidating Yuxing's operations to pursue growth in agriculture product revenue. Furthermore, as we enter into the new fiscal year, China Green Agriculture is on its way to achieving the early benchmarks of our ten-year plan that was announced in the year of 2011."

Mr. Tao Li, Chairman and Chief Executive Officer of the Company, stated, "We are very pleased with our performance in business operation, generating $25.5 million net income in the year ended June 30, 2014," he concluded, "Looking ahead to the Fiscal Year 2015, we expect revenue of $254.7 to $268.8 million; net income of $26 to $35.1 million; and EPS of $0.8 to $1.08 based on 32.4 million fully diluted shares. We are confident in accomplishing our goals in the next year."

First Fiscal Quarter 2015 and Fiscal Year 2015 Guidance

For the first quarter ending September 30, 2014, management expects net sales of $50.7 to $54.3 million, net income of $5.9 to $7.8 million, and EPS of $0.18 to $0.24 based on 32.4 million fully diluted shares. For the Fiscal Year 2015, management expects net sales of $254.7 million to $268.8 million, net income of $26 million to $35.1 million, and an EPS of $0.8 to $1.08 based on 32.4 million fully diluted shares.

XI'AN, China, Aug. 15, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE:  CGA; "CGA" or the "Company") which produces and distributes humic acid-based compound fertilizers and other varieties of compound fertilizers and agricultural products, today announced that, on August 12, 2014, the United States District Court for the State of Nevada had given its final approval to the settlement of the securities class action pending against the Company and certain of its current and former officers and directors since October 15, 2010.  As a result, all of the securities law claims that had been filed against the Company have now been resolved and dismissed.  The Company's insurers funded the full amount of the settlement ($2.5 million).

"After the settlement of the derivative actions against the Company on April 5, 2012, the class action was the only lawsuit still pending. We are pleased that it, too, now comes to an end," said Tao Li, Chairman and Chief Executive Officer of the Company, "The settlement is a significant step forward for us and helps us advance our goals of focusing on building our business and to maximizing shareholder value."

Third Quarter of FY2014 Results

Total net sales were $70,295,981, an increase of $4,423,448, or 6.7%, from $65,872,533 for the three months ended March 31, 2013.

"We are very pleased with our performance of business operation, generating $7.2 million net income in the third quarter ended March 31, 2014," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the fourth quarter of fiscal year 2014, we expect net sales of $60 to $70 million, net income of $6 to $7 million, and EPS of $0.19 to $0.22 based on 31.8 million fully diluted weighted average shares outstanding for the fourth quarter ended June 30, 2014. We are confident in achieving our target for the fourth quarter of fiscal year 2014. "

Fourth Quarter Fiscal Year 2014 and Updated Fiscal Year 2014 Guidance

"For the fourth quarter ending June 30, 2014, management expects net sales of $60 to $70million, net income of $6 to $7 million, and EPS of $0.19 to $0.22 based on 31.8 million fully diluted shares. For the fiscal year ended June 30, 2014, management expects net sales of $220 million to $230 million, net income of $27 million to $28 million, and an EPS of $0.85 to $0.88 based on 31.8 million fully diluted shares.

XI'AN, China, May 9, 2014 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that the Company  entered a cooperation agreement (the "Agreement") with Nestle (China) Co., Ltd. ("Nestle China"), to jointly develop a direct sales program (the "Direct Program"), as a mutual effort to supply the Company's fertilizer products to coffee bean farmers in China.

Pursuant to the Agreement, the Company will provide fertilizer products to certified coffee bean farmers in Yunnan province, who sell beans to Nestle (China). In the Direct Program, coffee bean farmers can purchase fertilizer at a better price directly from the Company than an average retail price from the distributors in the fertilizer market. To qualify for the Direct Program, the farmers, who sell coffee bean to Nestle (China), shall be certified by 4C association, the Common Code for the Coffee Community, a certification initiative in the coffee industry.

To purchase fertilizer in the Direct Program, participating farmers will make down payment toward the purchase price, and Nestle (China) will endorse the qualification of the participants for the Company. Pursuant to the Agreement, the Company will roll out the direct sales of its fertilizers to all certified farmers for Nestle (China) throughout China.

In addition to selling fertilizer, in the Direct Program, the Company will also offer training sessions to the farmers to improve their use of fertilizer with best practice, and provide customer support to the farmers during the crop's growth.

"We are excited to work with Nestle (China) under the framework of this agreement," stated Mr. Tao Li, Chairman and Chief Executive Office of China Green Agriculture. "This may provide new engine to the Company's business growth. We are confident that our quality fertilizer will attract more customers and drive our business to new progress in the future."

Second Quarter 2014 Results

• Second Quarter of FY 2014 net sales decreased 2.6% to $40.6 million from $41.7 in the prior year.
• Second Quarter of FY2014 EPS of $0.12 vs $0.30 in the prior year period.

"While the second quarter of current fiscal year had passed," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture, "looking ahead to the third quarter of fiscal year 2014, we expect net sales of $65 to $70 million, net income of $9 to $10 million, and EPS of $0.28 to $0.31 based on 31.8 million fully diluted shares outstanding for the new quarter. As the sales of fertilizer is expected to ramp up after the spring festival holidays, we are confident in achieving our target in the updated guidance."

Third Quarter Fiscal Year 2014 and Updated Fiscal Year 2014 Guidance

"For the third quarter ending March 31, 2014, management expects net sales of $65 to $70 million, net income of $9 to $10 million, and EPS of $0.28 to $0.31 based on 31.8 million fully diluted shares. For the fiscal year ended June 30, 2014, management expects net sales of $220 million to $250 million, net income of $34 million to $36million, and an EPS of $1.07to $1.13 based on 31.8 million fully diluted shares.

First Quarter 2014 Financial  Results

• Total net sales for the three months ended September 30, 2013 were $50,303,347, an increase of $10,790,607, or 27.3%, from$39,512,740 for the three months ended September 30, 2012.
• EPS (Diluted) was $0.35 vs. last years first quarter of $0.32.

"We are very pleased with our performance of business operation, generating $10.4 million net income in the first quarter endedSeptember 30, 2013," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture. "Looking ahead to the second fiscal quarter ending December 31, 2013, we expect net sales of $43.0 to $47.0 million, net income of $4.0 to $5.0 million, and EPS of $0.13 to $0.16 based on 31.8 million fully diluted shares. For the fiscal year ended June 30, 2014, management expects net sales of $220 million to $250 million, net income of $36 million to $38 million, and an EPS of $1.13 to $1.19 based on 31.8 million fully diluted shares. I believe that with our track-record history and great efforts in our fertilizer business, we are confident in achieving our target for the second quarter of fiscal year 2014, and bring more benefit to our shareholders."

Second Quarter Fiscal Year 2014 and Updated Fiscal Year 2014 Guidance

"For the second quarter ending December 31, 2013, management expects net sales of $43 to $47million, net income of $4 to $5 million, and EPS of $0.13 to $0.16 based on 31.8 million fully diluted shares. For the fiscal year ended June 30, 2014, management expects net sales of $220 million to $250 million, net income of $36 million to $38 million, and an EPS of $1.13 to $1.19 based on 31.8 million fully diluted shares.

XI'AN, China, Nov. 3, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its operating subsidiaries in China, today announced that it launched three new fertilizer products and added 37 new distributors in the first quarter ended September 30, 2013.

Out of the three new fertilizer products, one new product was launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong") during the first quarter ended September 30, 2013. The total number of Jinong's fertilizer products in use was 122. During the quarter, Jinong added 31 new distributors (total 857 distributors). The other two new fertilizer products were launched by Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng") during the first quarter ended September 30, 2013. The total number of Gufeng's fertilizer products in use was increased to 322. Gufeng added 6 new distributors (total 214 distributors) during the quarter." With the rollout of new products last quarter, we are now offering 444 fertilizer products to farmers via a network of 1071 distributors nationwide," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of the Company. "We look forward to further expanding our distribution footprints with more product choices for clients in the future."

Fourth Quarter 2013 Financial Results

• FY2013 sales decreased 0.3% to $216.9 million, net income increased 6.7% to $44.8 million with EPS of $1.61
• EPS (Diluted) was $0.51 vs last years fourth quarter of $0.41 an increase of +23.9%.

"We are very pleased with our consistent performance in fiscal year 2013 where we continued to build shareholder value through focusing on prudent revenue growth, building the long term durability of our business model, sustained net profits and balance sheet discipline. Our performance in 2012 was noteworthy also due to the period during which a special tariff tax is applied as a result of the absence of an "export window" and lower export demand on Nitrogen-Phosphorous elemented compound fertilizer that traditionally supports our Gufeng business segment.

As we exit our recently concluded fiscal year, we look forward to a year without distractions and expense from the recently to-be-resolved shareholder litigation and start our new fiscal year with a particular focus on building our domestic Jinong and Gufeng fertilizer franchise as well as consolidate our Yuxing operations to position our agriculture product revenue for future growth.  Finally, as we enter the new fiscal year, China Green Agriculture is well on its way to achieving the early benchmarks of our ten-year plan," said Mr. Tao Li, Chairman and Chief Executive Officer of China Green Agriculture.

First Quarter Fiscal Year 2014 and Fiscal Year 2014 Guidance

"For the first quarter ending September 30, 2014, management expects net sales of $41.3 to $43.2 million, net income of $10.2 to $10.6 million, and EPS of $0.31 to $0.35 based on 30 million  fully diluted shares. For the fiscal year ended June 30, 2014, management expects net sales of $223.5 million to $231.2 million, net income of $43.5 million to $46.6 million, and an EPS of $1.45 to $1.56 based on 30 million fully diluted shares. Embedded in the forecast for the first quarter 2014 guidance and fiscal year 2014 guidance is an expectation for negligible Gufeng export revenue and challenging planting conditions due to adverse weather affecting the seasonality of our fertilizer business will impact revenue for the first half year," said Mr. Ken Ren, Chief Financial Officer of China Green Agriculture.

XI'AN, China, Aug. 5, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that, one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), has signed a cooperation agreement with Anhui Diyuan Biological Technology Co., LTD ("Anhui Diyuan") to produce a new advanced high efficiency fertilizer -- "Tianjuyuan" control release compound fertilizer.

Affiliated with the Chinese Academy of Sciences ("CAS")'s Material Science Research Institute, Anhui Diyuan is committed to developing innovative bioengineering products. Its mainstream products include a fertilizer nutrient control release agent (the "Fertilizer Agent"). Anhui Diyuan owns a number of patents of the Fertilizer Agent.

The objective of this cooperation agreement is to have Gufeng produce the control release compound fertilizer by using the Fertilizer Agent supplied by Anhui Diyuan to improve the control release effectiveness of Gufeng's compound fertilizer. In the agreement, CAS and Anhui Diyuan authorized Gufeng to reference CAS and Anhui Diyuan's name and brand in marketing related to fertilizer products.

"We are happy that Gufeng has entered this cooperation agreement with Anhui Diyuan Biological Technology Co., Ltd," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of the Company. "We expect that the new cooperation will help Gufeng's control release compound fertilizer become more competitive in the control release market."

XI'AN, China, July 30, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that it launched five new fertilizer products and added 32 new distributors in the fourth quarter ended June 30, 2013.

Out of the five new fertilizer products, two new products were launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong") during the fourth quarter ended June 30, 2013. The total number of Jinong's fertilizer products in use was raised to 134. During the quarter, Jinong added 29 new distributors (total 826 distributors) spreading over 17 provinces in China.

The other three new fertilizer products were launched by Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng") during the fourth quarter ended June 30, 2013. The total number of Gufeng's fertilizer products in use was increased to 320. Gufeng added 10 new distributors (total 208 distributors) during the quarter, with a rough sale volume 1.2 thousand metric tons of the new products.

"With the rollout of new products last quarter, we are now offering 454 fertilizer products to farmers via a network of 1034 distributors nationwide," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of the Company. "We look forward to further expanding our distribution footprints with more product choices for clients in fiscal 2014."

XI'AN, China, July 8, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), signed a five-year cooperation agreement with an agricultural material coop in Zhejiang province, which has been a major distributor with the Company on the sale of Jinong's roots boost product.

Jinong will continuously provide roots boost products such as foliar liquid fertilizer etc. to the Zhejiang dealer in the following five years. The sales of Jinong's roots boost product to the dealer is expected to grow thirty times per annum by the fiscal year of 2017 comparing to that in the fiscal year of 2013 per this agreement.

"We are excited to work with our client under the framework of this new agreement," stated Mr. Tao Li, Chairman and Chief Executive Office of China Green Agriculture. "We are happy our roots boost fertilizers will attract more farming customers inZhejiang province."

XI'AN, China, June 21, 2013 /PRNewswire-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that one of the Company's wholly-owned subsidiaries organized under the laws of the PRC, Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), was engaged by the Ministry of Agriculture ("Ministry") as a corporate participant in the Ministry-administered fertilizer promotion program.

The objective of this program is to promote the use of customized formula fertilizer for farming lands of various nutritional conditions nationwide, and targets to increase the farmers' awareness of opting for eco-friendly fertilizer products.

To be qualified for the program, corporate participants are required to assess if they can meet a number of criteria set by the Ministry in their application. These criteria range from the applicant's capacity of production to their capability to produce certain qualified formula products. In the application process, Gufeng was able to meet the criteria and the Ministry engaged Gufeng for the program.

"We are grateful for being able to participate in the Ministry's fertilizer promotion program," stated Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "The work with the program will increase the use of Gufeng's products among the program's farmer participants."

Third Quarter 2013 Financial Results

• Q3 FY2013 net sales decreased 9.8% to $65.9 million, net income increased 8.4% to $13.4 million with EPS of $0.48, beating previously provided guidance
• Company Provides the Fourth Quarter Fiscal Year 2013 Guidance: Revenue, Net Income and EPS of at least $57.9 million,$12.5 million and $0.45, respectively
• Company reaffirms Fiscal Year 2013 Guidance: Revenue, Net Income and EPS of at least $205.2 million, $43.2 million, and $1.57, respectively Basic EPSand Diluted EPS was $0.48 vs last years $$0.46 an increase of 4.6%

"We are very pleased with our outstanding performance of business, generating $13.4 million net income in the third quarter ended March 31, 2013," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the Fourth fiscal quarter of 2013, we expect net sales of $57.9 to $72.9 million, net income of $12.5 to $14.5 million, and EPS of $0.45 to$0.52 based on 27.7 million fully diluted weighted average shares outstanding for the fourth quarter ended June 30, 2013. With our track-record history in our fertilizer business, we are confident in achieving our target for the fourth quarter fiscal year 2013 and actively working on our 10-year growth plan released last year. We believe our growth plan will well serve the interests of our shareholders."

The Fourth Quarter and Fiscal Year 2013 Guidance:

For the fourth quarter ended June 30, 2013, management expects net sales of $57.9 to $72.9 million, net income of $12.5 to $14.5 million, and EPS of $0.45 to $0.52 based on 27.7 million fully diluted weighted average shares outstanding. For the fiscal year ended June 30, 2013, management expects net sales of $205.2 million to $220.7 million, net income of $43.0 million to $45.0 million, and an EPS of $1.55 to $1.62 based on 27.7 million weighted average shares.

Fourth Quarter 2012 Results

• Net sales for the three months ended June 30, 2012 were $57.3 million, a decrease of $3.0 million, or 4.9%, from $60.3 million for the three months ended June 30, 2011.
• Net income was $11.1 million, an increase of $1.7 million or 17.9% for the three months ended June 30, 2012, as compared to $9.4 million in the same period last year.
• EPS for the three months ended June 30, 2012 were $0.41 vs $0.38 in prior year period.

"We are extremely pleased with our strong performance in fiscal year 2012 where we far exceeded our net income guidance with the net income of $42.0 million," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture. "Looking ahead to the first fiscal quarter 2013, we expect net sales of $35.6 to $38.2 million, net income of $9.5 to $10.1 million, and EPS of $0.35 to $0.37 based on 27.5 million weighted average shares. For the fiscal year 2013, we expect net sales of $238.0 million to $255.9 million, net income of $46.2 million to $49.2 million, and an EPS of$1.68 to $1.79 based on 27.5 million weighted average shares. With our track-record history and incredible momentum in our fertilizer business, we are confident in achieving our target for the first fiscal quarter 2013 and actively working on our 10-year growth plan released last year. We believe our growth plan will well serve the interests of our shareholders."

Fiscal Year 2013 Guidance

For the fiscal year ended June 30, 2013, management expects net sales of $238.0 million to $255.9 million, net income of $46.2 million to $49.2 million, and an EPS of $1.68 to $1.79 based on 27.5 million weighted average shares. For the first quarter ending September 30, 2012, management expects net sales of $35.6 to $38.2 million, net income of $9.5 to $10.1 million, and EPS of $0.35 to $0.37 based on 27.5 million weighted average shares.

XI'AN, China, July 30, 2012 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that it launched seven new fertilizer products and added 49 new distributors in the fourth quarter ended June 30, 2012.

The seven new fertilizer products, including five broad-spectrum and two powder fertilizer products, were launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong") during the fourth quarter ended June 30, 2012. During the quarter, Jinong retired 35 fertilizer products because the fertilizer products were either outdated or upgraded fertilizer products had been rolled out. The launch and retirement of fertilizer products brought the total number of Jinong's fertilizer products in use to 126.

The management estimated the seven new products contributed approximately RMB733,180 (approximately $115,256) to Jinong's fertilizer revenues during the quarter. Jinong also added 46 new distributors during the quarter, which brought the total number of Jinong's distributors to 758. These new distributors contributed approximately RMB10,852,450 (approximately $1,706,005) to Jinong's fertilizer revenues during the quarter. During the three months ended June 30, 2012, Jinong's revenue attributable to the new products distributed by its new distributors was RMB 280,600(approximately $44,110).

Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng") added three new distributors during the quarter, which brought the total number of Gufeng's distributors to 185. These three new distributors contributed approximately RMB3,024,235 (approximately $475,410) to Gufeng's fertilizer revenues for the quarter ended June 30, 2012. During the quarter ended June 30, 2012, no revenue of Gufeng was attributable to the new products distributed by its new distributors.

"I am very pleased that these new products reached the market during the quarter ended June 30, 2012. They further demonstrated our long-term commitment to faster product development process and market roll-out of new products. Our R&D capacity and new business development capability constituted the main drivers of the company's growth and will be continuously strengthened in the future to realize our 10-year growth plan. The long-term commitment, based on our market insight, is to secure a leading position for the Company in the fertilizer industry," said Mr. Tao Li, the Company's Chairman and CEO.

Third Quarter 2012 Results

• Our net sales for the three months ended March 31, 2012 were $60.0 million, an increase of $15.4 million, or 34.4%, from $44.7 million for the three months ended March 31, 2011
• Net income for the three months ended March 31, 2012 was $12.4 million, an increase of $2.9 million, or 30.6%, as compared to $9.5 million for the three months ended March 31, 2011.
• For the three month period ended March 31, 2012, diluted net income per share was $0.46as compared to $0.35for the same period in 2011, weighted average shares outstanding of 27.0 million and 26.7 million, respectively.

Capital Expenditure

For the third quarter ended March 31, 2012, the capital expenditure stood at approximately $1.9 million.

The Fourth Quarter and Fiscal Year 2012 Guidance:

For the fourth quarter ended June 30, 2012, management expects net sales of $52.5 million to $68.2 million, net income of $7.2 million to $9.8 million, and EPS of $0.27 to $0.36 based on 27.0 million fully diluted weighted average shares outstanding. For the fiscal year ended June 30, 2012, the Company raises the guidance: net sales of $212.7 million to $228.4 million, net income of $38.0 million to $40.6 million and an EPS of $1.41 to $1.50 based on 27.0 million fully diluted weighted average shares outstanding in view of the strong performance of the third fiscal quarter.

XI'AN, China, May 1, 2012 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), a producer and distributor of humic-acid based compound fertilizers, blended fertilizers, organic compound fertilizers, mixed organic-inorganic compound fertilizers, slow-release fertilizers, highly-concentrated water soluble fertilizers and agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings through its wholly-owned subsidiaries in China, today announced that it launched six new fertilizer products and added 18 new distributors in the third quarter ended March 31, 2012.

The six new fertilizer products, including two broad-spectrum fertilizer products launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong"), one humic-acid based organic-inorganic compound fertilizer product and three compound fertilizer products with different NPK contents launched by Beijing Gufeng Chemical Products Co., Ltd., the Company's fertilizer operating subsidiary in Beijing ("Gufeng") during the third quarter ended March 31, 2012.

Jinong's two new products contributed RMB561, 600 (approximately $88,284) to Jinong's fertilizer revenues during the quarter. Jinong also added 13 new distributors during the quarter, which brought the total number of Jinong's distributors to 712. These new distributors contributed RMB3, 169,860 (approximately $498,302) to Jinong's fertilizer revenues during the quarter.

Gufeng's four new products contributed no revenue to Gufeng's fertilizer revenues as of the end of the third quarter because the fertilizer certificates for these four new fertilizer products were issued beyond the quarter end. Gufeng added five new distributors during the quarter. These five new distributors contributed RMB1,088,839 (approximately $171,165) to Gufeng's fertilizer revenues during the quarter.

"Thanks to our R&D team, we successfully launched these six new fertilizer products during the quarter. These six new fertilizer products had brought our total number of fertilizer products to 471. Meanwhile, we appreciate our marketing team's effort to the ongoing business expansion, a result of which our total number of distributors amounted to 894 during the quarter," said Mr. Tao Li, the Company's Chairman and CEO.

XI'AN, China, April 16, 2012 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA; "CGA" or the "Company"), a producer and distributor of humic acid-based compound fertilizers, blended fertilizers, organic compound fertilizers, mixed organic-inorganic compound fertilizers, slow-release fertilizers, highly-concentrated water soluble fertilizers and agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings through its wholly-owned subsidiaries in China, today announced that all of the shareholder derivative actions pending against certain of the Company's current and former officers and directors and its auditor have been resolved and dismissed.

On March 30, 2012, the judge of the First Judicial District Court of the State of Nevada in and for Carson City (the "State Court") issued an Order of Final Approval of the Settlement in the three consolidated shareholder derivative actions pending before the State Court and dismissed those actions. The dismissal and judgment was entered on April 5, 2012. As a result of this settlement, all the derivative claims are released. The plaintiffs' legal fees and expenses of $650,000 have been paid by the defendants' insurers.

In connection with the settlement of the derivative claims, on April 5, 2012, the Judge in the United States District Court of Nevada (the "Nevada Federal Court") dismissed the federal derivative action.

The dismissal of the four derivative actions does not involve the class action lawsuit filed in the Nevada Federal Court on October 15, 2010.

"We are pleased with the resolution of the derivative actions and the approval of the settlement. The settlement achieved is a recognition of the continued strengthening of our corporate governance," said Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "The conclusion of the derivative actions is a significant step forward in our efforts to focus on moving the Company forward and maximizing shareholders' value."

XI'AN, China, March 8, 2012 /PRNewswire-Asia-FirstCall/ --China Green Agriculture, Inc. (NYSE: CGA) ("CGA" or the "Company"), a producer and distributor of humic acid based compound fertilizers, blended fertilizers, organic compound fertilizers, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizers and agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings through its wholly-owned subsidiaries in China, today announced that Mr. Tao Li, the Company's Chairman and Chief Executive Officer completed the purchase of 63,158 shares of the Company's common stock, par value $0.001 per share, in a private placement, at a purchase price of $4.75 per share, a price at the highest closing price of the Company's common stock over the last 90 trading days, for an aggregate purchase price of $300,000.50, pursuant to and in accordance with the terms and provisions of a Securities Purchase Agreement in a form previously presented to the Board of Directors.

"Given the Company's impressive growth in the compound fertilizer business, diversified product portfolio, nationwide distribution network and increasing demand for our compound fertilizer products, I believe the current stock price does not fully reflect the Company's present business performance and future growth targets. This executive share purchase demonstrates my confidence in the Company's ongoing business growth," said Tao Li.

Second Quarter 2012 Results

• Our net sales for the quarter ended December 31, 2011 were $47.1million, an increase of $11.8 million, or 33.4%, from $35.3 million for the three months ended December 31, 2010, largely due to the strong sales of fertilizer products for each subsidiary during this period.
• Net income for the three months ended December 31, 2011 was $7.7 million, an increase of $1.5 million, or 24.3%, compared to $6.2 million for the three months ended December 31, 2010. The increase was attributable to the increase in gross profit.

"We are very pleased with our outstanding performance of business, generating $7.7 million net income in the second quarter ended December 31, 2011," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture." Looking ahead to the third fiscal quarter of 2012, we expect net sales of $53.0 to $56.4 million, net income of $ 9.7 to $10.7 million, and EPS of $0.36 to $0.40 based on 26.9 million fully diluted weighted average shares outstanding for the third quarter ended March 31, 2012. With our track-record history and incredible momentum in our fertilizer business, we are confident in achieving our target for the third quarter fiscal year 2012 and actively working on our 10-year growth plan released last year. We believe our growth plan will well serve the interests of our shareholders."

The Third Quarter and Fiscal Year 2012 Guidance:

For the third quarter ended March 31, 2012, management expects net sales of $53.0 to $56.4 million, net income of $9.7 to $10.7 million, and EPS of $0.36 to $0.40 based on 26.9 million fully diluted weighted average shares outstanding. For the fiscal year ended June 30, 2012, the Company raises the revenue guidance: net sales of $212.3 to $228.0 million, reaffirms the net income guidance of $37.9 to $40.5 million and an EPS of $1.41 to $1.51 based on 26.9 million fully diluted weighted average shares outstanding in view of the strong performance of the second fiscal quarter.  

First Quarter 2012 Results

Our net sales for the quarter ended September 30, 2011 were $53.1million, an increase of $13.6 million, or 34.5%, from $39.5 million for the three months ended September 30, 2010

For the three month period ended September 30, 2011 diluted net income per share was $0.40 as compared to $0.30 for the same period in 2010, based on diluted weighted average shares outstanding of 26.9 million and 26.0 million, respectively.

"We are pleased with our strong performance in the first quarter where we far exceeded the high end of our previously announced revenue and EPS guidance for the first quarter of fiscal year 2012 " said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture. " With the increasing demand in the fertilizer products and our ongoing commitment on the capacity expansion, we expect the net sales of $40.9 to $44.8 million, net income of $6.9 to $7.5 million, and EPS of $0.26 to $0.28 based on 26.9 million weighted average shares for the second quarter ended December 31, 2011. Our ten-year grown plan, executed by our people in a moderate manner and supported by our patient investors, will enable us to meet farmers' increasing demands in our organic compound fertilizer products, enhance our strong position in the fertilizer industry and finally maximize our shareholders' and employees' profits."

The Second Quarter and Fiscal Year 2012 Guidance:

For the second quarter ended December 31, 2011, management expects net sales of $40.9 to $44.8 million, net income of $6.9 to $7.5 million, and EPS of $0.26 to $0.28 based on 26.9 million weighted average shares. For the fiscal year ended June 30, 2012, the Company raises the guidance: the management estimates the Company could achieve net sales of $211.8 million to $226.7 million, net income of $37.9 million to $40.5 million, and an EPS of $1.41 to $1.51 based on 26.8 million weighted average shares in view of the strong performance of the first fiscal quarter. The 2012 fiscal year guidance provided previously included net sales of $209.6 million to $224.6 million, net income of $37.1 million to $38.0 million, and an EPS of $1.38 to $1.48 based on 26.8 million weighted average shares.

Fourth Quarter and Year End 2011 Results

Financial Summary

"We are extremely pleased with our strong performance in fiscal year 2011where we far exceeded the high end of our revenue guidance," said Mr. Li Tao, Chairman and Chief Executive Officer of China Green Agriculture. "We are particularly happy with our progress in integrating and expanding Gufeng which we acquired in July 2010. I believe that we have established a solid track record that we can replicate in the future. Our performance at Gufeng validates our initial vision behind the acquisition and supports our ambitious growth plan which calls for $750 million in net sales by fiscal year 2015. Record sales at Jinong further fuel our growing momentum as we push into 2012. While demand for fertilizer products continues to grow, our strong working capital positions us well to increase market share in an industry that will continue to consolidate."

Fiscal Year 2012 Guidance

For the fiscal year ended June 30, 2012, management expects net sales of $209.6 million to $224.6 million, net income of $37.1 million to $39.8 million, and an EPS of $1.38 to $1.48 based on 26.8 million weighted average shares. For the first quarter ending September 30, 2011, management expects net sales of $46.8 to $50.0 million, net income of $7.1 to $7.9 million, and EPS of $0.26 to $0.29 based on 26.8 million weighted average shares.

Rodman and Renshaw on CGA                                  5/13/2011

F3Q11 Results Slightly Above Expectations; Maintain Market Perform

F3Q11 Results

China Green Agriculture (“China Green”, Ticker: CGA, Market Perform) reported F3Q11 results that were mostly above our expectations. Net revenue increased 232.2% YoY and reached $44.7 million, slightly above our estimate of $41.8 million. Gufeng subsidiary continued to be the company’s largest revenue contributor, providing $26.1 million, or 58.5% of the total sales. Jinong sales reached $16.2 million. Gross profit in the quarter came in at $17.0 million, up 110.1% YoY and above our estimate of $14.8 million. Gross margin was 38.2%%, higher than our expectation of 35.5%. G&A expenses were 3.3 million, above our estimate of $3.0 million. Management cited some Gufeng related G&A expenses, additional investor relations fees, and litigation related expenses as the major reasons for this higher than expected expense item. Selling expenses were $1.7 million, in-line with our estimate. Operating income in the quarter was $12.1 million, up 95.3% YoY and above our estimate of $10.1 million. Net income was $9.5 million, up 77.6% YoY, translating to $0.35 per diluted share, above our estimate of $8.1 million or $0.30 per diluted share. Net margin in the quarter was 21.2%, compared to our estimate of 19.3%. The company also reported that, as of March 31, 2011, it had $66.9 million of cash and cash equivalents.

Adjusting estimates and maintaining Market Perform rating

We have tweaked our financial model to reflect the F3Q11 performance. For F4Q11, we now expect the company will realize $43.0 million of revenue, $8.7 million of net income, and $0.32 of EPS. For full year F2011, we estimate total revenue of $162.5 million, net income of $32.2 million, and $1.21 EPS. Despite the stronger than expected F3Q11 results, we continue to take a conservative approach with regard to our view on the share price outlook. In light of the current market sentiment towards small Chinese RTO companies, we believe financial fundamentals are almost taking a backseat to investor sentiment and companies’ perceived corporate governance quality. In this regard, we believe China Green is still facing a number of uncertainties such as its pending litigation and auditor change. Thus we continue to take a wait and see approach and maintain our Market Perform/Speculative Risk rating on the shares of China Green.

Risks

Major risks include: 1) The seasonal variations and adverse weather conditions could impact agricultural production, which in turn could result in reduced demand for fertilizer products; 2) Delay or halt in the launch of new products or addition of new distributors could lead to stagnation or decline in revenue growth; 3) Highly competitive industry with numerous national and local players; 4) Decline in margins as the company ventures into more product areas; 5) Litigation risk; and 6) Political, regulatory, and economical risks related to operating in China.


Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Third Quarter Results:

• Q3 FY 2011 sales increased 232.2% to $44.7 million, net income increased 77.6% to $9.5 million with EPS of $0.37*.
• Q3 FY 2011 gross margin decreased to 38.2% from 60.3% Y-O-Y; operating margin decreased to 27.2% from 46.2% Y-O-Y*.
• Q3 net income totaled $9.5 million, up 77.6% from $5.3 million in Q3 FY2010.
• Company reaffirms the revised FY 2011 guidance: revenue, net income and EPS of at least $155.0 million, $31.5 million, and $1.17, respectively.
• Management to host earnings conference call at 8:30am ET, Wednesday, May 11, 2011

GeoTeam® Note: 2011 First quarter analyst EPS estimates were $0.30.

China Green Agriculture's revenue of $44.7 million for its third quarter of fiscal year 2011 exceeded the high end of its previously announced revenue guidance for the quarter of $41.8 million to $43.6 million. Net income of $9.5 million or $0.37 per share also exceeded the Company's net income guidance for the quarter of $8.2 million to $8.6 million, or $0.31 to $0.32 per share.

For the fiscal year ending June 30, 2011, management reaffirmed its revised

• revenue guidance of a range of $155.0 million to $165.0 million
• net income guidance to a range of $31.5 million to $33.2 million
• EPS guidance to a range of $1.17 to $1.24 based on 26.9 million weighted average shares.

XI'AN, China, April 15, 2011 /PRNewswire-Asia/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a producer and distributor of humic acid ("HA") based compound fertilizers, blended fertilizers, organic compound fertilizers, slow-release fertilizers, concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizers through its wholly owned subsidiaries in China, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), today announced that Gufeng signed a fertilizer export contract (the "Agreement") with Beijing Baofengnian Agricultural Material Co. Ltd ("Baofengnian") on April 11, 2011.

According to the Agreement, Gufeng will export 30,000 Metric Tons of compound fertilizer products through Baofengnian, representing 6% of Gufeng's recently expanded annual fertilizer production capacity. Gufeng will ship all the compound fertilizers required by the Agreement from its Beijing factory by June 15, 2011.

Baofengnian is a Beijing-based wholesaler and distributor of agricultural basic materials including fertilizers, pesticides and crop seeds. Baofengnian has been a distributor of various Gufeng compound fertilizers over years in the domestic market, particularly in northern China. The Agreement is the first export contract between the two parties.

"We are very happy to expand our standing relationship with Baofengnian to the export segment" commented Mr. Tao Li, Chairman and CEO of China Green Agriculture. "This contract is important on several fronts. Firstly, it will further utilize Gufeng's recently expanded production capacity; secondly, it will contribute to our fiscal year 2011 results; and finally, it builds on our recently announced export contract with SinoAgri for 165,000 Metric Tons and reinforces the growing importance of exports in our revenues. We will continue to work with our business partners to grow exports which are an integral part of the Company's comprehensive development strategy to achieve the $3 billion annual revenue goal under our recently announced ten-year growth plan."

XI'AN, China, April 13, 2011 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. today announced that Gufeng began shipping the first 20,000 Metric Ton ("MT") batch of finished compound fertilizers to India under the 165,000 MT export contract (the "Agreement") it signed in December 2010 with SinoAgri Holding Company Limited ("SinoAgri"). As one of the largest domestic fertilizer traders in China, SinoAgri has been Gufeng's long-term business partner for fertilizer exports.

According to the Agreement, Gufeng will export 165,000 MTs of binary acid compound fertilizer products to India during calendar year 2011. This represents 29.7% of the Company's recently expanded annual fertilizer production capacity. StartingApril 1, 2011, Gufeng has been shipping 20,000 MTs of finished compound fertilizer from its Beijing factory for container loading in Port Qinhuangdao and Tianjin, respectively 150 miles and 100 miles away.

"With the launch of Gufeng's new 200,000 MT production line last week which brought Gufeng's annual production capacity to 500,000 MTs, we have the ability to produce the 165,000 MTs under this Agreement and expect that 50,000 MTs will be shipped by June 30th, the end of our 2011 fiscal year," commented Mr. Tao Li, Chairman and CEO of China Green Agriculture. "While we will continue to work with our long-term export partners, we will also pursue opportunities to develop new export clients in the future," added Chairman Li, "Export growth is critical to our ability to achieve our $3 billion annual revenue goal under our recently announced ten-year growth plan."

XI'AN, China, March 2, 2011 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. today announced that on February 28, the Company's Board of Directors approved the Company's ten-year corporate growth plan (the "Plan") for the period from 2011 to 2020.

The Plan underpins the Company's goal of becoming a leader in the overall fertilizer industry in China by 2020.  It is the result of one year of intensive research and analysis covering market research, peer analysis, government information and projections, and evolved over many internal review meetings involving all managers responsible for key parts of the business.

After careful review, management and the Board of Directors concluded that the Company should work towards the following revenue targets over the next ten years:

1. at least $150 million for fiscal year 2011;

2. at least $750 million for fiscal year 2015; and

3. at least $3 billion for fiscal year 2020.

We intend to use some remaining net proceeds from the Public Offerings (approximately $8.5 million) to acquire new businesses, upgrade production lines and complete the greenhouse facilities for agriculture products of Yuxing located on 88-acres of land in Hu County, 18 kilometers southeast of Xi’an city. We believe that we have sufficient cash on hand and positive projected cash flow from operations to support our business growth for the next twelve months to the extent we do not have further significant acquisitions or expansions. Notwithstanding the foregoing, we may seek additional financing for expansion purposes, which may include additional equity financings. There can be no assurance that any additional financing will be available on acceptable terms, if at all. Any equity financing may result in dilution to existing stockholders.

Rodman & Rodman on CGA                                   2/10/2011

Mixed F2Q11 Results; Maintain Market Perform 

Mixed F2Q11 results 

China Green Agriculture (“China Green”, Ticker: CGA, Market Perform) reported mixed F2Q11 results. Net revenue for the quarter reached $35.3 million, above the company’s previous guidance of $33.1-33.3 million as well as both Street consensus and our estimates of $33.3 million. The company’s Gufeng subsidiary was once again a major revenue contributor with $18.9 million, or 53.5% of the total sales. The Jinong unit contributed $14.3 million to the overall top line. Gross margin for the quarter was 34.9%. While it represented a significant drop from a year ago, largely due to a higher sales component of lower-margined granular fertilizer products, mostly from Gufeng, it was actually slightly better than our previous estimate of 33.2%. G&A expenses were 2.9 million, significantly above our estimate of $1.8 million. Management cited escalating litigation related expenses and higher stock based compensation as the major reasons for this higher than expected expense item. Selling expenses were $1.6 million, higher than our estimate of $1.2 million. F2Q11 operating income was $7.9 million, slightly below our estimate of $8.1 million. Net income was $6.2 million, translating to EPS of $0.24, below both respective Street consensus of $7.4 million and $0.28 and our Street-low estimates of $6.8 million and $0.26. They were also below the company’s own guidance of $7.76-7.86 million net income and $0.29 EPS.

Updated FY2011 guidance 

The company updated its FY2011 guidance, with total revenue between $155.0 and $165.0 million, net income between $31.5 and $33.2 million, and EPS between $1.17 and $1.24 (based on 26.9 million weighted average shares). For F3Q11, the company now expects to realize $41.8-43.6 million of revenue, $8.2-8.6 million of net income, and $0.31-0.32 of EPS (based on 26.9 million weighted average shares).

Adjusting estimates and maintain Market Perform rating 

In light of the F2Q11 performance and the company’s updated guidance, we have tweaked our financial model. For F3Q11, we now expect the company will realize $41.8 million of revenue, $8.1 million of net income, and $0.30 of EPS. For full year F2011, we estimate total revenue of $159.6 million, net income of $30.8 million, and $1.16 EPS. We are maintaining our Market Perform/Speculative Risk rating on the shares of China Green. We believe while the company could be a long term growth story, in the short term there are a number of uncertainties, such as its continued integration of the Gufeng unit and its potential engagement of a Big 4 auditor, that are keeping us on the sideline.

Risks 

Major risks include: 1) The seasonal variations and adverse weather conditions could impact agricultural production, which in turn could result in reduced demand for fertilizer products; 2) Delay or halt in the launch of new products or addition of new distributors could lead to stagnation or decline in revenue growth; 3) Highly competitive industry with numerous national and local players; 4) Decline in margins as the company ventures into more product areas; 5) Litigation risk; and 6) Political, regulatory, and economical risks related to operating in China.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Dear Shareholders:

You may have seen news reports about a “research report” published on January 5, 2011, that accused China Green Agriculture of misrepresenting information relevant to our market and our sales. We have carefully analyzed that report and found that it is largely inaccurate, as it contains numerous factual misstatements and also presents other information in ways that are seriously misleading.

The report was issued by a small, “independent” company called J Capital Research, which
disclosed that it has clients with short positions in CGA stock and that it may also short our
Company’s stock. That means, of course, the clients of J Capital and J Capital itself, the
organization that published this report, will benefit financially if the price of our stock declines.

In keeping with our policy of communicating with our shareholders, we wanted to take you through the allegations made in this report and provide you with the facts.

1. The J Capital report alleges that CGA’s tax reports in China suggest that we have somehow inflated sales and revenue reports to the U.S. Securities and Exchange Commission (“SEC”).

This is untrue.

CGA has and will continue to fully and accurately report its sales and revenue figures to the SEC. As anyone familiar with business in China knows, there are sharply different reporting schedules, procedures and practices in China and the U.S., and that it is misleading to compare taxable revenue and tax payments in partial form. We are not aware of any company in China that reports revenue the same way to the State Administration for Industry and Commerce (“SAIC”) as it does to the SEC. It is a widely-known and well-documented fact that reports filed with the SAIC, which is a general registry of companies in China, do not reflect the comprehensive income and financial condition of a company. SAIC is the designated government registrar for official corporate documents — such as articles of incorporation, business licenses, ownership, legal persons, and registered capital. In its review of these financial reports, the SAIC’s focus is on payment and authenticity of the Company's registered capital. Given this focus, Chinese companies, particularly small or middle size companies, do not file all of their financial information in order to avoid disclosing their operating metrics to competitors, suppliers and customers. To suggest, as the J Capital report does, that a discrepancy here reflects any wrongdoing or misinformation is both false and misleading.

2. The J Capital report expressed “surprise” that they could not find any CGA sales offices or online sales. Either J Capital is being intentionally misleading or they do not understand our business.

CGA uses a network of distributors to sell most of its products. We do not rely on sales offices. CGA has found it more cost effective to use distributors instead of sales offices because humic acid based fertilizers are sold mainly in liquid or powdered form that are far more expensive and compact than traditional NPK fertilizers. Our distributors need to be able to explain the
advantages of humic acid and educate farmers about its benefits and applications. This is the reason we don’t simply sell online.

3. The J Capital report citing anonymous sources, states that the market for humic acid is “collapsing.”

Again, this is not true.

The market for humic acid products is growing, and is reflected by published sales figures at CGA, where fertilizer sales rose 58.6 per cent in FY2010, and also at CGA’s peers. Humic acid is, in the farming world, a relatively high-end product that requires professional education about its benefits and special training for proper application. It is currently used by a relatively
small percentage of farmers in China’s vast countryside, which means there is a tremendous opportunity for growth. Anyone who has smelled a rose, or tasted an apple, grown in a properly-tended garden using humic acid can tell you about the noticeable advantages of premium fertilizer. In addition to its improvement of crop yields and quality, it helps balance the soil and enhance sustainability. This is critical in China, which must feed 22 per cent of the world’s population with only 7 per cent of global arable land. A survey released by China’s Ministry of Land and Resources revealed that the country has lost 8 million hectares, or 6.6 percent, of its arable land in the past decade due to urbanization, pollution and soil degradation. With a rising food crisis, China’s government is actively supporting smarter farming techniques, likely to further fuel the market for humic acid fertilizer. A “Humic Acid Green Fertilizer System” was approved by experts in a China Humic Acid Association conference, establishing the First Preparation Project in Rural Areas as part of the government’s ‘Twelfth Five-Year Plan.’ There are many independent research reports and articles that confirm the growing market in China for humic acid fertilizer. We will mention two recent reports here, for those interested in more information: “Market Research Report of Humic Acid Based Organic Liquid Fertilizer, 2008-2010,” by the Huajing Zongheng Economic Information Center of Beijing; and “Report on Market Investigation of Humid Acid Based Fertilizer in 2010” by S& P Consulting.

4. The suggestion by J Capital that CGA did not fully pay its VAT taxes, and was hiding money that had been accrued,

is alsowrong.

CGA has fully paid its local taxes, as evidenced by the Company’s financial statements filed with the SEC. These filings with the SEC correctly and accurately report corporate income tax payments made in China to the State Administration of Taxation. CGA’s fertilizers were not granted a VAT exemption in 2008, as alleged in the J Capital report. What happened was this:

In Aril, 2008, China’s State Administration of Taxation (“SAT”), together with the Ministry of Finance, issued a Notice of Value Added Tax Exemption on Organic Fertilizer Products. However, there was confusion at the local SAT over exactly which type of fertilizers were entitled to the VAT exemption. The local SAT for Shaanxi Province did not allow applicants to apply for an exemption until it received clarification from the SAT in Spring 2009 on what kind of fertilizers were exempt. After such clarification was given, CGA promptly filed its formal application to the local authorities. The exemption was granted in September 2009. So CGA was required to accrue VAT (and pay VAT) on almost all of its products until the exemption took effect in September 2009.

CGA also paid its corporate income taxes. During the course of the year, CGA subsidiaries record deferred tax liabilities and/or assets, just as many U.S. companies do, but do not make payments until year-end. From a GAAP standpoint, that looks like a delayed payment. But in the Chinese system it is common practice. The fact is that CGA did pay its corporate income taxes in full. And it did so on an annual basis, with the full knowledge of the SAT. Again, the filings submitted to SEC are consistent with the filings to SAT.

5. The J Capital report insinuates that because we did not name the seller with respect to a property transaction in Xi’an, we may be “self dealing.”

Again, this is not true.

CGA fully reported all aspects of the property transaction in Xi’an Hu County in its 2010 SEC filings, including the total cost of approximately $10.8 million. The previous tenant was also clearly named in real estate documents that were publicized in a 2010 report by an organization called “IFRA” (which does not have any business registration in China, Hong Kong or the U.S.), and which was widely quoted by J Capital. As anyone who is familiar with the way and sales occur in China knows, land is owned by the government in China and land-use rights are transferable for a price. In the case of CGA’s Xi’an property purchase, there are three distinct elements: (1) Payment of a land transfer fee to the previous owner, a state-owned enterprise, of approximately $8.1 million for giving up its current land-use rights; (2) Payment to the local government (including deed tax and registration fees) of approximately $2.7 million for land use rights, a standard fee assessed to compensate the government to obtain approval for the land use rights; and (3) Appraisal and survey fees of about $10,000. The land in question was independently appraised at $11.2 million, or approximately 3.6% more than CGA paid. Comparable transactions in the same area attest to a relatively consistent market.

6. The J Capital report alleged that CGA overpaid for its Gufeng subsidiary. It erroneously reported that CGA paid $48 million for the Gufeng acquisition.

The facts show these statements are not true.

CGA acquired Beijing Gufeng Chemical Products Co. for a fair market price of $8.8 million in cash plus 2,275,931 shares of CGA common stock, as it reported to the SEC. The only way we can figure that J Capital came up with their $48 million price for the Gufeng subsidiary acquisition was to multiply the 2.275 million shares by $17 (which was close to the all-time high price of CGA), rather than using the price determined on the transaction date, roughly half of that. In addition, CGA’s management constructed the terms for the deal specifying 40% of the shares to be placed in escrow pending satisfaction of certain conditions such as ”make good” targets of $88.4 million in revenue and $10.6 million in net profit for Gufeng for the fiscal year ended June 30, 2011. As a result, if the earn-out conditions are not met, and the escrowed shares are forfeited, the total consideration would be significantly less. J Capital alleged we paid a “huge” multiple for Gufeng. The multiple was actually well under 3x.

J Capital’s mathematical error aside, CGA did not, in our view, overpay for this acquisition. There were several compelling reasons for our acquiring this company: Gufeng provides a complimentary product line, which greatly expands CGA’s sales abilities; Gufeng has good production facilities; Gufeng has a strong management team; Gufeng’s headquarters in Beijing offers increased penetration into markets in northern China. In fact, on Jan. 6, 2011, Gufeng finalized a contract to export 165,000 metric tons of fertilizer with Sino-Agri, to buyers in India, reflecting a sharp increase in CGA’s export capacity.

CGA did not, as the J Capital report alleged, pay working capital to Gufeng as purchase price payments. A Supplementary Agreement on July 1, 2010, specified that CGA would lend RMB 100 million (approximately $14.7 million) of working capital to Gufeng after the acquisition in order to facilitate its expansion by helping to reach full utilization of production capacity,
purchase more raw materials and enhance marketing activities. To date, CGA has loaned Gufeng RMB 50 million, which was expected to be paid back in the future. That amount is separate from the purchase price.

7. J Capital suggested the CGA’s margins were “improbable.”

Once again, the only way we can figure they came to this conclusion was that they don’t understand our Company. We assume they looked at our financials as though we were a conventional compound fertilizer manufacturer.

In fact, humic acid fertilizers come in a variety of concentrated forms and are not a plain commodity like traditional fertilizers, which have standard content specifications and require negligible education before application. As a result, gross margins for humic acid fertilizer suppliers are far higher than those for traditional fertilizer suppliers, which are typically 5-15%. It is misleading to compare an old-fashioned commodity business model that needs little explanation or education for its users with a more modern business model based on quality, brand-name awareness and customer service. CGA’s gross margins are higher still, above those of its peers in the humic acid business, largely because of CGA’s value-added, higher-margin liquid based humic acid fertilizers and its fully-automated production line. In addition, CGA’s more efficient business model, with central control of cash, inventory and operations, contributes to the higher net margin that CGA has over its peers who generally operate
in multiple locations with smaller capacity at each plant. Here is yet another example of how the J Capital report demonstrates it doesn’t understand CGA or the industry in which CGA operates. We don’t understand how J Capital came up with a net margin of 30% for Gufeng. It was certainly not from Gufeng’s historical financials in our SEC filings, nor from the “make good” targets of $88.4 million in revenue and $10.6 million in net profit as expected for fiscal 2011, which would convert to a net margin of less than 12%.

8. The J Capital report states that CGA engages in dubious related-party transactions.

This is not true.

There have been no “dubious” transactions between CGA and Kingtone Wireless Information Inc. One is an agriculture products company, while the other is a technology company. One of Kingtone’s specialties is automation technology for offices as well as factories. The two companies have co-existed in an office building in Xi’an for 10 years; there have been only three material transactions between them during that time, and they were conducted at market prices: (1) Kingtone technology was used in the system integration of
high-efficiency, high-capacity agriculture facilities; (2) It was used to create automated fertilizer production lines; and (3) It is being used for the development of new electronic control systems for “smart greenhouses.”

9. The J Capital Report states that CGA executives receive excessive stock-based compensation.

This statement is not true.

As the founder of CGA, I was issued 3,156,808 “make good” shares and 6,535,675 call option shares in December 2007, which were recorded properly as part of the purchase price under the reverse merger but not a compensation expense at the time of its issuance. All these shares, according to the “make good” escrow agreement and call option agreement, represent a return of shares in compliance with China’s laws and regulations. I gave up my controlling equity interest in Shaanxi TechTeam Jinong, which is now a wholly-owned subsidiary of CGA, without receiving any compensation. These shares formed my only consideration in the disposal of my controlling entity which had revenue and net income of $15.1 million and $6.9 million, respectively, in the year ended June 30, 2007. These shares were issued in December 2007 and were then considered as part of the outstanding shares in the earnings per share (“EPS”) calculation. Anyone who knows basic accounting would understand that there is no future dilution to shareholders when shares were returned, much less the 30% dilution that J Capital alleged.

Other incentive shares issued to other directors, staffs and service providers were within the normal compensation arrangement based on the compensation study provided by an independent compensation consulting firm engaged by the compensation committee.

10. Despite assertions in the J Capital report to the contrary, CGA did not misrepresent who our suppliers are, or misreport the technology we use.

CGA holds two significant technology patents, which give it an edge over competitors. One patent is related to the method for preparing water-soluble fertilizer containing humic acid; the other is related to the apparatus that produces it. J Capital accuses CGA of purchasing humic acid from another Chinese company, Taiyuan Meibang Biotech Development Company. This is true. We bought fertilizer products not only from Meibang, but also from other fertilizer rivals. As a leading humic acid fertilizer manufacturer, we monitor the development of products by other companies in the market and constantly procure sample quantities for comparative analysis and experimental testing with our own products. In the Meibang case, CGA started to purchase humic acid potassium from Meibang in August 2009, and CGA only used it in fertilizer research and development of humic acid potassium for comparative field testing and experimental design of a new fertilizer formula. We have not bought any products from Meibang since June 2010.

11. J Capital also alleged that Shanghai Luyeyuan said it was not selling CGA-branded products.

In fact, Shanghai Luyeyuan’s branch in Henan Province has been selling CGA’s products for over seven years and is one of the prime distributors in CGA’s distribution network. After the J Capital report came out, at least one U.S. analyst asked to interview senior management at
Shanghai Luyeyuan, and executives at Shanghai Luyeyuan agreed to speak with the analyst directly to confirm their working relationship with CGA.

12. J Capital also said it was “perplexed” that CGA’s annual report in FY2010 cited that weathered coals constituted only 0.37 per cent of the Company’s raw material costs.

That figure is accurate, and it represents the particularly low price of weathered coal, which is a waste product of coal mining companies. While it is a valuable source of humic acid for CGA, coal miners are happy to get rid of it, hence the low price. Furthermore, the author of the J Capital report apparently confused the percentage of weathered coal costs with the percentage of humic acid concentration in finished products. All of CGA’s humic acid based fertilizers have clear specifications about the humic acid concentration along with other ingredients on the packaging label. It is the same with common multi-vitamin supplements, where a tiny percentage of raw material costs do not correlate to the percentage of nutrients listed in the table on a vitamin bottle.

13. J Capital alleges that they were blocked from obtaining information.

This is not true.

CGA has consistently welcomed inquiries and visitors to our headquarters and transparently provides information about all relevant aspects of our production, management and sales. Any number of shareholders, analysts and potential investors can attest to that. The author of the report in fact attended meetings with Company executives. She did not call ahead, but showed up unannounced, refusing to identify herself and surreptitiously and disruptively tried to interview Company employees, and to obtain proprietary customer information. Just prior to releasing her report, she emailed the Company during a holiday period and then reported that “repeated requests” for information were rebuffed. It is interesting to note that when Rene Vanguestaine, CEO of CGA’s investor relations firm, referred to the IFRA allegations and the company’s rebuttal in press releases during the meeting with her in Beijing a few hours before
she published the report, the author denied knowing about the IFRA report. Yet her report relies on and cites the IFRA report repeatedly.

The foregoing are the main issues raised in the report, but there are other factual errors littered throughout. Whether from a lack of accounting knowledge, a poor understanding of Chinese business practices, or an intent to mislead, the author makes countless errors, including on information which is readily available in public filings or press releases.

On September 13, 2010, CGA received a letter from the SEC requesting that it voluntarily provide information in connection with an informal inquiry. Since being contacted by the SEC, CGA has provided the SEC with all the information it has requested. The Company’s U.S.-based lawyers have also made a voluntary presentation to the SEC. CGA is fully cooperating with the SEC in its informal inquiry. CGA has not received any subpoenas.

I hope you find this letter helpful. We remain open to any questions you may have, and are happy to hear from you at any time. We want to thank you for your continued interest in and support of our Company. Please be assured that we are working very
hard to maximize shareholder value.

Sincerely,
Tao Li
Chairman, President and Chief Executive Officer
China Green Agriculture, Inc.

CGA acquired Beijing Gufeng Chemical Products Co. for a fair market price of $8.8 million in cash plus 2,275,931 shares of CGA common stock, as it reported to the SEC. 

 CGA’s management constructed the terms for the deal specifying 40% of the shares to be placed in escrow pending satisfaction of certain conditions such as ”make good” targets of

•  $88.4 million in revenue
• $10.6 million in net profit for Gufeng for the fiscal year ended June 30, 2011.

China Green Agriculture, Inc. is filing this Amendment No. 1 on Form 10-K/A to supplement the disclosure regarding certain relationships and related transactions in Item 13 of Part III of its Annual Report on Form 10-K for the year ended June 30, 2009 filed with the Securities and Exchange Commission on September 17, 2009.

Certain Relationships and Related Transactions

On June 19, 2008, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., our wholly-owned subsidiary (“Jinong”), signed an agreement with Xi’an Kingtone Information Technology Co., Ltd., a PRC company (“Kingtone Information”), pursuant to which Kingtone Information produced certain fertilizer processing equipment for Jinong.  Mr. Tao Li, our Chairman, President and Chief Executive Officer, is a principal shareholder and the Chairman of Kingtone Information.  Kintone Information is now an indirect contractually-controlled subsidiary of Kingtone Wirelessinfo Solution Holding, Ltd (KONE), a publicly traded company (“Kingtone”).  Mr. Li beneficially owns a controlling interest in Kingtone and serves as Kingtone’s Chairman.  The total contracted value of this agreement, including value-added taxes and other taxes, was RMB 4 million, or approximately $586,000. The project was performed from May 2009 to June 2009. Pursuant to the agreement, Kingtone Information provided certain services including designing, manufacturing, installing and adjusting the production facilities for Jinong’s compound fertilizer for drip irrigation. Kingtone Information was also responsible for debugging the system and training Jinong employees to operate the production line. The agreement required Kingtone Information to complete the project within 25 days unless there were causes for delay beyond its control. The agreement sets forth an eighteen month warranty period during which Jinong is entitled to receive certain spare parts for the facilities and to receive maintenance and repair services at no cost.

On October 20, 2008, we entered into an agreement with Kingtone Information with respect to the construction of the phase II expansion of an integrated pipeline control project for Jinong. The total contracted value, including VAT and other taxes, was RMB 5.2 million, or approximately $760,000. The project was performed from December 2008 to June 2009. The term of the agreement is from the date of its signing until one year after the operation of the subject project. Pursuant to the agreement, Kingtone Information provided services in order to develop and install the automation system solution for Jinong’s phase II production line and to upgrade the automation system solution for its phase I production line. Work related to the phase II production line included the development of automation system software, setup of integrated automation management and control computer network to realize relevant data collection, and automatic management and control of the production process. Work related to the phase I production line included upgrading the existing automation system so that phase I and phase II automation systems become integrated into the same management and control system. In addition to the wired automation system, Kingtone Information also developed and installed a wireless system solution for Jinong. This wireless system solution integrates into Jinong’s production automation system and the plant video surveillance system.

Rodman & Renshaw on CGA

F1Q10 results: Maintain Market Perform Rating 

China Green Agriculture (“China Green”, Ticker: CGA, Market Perform) reported its F1Q11 results that were more or less in-line with expectations. Net revenue grew 250% YoY to $39.5 million, beating both Street consensus and our estimate of $38.4 million. The newly acquired Gufeng subsidiary was the major revenue contributor with $21.8 million, or 55.2% of the total revenue. The Jinong subsidiary contributed $16.6 million, or 42% of the total revenue. The Jintai unit, which produced agricultural products, registered a flat YoY sales performance, generating $1.1 million of revenue. The Yuxing unit had no revenue for the past quarter. Gross margin for F1Q10 declined YoY to 33.3%, below our estimate of 37.3%. A higher sales component of lower-margined granular fertilizer products, mostly from Gufeng, was a major reason for the decline in gross margin. Operating income for the quarter was $9.6 million, up 55% YoY and higher than our expectation of $9.1 million. Net income was $7.8 million, up 48% YoY and in-line with our estimate, but a touch shy of the $7.9 million Street consensus. Diluted EPS for F1Q10 was $0.30, a shade above our estimate of $0.29 but in-line with the Street consensus. At the end of September, the company had $53.9 million of cash and cash equivalent.

FY2011 guidance maintained 

The company maintained its FY2011 guidance, with total revenue of $150.5-$152.8 million, net income of $36.2-$36.8 million, and EPS of $1.35-$1.37 (based on 26.8 million weighted average shares). For the next quarter (F2Q11), the company expects to realize $33.1-33.3 million of revenue, $7.76-7.86 million of net income, and $0.29 of EPS (based on 26.9 million weighted average shares).

Adjusting estimates and maintain Market Perform rating 

We have tweaked our financial model in accordance with the F1Q11 performance. For F2Q11, we now expect the company will realize $33.3 million of revenue, $6.8 million of net income, and $0.26 of EPS. For full year F2011, we estimate total revenue of $151.8 million, net income of $32.8 million, and $1.25 of EPS. We are maintaining our Market Perform/Speculative Risk rating on the shares of China Green. While the past quarter's financial performance was overall in-line with expectations, we believe uncertainties remain with regard to the company's integration of Gufeng and slower organic growth. In addition, while we had anticipated significant margin compression due to increased sales of lower-margin granular fertilizers, the actual F1Q11 gross margin figure was 400bps below our already lowered estimate. Thus we will keep a close eye on the company's margin trend during the upcoming quarters. We continue to like the company's long term growth potential; however in the short term we are taking a more conservative approach, both in our financial projections and our rating.


Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

We intend to use some remaining net proceeds from the Public Offerings (approximately $15.0 million) to acquire new businesses, upgrade production lines and complete the greenhouse facilities for agriculture products of Yuxing located on 88-acres of land in Hu County, 18 kilometers southeast of Xi’an city. We believe that we have sufficient cash on hand and positive projected cash flow from operations to support our business growth for the next twelve months to the extent we do not have further significant acquisitions or expansions. Notwithstanding the foregoing, we may seek additional financing for expansion purposes, which may include additional equity financings.

Third Quarter 2010 Results

Financial Summary

Fiscal Year 2011 and the Second Quarter Guidance

• Revenues from $150.5 million to $152.8 million

• Net income from $36.2 million to $36.8 million

• EPS from$1.35 to $1.37based on 26.8 million weighted average shares vs. analyst estimates of $1.36.

Fiscal 2011 Second Quarter Guidance:

• Revenues from $33.1 million to $33.3 million

• Net income from $7.76 million to $7.86 million

• EPS of $0.29 based on 26.9 million weighted average shares vs analyst estimates of $0.29. This guidance reaffirms the previously disclosed guidance for the full fiscal year of 2011.

Outlook

Chairman Li commented: "Our strong organic sales growth augmented by the Gufeng acquisition gives us a solid platform for continuous growth. With the integration of Gufeng underway, we will continue to enhance our product portfolio and distribution channels, fully utilize and expand capacity, and optimize operational efficiency. We believe our enlarged portfolio of diversified and branded products combined with continued solid financial performance will position us well to capitalize on the inevitable consolidation in the highly fragmented Chinese fertilizer industry and to create value for our shareholders."

On July 2, 2010, China Green Agriculture, Inc. closed an acquisition with Beijing Gufeng Chemical Products Co., Ltd and its direct, wholly-owned subsidiary Beijing Tianjuyuan Fertilizer Co., Ltd to purchase all of Gufeng’s outstanding equity interests.

Price Paid: $31.8 million

• $8,849,558 in cash
• 2,275,931 shares of common stock

CGA has prepared the unaudited fiscal 2010 year ended pro forma condensed combined financial information using the acquisition method of accounting.

		China Green Agriculture Inc.				Beijing Gufeng Chemical Products Co., Ltd.				Pro Forma Adjustments				Notes			Pro Forma Combined
Net sales		$	52,091			$	59,860			$							$	111,951
Cost of goods sold			21,139				54,072											75,211
Gross profit			30,952				5,788											36,740
Operating expenses
Selling expenses			2,203				975											3,178
General and administrative expenses			3,822				1,107				225			(a)				5,154
Total operating expenses			6,026				2,082				225							8,332
Income from operations			24,927				3,706				(225	)						28,408
Other income (expense)
Other income (expense)			(5	)			14											9
Interest income			275				-											275
Interest expense			(112	)			(31	)										(144	)
Total other income (expense)			158				(17	)			-							141
Income before income taxes			25,084				3,689				(225	)						28,548
Provision for income taxes			3,795				-				76			(b)				3,871
Income before minority interests			21,290				3,689				(148	)						24,830
Net income			21,290				3,689				(148	)						24,830
Basic weighted average shares outstanding			23,468				2,276											25,744
Basic net earnings per share		$	0.91							$							$	0.96
Diluted weighted average shares outstanding			23,468				2,276											25,744
Diluted net earnings per share			0.91															0.96

___________________________________________________________________________

		China Green Agriculture Inc.				Beijing Gufeng Chemical Products Co., Ltd.				Pro Forma Adjustments (Note 3)			Notes(see filing)		Pro Forma Combined
Current Assets
Cash and cash equivalents		$	62,335				2,213			$	(8,850	)	(c)		$	55,698
Accounts receivable, net			15,572				307				(31	)	(d)			15,848
Inventories			11,263				17,890				(1,789	)	(d)			27,364
Other assets			87				-				-					87
Related party receivables			-				66				(13	)	(d)			53
Advances to suppliers			221				421				(42	)	(d)			601
Total Current Assets			89,478				20,898				(10,725	)				99,651
Plant, Property and Equipment, Net			29,369				13,858				322		(d)			43,549
Construction In Progress			257				765				(77	)	(d)			946
Other Assets - Non Current			1,099				-									1,099
Goodwill and Other Intangible Assets, Net			11,586				115				21,689		(e)			33,390
Total Assets		$	131,788				35,636			$	11,210				$	178,634
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable		$	328				5,859			$	(586	)	(d)		$	5,601
Unearned revenue			42				19,162				(5,749	)	(d)			13,455
Other payables and accrued expenses			508				1,552				(155	)	(d)			1,905
Amount due to related parties			68				522				(52	)				538
Taxes payable			2,304				13				(1	)				2,316
Short term loans			-				3,908				(391	)	(d)			3,517
Total Current Liabilities			3,250				31,016				(12,683	)				21,583
Stockholders' Equity
Common stock, $.001 par value,   115,197,165 shares authorized,   24,572,328  and 12,281,569 shares issued and outstanding as of June 30, 2010 and 2009, respectively)			25				4,068				(4,066	)	(f)			27
Additional paid-in capital			75,756				-				22,987		(f)			98,743
Statuary reserve			5,865				629				(629	)	(f)			5,865
Retained earnings			43,536				(66	)			(158	)	(f)			43,312
Accumulated other comprehensive income			3,357				(11	)			11		(f)			3,357
Total Stockholders' Equity			128,538				4,621				18,144					151,302
Total Liabilities and Stockholders' Equity		$	131,788				35,636			$	5,461				$	178,634
The accompanying notes are an integral part of these consolidated financial statements.
See notes to unaudited pro forma condensed combined financial statements.

GeoTeam® Note:

Upon our initial inspection a few things stand out

• Although Gufeng sales approximate CGA levels, gross profit margins are significantly less.
• Cash balance is virtually non-existent.
• Inventory represents 85.6% of sales.
• Very small account receivable position compared to inventory levels.
• Net working capital deficit and thus current ratio of under 1 to 1. (Mainly due to a big unearned revenue balance).
• shareholder equity of only $4.6 million compared to CGA of $129 million.

In essence, CGA paid close to 9 times net income for a firm, that at first glance, has worse fundamentals than CGA or many ChinaHybrid firms we follow. This is even more eye opening as CGA had no problem offering their stock at ?? times earnings in its last two raises.

We asked CPA and GeoContributor, Dan France, to possibly shed some light on this topic.  We have speculated that maybe the large unearned revenue figure is somewhat related to inventory levels.

Dan's input:

According to Ken Ren in the fiscal 2010 first quarter conference call, Gufeng was operating with 10% gross margin . An explanation for Unearned Revenue, high inventory and low AR is customers prepaying for product in exchange of favorable (fire sale prices?) pricing.

The Company may have been in need for cash and possibly followed the practice of accepting prepayments from customers in exchange for selling at distressed prices. A risk is will CGA lose some of those customers when they raise the rent?

Net, property, plant & equipment tells me the assets were at least 50% depreciated. Cap ex plans include major upgrade of production lines.

CGA thinks they can eventually generate 30% gross margins from the Gufeng after upgrades and with improved management. If they can, the acquisition could prove to be a good deal provided they hang on to existing business and also sell liquid fertilizer to granular customers. Also, Gufeng is strong in Northern China where CGA has limited presence.

On Monday, September 13, 2010, at approximately 10:00 a.m. Eastern Time, the Company presented at the Rodman & Renshaw Annual Global Investment Conference in New York City.

Ken Ren – China Green Agriculture – Chief Financial Officer

Let me spend a few minutes updating you on a few of our strategic initiatives. In the fiscal year 2010, we introduced 23 new products, including nine new high margin liquid fertilizer products in the fourth quarter alone. We added 43 new distributors during the past twelve months bringing our total number of distributors to 573 number of distributors. Having signed agreements with existing distributors to becoming authorized reseller of our products in 608 of their retail stores, we are aggressively expanding our distribution. Finally, we have opened 15 directly-owned stores since launching our pilot program in January 2010. The Company owned and operated stores enhanced China Green Agriculture brands in new markets where we do not compete our existing distributors. In June, we completed each one of our research and development centers, completing the construction of a hundred sunlight greenhouses on our 88 acre facility in Beijing. The land purchase prior subsidy reported in our SEC filing is accurate and truly reflects the total cost per U.S. debt. The transaction was constructed through a land transfer acquisition from a state owned entity. It was not conducted at a public auction from the Land and the Natural Resource Bureau. The purchase cost was reported at approximately $10.8 million, which included our land transfer fee, land compensation fee, land use rights transfer fee, state tax, registration fee, survey and mapping fee, and appraisal fee.

The land purchase prior subsidy reported in our SEC filing is accurate and truly reflects the total cost per U.S. debt. The transaction was constructed through a land transfer acquisition from a state owned entity. It was not conducted at a public auction from the Land and the Natural Resource Bureau. The purchase cost was reported at approximately $10.8 million, which included our land transfer fee, land compensation fee, land use rights transfer fee, state tax, registration fee, survey and mapping fee, and appraisal fee.

In July, we completed seedling conservation and expected seedling transportation, transplantation, for this a hundred greenhouses by October 2010.  We were also on schedule to complete Phase II of the project, which includes the construction of 12 intelligent greenhouses by the end of calendar year 2011.  Once completed, this new research and development opportunity will allow us to introduce more customized, higher margin fertilizer products and the conservation of more agriculture products.
 
We also launched nine new liquid-based fertilizer products, accounting for almost 4% of our fertilizer revenues in the fourth quarter.  We also added 21 new distributors during the quarter and selected over 300 stores as China Green Agriculture authorized retailers of our JiNong branded humic acid-based compound fertilizer products.  We need to first lay the foundation for sustained growth in our fully line product and revenues and profit margins.
 
In July, we closed our acquisition of Gufeng and its wholly-owned subsidiary Tianjuyuan for a total purchase price of approximately $31.8 million in cash and stock as we disclosed in our 8-K filed on July 7, 2010.  We also intend to provide up to $14.7 million to Gufeng for their working capital needs in the future as needed.
 
In the three months ended March 31, 2010 Gufeng’s revenue increased 22.4% to $17.1 million, and net income increased 46.8% to $1.1 million.  We continue to believe that Gufeng will contribute at least 88.4% in revenue and at least $10.6 million in net income for the fiscal 2011, which will end on June 30, 2011.  I will provide a detailed breakdown of our financial projections regarding Gufeng in a minute when I discuss our fiscal year 2011 guidance.
 
Let me review the strategic rationale for this acquisition.  Gufeng improves our competitive position in three ways.  It provides us with significantly greater capacity to 355k metric tons per year, it advances our distribution by 26.0% to over 700 distributors, and it broadens our portfolio of organic and non-organic fertilizer to serve a larger base of customers.  We have already discussed several images with Gufeng’s management team that we will implement over the next 3 to 12 months.

Now, our guidance, for the fiscal year ending June 30, 2011, we are forecasting revenues of $150.5 million to $152.8 million, net income of $36.2 million to $36.8 million, and earnings per share of $1.35 to $1.37 based on $26.8 million weighted average shares with presenting growth of 188%, 72.6%, and 49.5%, respectively.
 
For the first quarter ended September 30, 2010, we expect revenues of $38.2 million to $38.6 million, net income of $7.7 million to $8.0 million, and earnings per share of $0.29 to $0.30 based on $26.8 million weighted average shares.
 
This guidance reflects the anticipated strong sales resulting from the Company's increased production capacity from 55k metric tons to 355k metric tons, which reflect a full year contribution from Gufeng incorporating our consolidated fiscal year 2011, financial guidance is approximately $88.4 million of revenue and $10.6 million of net income from Gufeng.

Currently, one-third of Gufeng's 300k metric tons production facility is capable of producing organic compound fertilizers.  We plan to invest $7.7 million in capital expenditures for Gufeng, which include $1.3 million to convert existing 100k metric tons of production facility from chemical fertilizers to higher market humic acid-based organic compound fertilizers with full conversions to be completed by the end of the calendar year 2010.  In addition, we will also spend $6.3 million to build a new 200k metric ton production line, which will produce humic acid organic compound fertilizers with construction beginning this September and the production commencing by March 2011.  Upon completion Gufeng's production capacity will increase by 66.0% to 500k metric tons, out of which 400k metric tons will be producing humic acid-based organic compound fertilizers.
 
In addition, we will spend approximately $14.7 million on working capital to ramp up Gufeng's production utilization from the current 60.0% to 80.0% by annual fiscal 2012.  Once we are able to fully transition Gufeng's production and distribution to our target levels, we expect a $140 million in revenue contribution from Gufeng in fiscal 2012.  We also expect Gufeng's gross margin to improve from approximately 10.0% in the fiscal third quarter ended March 2010 to 20% by the fiscal fourth quarter ended June 30, 2011.
 
Finally, we expect Gufeng to introduce 15 new products and add over 30 new distributors in the fiscal year 2010, two months after closing acquisition.  Management remains very confident about the financial and strategic benefits that this acquisition will provide for our Company and to our shareholders.
 
Before I conclude my prepared remarks, I would like to discuss our strong operating model.  We ended fiscal year 2010 with over $62 million of cash and cash equivalents and no debt on our balance sheet, $86.2 million of working capital generated $12.2 million of cash flows from operation, and have minimal bad debt exposure.
 
We were able to sustain a healthy growth in profits and cash flows for several reasons.  Our value-added products increased our customers' yields; thereby, improving their sales and profits.  We have a significant opportunity to grow our market share in a highly risk fragmented fertilizer market in China by introducing new products and expanding in new territories.
 
The ongoing research and development efforts and significantly expanded manufacturing capacity and the product portfolio from Gufeng provides the foundation of future growth.  In September 2009, JiNong was granted with a value-added tax exemption from September 1, 2009 to December 31, 2015 by the Local Taxation Bureau.  We have ongoing productivity discussions with local and central government officials about ways we can help reduce pollution and improve the welfare of newer farmers.
 
On the corporate governance front, we are committed by abiding the high standards that comes with being a NYSE-listed Company.  As such, management is evaluating and looking to implement specific action items to help us accomplish this goal.  I, along with the rest of our management team and board of directors, remain extremely confident in our ability to execute and with the integrity of our financial controls to ensure accurate and complete reporting.  We look forward to providing you with current updates on improvements we make in this regard.

 This concludes our prepared remarks for the fourth quarter of fiscal year 2010. I would now like to invite listeners to ask any questions you may have with Chairman Mr. Li and myself.

Ken Ren – China Green Agriculture – Chief Financial Officer

We will emphasize our growth through our core distribution network expansion by adding new distributors.  And concurrently, as we have illustrated and we have already achieved, by adding new product timely and effectively and proactively.  So, in the past two summer quarters you can see that both added new products contribute potentially for our net income…   That’s where we’re going to continue to focus by launching new products, setting up new distributors.  The original program will serve as supplementary.

 

And then with respect to Gufeng, we feel that our current need or focus is to replicate or articulate Gufeng’s production capacity into compatible or integral production facilities to our product offering plan.  So that’s why we budget … cap ex to upgrade their existing production facility and the new production facility.

 

And then by that time, the majority of Gufeng’s production capacity will be capable of delivering humic acid organic compound fertilizers and then organic humic acid based fertilizer will be our mainstream.  By delivering the humic acid asset compound fertilizer through our unique marketing and distribution channel work, we can actually improve on product margins.

 

Echo He, Maxim Group

Are you going to change your Gufeng current customers to a new customer base because they’re using chemical fertilizers - you’re converting to organic and chemical fertilizers, right?  Compound fertilizers?  [Chinese spoken]

 

Tao Li – China Green Agriculture – Chairman, CEO, and President

 [Chinese spoken]

 

Echo He, Maxim Group

OK, I understand.

 

Ken Ren – China Green Agriculture – Chief Financial Officer

Yes, with respect to Gufeng’s existing customer base, although currently these customers are more like inorganic chemical fertilizer users, by upgrading Gufeng’s production facility to become more organic fertilizer oriented, then those customers will be welcoming equivalent new products after our production line expansion and upgrading.  And then each customer base will gradually shift from inorganic fertilizer oriented base customer population to a compound organic fertilizer base customer population.  For those who are sticking to the chemical fertilizer, Gufeng will keep a small portion of their production capacity to focus on the chemical fertilizer production so that each chemical fertilizer customer’s need will still be met.  By integrating Gufeng’s sales force with JiNong’s sales and marketing force, we believe that the total marketing  strength will be enhanced by effective integration.

 

… Hee, Maxim Group

OK, great.  The receivables – since Gufeng has just so many customers and such high sales, would you expect the receivables will grow at the same December scale as the sales in the next fiscal year?

 

Ken Ren – China Green Agriculture – Chief Financial Officer

I would also like to emphasize that Gufeng’s accounts receivable collection is different  and that they have certain customer concentration, higher level of customer concentration.  We believe that by continuing to expand their customer base, account receivables level will gradually improve.

 

Echo He, Maxim Group

What’s the current receivable base for Gufeng?

 

Ken Ren – China Green Agriculture – Chief Financial Officer

With regard to Gufeng, the account receivables, I think we reported it in the related 8-K and you’re more than welcome to check it out.  As of now, we are subject to the following obligation at the Roth Conference, but we would be more than happy to discuss that with you later.

 

Echo He, Maxim Group

OK, thank you so much.

 

Moderator

I would now like to turn the call back over to management for closing remarks.

 

Ken Ren – China Green Agriculture – Chief Financial Officer

Thank you, everyone, for joining us at the annual earnings conference call.  This concludes today’s annual conference call.  Thank you.

 

Moderator

This concludes today’s teleconference.  Thank you for your participation.

Rodman & Renshaw on CGA:

F4Q10 results overview: China Green Agriculture (“China Green”, Ticker: CGA, Market Perform) reported its F4Q10 results that on balance exceeded our expectations. Total revenue grew 54.5% YoY to $16.2 million, beating our estimate of $14.8 million and Street consensus of $15.1 million. The growth was primarily driven by Jinong branded fertilizer products, which grew 61.4% YoY to $15.3 million and accounted for 94.2% of total sales. This strong performance of Jinong was in turn mainly attributable to larger sales volume which soared 119.5% YoY to 9,315 tons. ASP, on the other hand, decreased to $1,638/ton (derived from sales volume and revenue) from ASP of $2,098/ton in Q3. We believe this was mostly due to the company’s increased sales of powder and granular fertilizer products that commanded lower prices. Gross profit increased 42.8% YoY to $9.1 million. However Q4 gross margin of 56.3% was lower than the 60.9% in F4Q09 and 60.3% in F3Q10. Increased sales of lower margin granular fertilizers again contributed to the lower gross margin, in our opinion. Net income increased 35.5% YoY to $6.0 million, or $0.24 per diluted share, slightly better than our estimate of $5.7 million, or $0.23 per diluted share, but in-line with Street consensus. For the full fiscal 2010, total revenue came in at $52.1 million, exceeding the company’s previous guidance of $50.6 - $51.2 million. Net income reached $21.3 million, or $0.91 per diluted share, within the guidance range of $21.1-$21.4 million, or EPS of $0.90-$0.91. 

FY2011 guidance lower than our expectations: China Green provided its FY2011 guidance with total revenue of $150.5-$152.8 million, net income of $36.2-$36.8 million, and EPS of $1.35-$1.37. The guidance takes into consideration of the revenue and net income contributions of $88.4 million and $10.6 million from Beijing Gufeng Chemical Products Co. (“Gufeng”) it acquired in July. (Please refer to our report published on July 7, 2010 for more details.) We note that this guidance is lower than our previous expectations of $158.6 million of revenue, $39.0 million of net income, and $1.46 EPS. Excluding the revenue and net income contribution from Gufeng, it appears that management expects top-line organic growth will be in the range of 19.2%-23.6% and bottom-line organic growth will be between 20.2% and 23.1%. Both are significantly lower than the YoY 48.0% revenue growth and 40.9% net income growth in F2010. With regard to the Gufeng acquisition, while we believe it can prove to be attractive both financially and strategically for China Green, we await realized benefits from the integration, upgrade of Gufeng’s current chemical fertilizer production facility to organic humic acid-based fertilizer production lines, and capacity utilization ramp-up. We also believe the increased sales of granular fertilizers will significantly compress gross margin in the near term. 

Adjusting estimates and maintaining Market Perform rating: We are maintaining our Market Perform rating on the shares of China Green in light of slower organic growth, margin compression, and uncertainties related to the integration of Gufeng. We have adjusted our estimates in accordance with management’s guidance. For FY2011, we now expect total revenue of $152.5 million, net income of $35.8 million, and $1.33 EPS. Our respective estimates for F1Q11 are $38.4 million, $7.8 million, and $0.29.

 This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Fourth Quarter FY2010 Results

• Total net sales for the three months ended June 30, 2010 were $16.2 million, an increase of 54.5% from $10.5 million for the three months ended June 30, 2009. Net sales of Jinong, which is the division that sells humic acid based compound fertilizers, accounted for 94.2% of total net sales.
  
• Gross profit for the fourth quarter of fiscal year 2010 totaled $9.1 million, an increase of 42.8% from $6.4 million in the same quarter of fiscal year 2009. Gross profit margin was 56.3% for the fourth quarter of fiscal year 2010, down from 60.9% a year ago. The decrease in gross margin was primarily due to significantly higher growth in lower margin fertilizer products such as granular fertilizers.
  
• Operating income for the fourth quarter of fiscal year 2010 was $7.1 million, up 36.2% from $5.2 million in the fourth quarter of fiscal year 2009. Operating margin was 43.7%, compared to 49.5% in the same quarter of fiscal year 2009.
  
• Net income for the fourth quarter of fiscal year 2010 was $6.0 million, up 35.5% compared with net income of $4.4 million during the same period in fiscal year 2009.
  
• For the three month period ended June 30, 2010 basic and diluted net income per share was $0.25 as compared to $0.24 for the same period in 2009, based on weighted average shares outstanding of 24.6 million and 18.6 million, respectively. Net income margin approximated 37.0% and 42.1% for the three months ended June 30, 2010 and 2009, respectively.

"Fiscal year 2010 has been a monumental year for our Company which resulted in exceeding our revenue and net income guidance," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of China Green Agriculture. "We successfully implemented several growth initiatives resulting in the increase of our production capacity and geographic footprint, expanding our product line, and instilling brand awareness. At the end of June, we completed Phase I construction of our new research and development center, which consisted of one hundred sunlight greenhouses. We also launched 23 new liquid-based fertilizer products and added 43new distributors during the fiscal year 2010. To date, we have opened 15 directly-owned retail stores and selected 608 stores as 'China Green Agriculture Authorized Retailer' of our Jinong branded HA compound fertilizer products. In July, we closed on the acquisition of Beijing Gufeng Chemical Products Co., Ltd., which expanded our annual fertilizer production capacity from 55,000 metric tons to 355,000 metric tons. The facility extends our distribution network and broadens our product mix to meet the growing demand for both traditional and organic fertilizers in China, and is expected to contribute at least $10.6 million in net income in fiscal year 2011. With our strong working capital position, growing product offering and expanding R&D capabilities, we feel we are well positioned to gain market share and build on being one of the leading fertilizer producers in China."

Fiscal Year 2011 Guidance

For the fiscal year ending June 30, 2011, management expects

• Revenues of $150.5 million to $152.8 million
• Net income of $36.2 million to $36.8 million
• EPS of $1.35 to $1.37 based on 26.8 million weighted average shares.
• Current analyst EPS estimate is $1.43

For the first quarter ending September 30, 2010, management expects

• Revenues of $38.2 millionto$38.6 million
• Net income of $7.7 million to $8.0 million
• EPS of $0.29 to $0.30based on 26.8 million weighted average shares.
• Current analyst estimate is $0.35

This guidance reflects the anticipated strong sales resulting from the Company's increased production capacity from 55k metric tons to 355k metric tons.

FULL YEAR 2009 Guidance Ending June^a

	Full Year 2010 Guidance	Full Year 2009 Reported	Period Change
GAAP Revenue	$46.8 to $49.4 million	$35.2 million	33.0% to 40.3%
GAAP EPS	$0.83 to $0.88	$0.78	6.4% to 12.8%
Fully Diluted Shares	22.7 million	18.5 million	22.7%

We have removed China Green Agriculture (NYSE Amex:CGA) from the GeoBargain list.  It had a nice run from our initial article on April 2, 2009 at $3.38. The Fiscal 2010 EPS growth rate guidance is below the GeoBargain 30% requirement. 

Why is EPS growth slowing down in 2010?

• Using the funds from its recent fund raising activities, it will take some time for CGA to complete its (R&D) green house facility expansion .  This arm of China Green's business (agricultural products) develops products resulting from the testing of its liquid fertilizer.  The green house expansion is expected to have its desired financial impact beginning in fiscal 2011.  Thus, in the short-term we may see little growth in this portion of the business. China Green's fertilizer business is expected to continue to grow at a healthy pace.
• Dilution from recent fund raising activities.  

We will continue to track the CGA story due to the tendency of the company to exceed its guidance.  Also, investors that can look beyond the upcoming year will notice that estimates indicate EPS growing over 50% in Fiscal 2011 to $1.33.  The stock is still selling at discount  to its long-term growth rate, which may attract long-term investors.

New article available for China Green Agriculture

Valuation Scenarios:

Coded as a GeoBargain on April 2, 2009 at a price of $3.38 

Data Inputs:

Fiscal Year Ends in June

Date	4/13/09	5/12/09	8/03/09
Price	$4.26	$7.35	$13.19
12 Months Trailing EPS	$0.39	$0.48	$0.57 b
Published 2010 Analyst EPS Estimates a	$0.71	$0.71	$0.71
Future EPS Growth Rate Based on 2010 Estimates a	43%	23%	25.0% b
Trailing P/E Ratio	10.92	15.21	23.14
PEG Ratio (P/E divided by growth rate) a	0.25	0.66	0.93

^a CGA is not paying a full U.S. tax rate.  Therefore, All EPS numbers have been adjusted by the GeoTeam® to reflect an U.S. tax rate of 36%.

^b Growth rate calculated assuming that China Green meets its 2009 earnings per share objectives.

Short-Term Valuation Scenarios

Date	4/13/09	5/12/09	8/03/09
Price Based on P/E of 25 on Four Quarters Trailing EPS	$9.75	$12.00	$14.25
Price Based on P/E of 20 on Four Quarters Trailing EPS	$7.80	$9.60	$11.4
Price Based on P/E of 15 on 2010 Analyst EPS Estimates b	$10.65	$10.65	$10.65

Long-Term (12 Months Forward) Valuation Scenarios

Date	4/13/09	5/12/09	8/03/09
Price Based on P/E of 25 on 2010 Analyst EPS Estimates b	$17.75	$17.75	$17.75
Price Based on P/E of 20 on 2010 Analyst EPS Estimates b	$14.20	$14.20	$14.20

Peg Ratio Analysis - Common rule of thumb that PEG ratio should be less than 1.0

PEG Ratio Less than 1?

YES

^b 2010 Analyst estimates and the future EPS growth rate may prove to be conservative in light of the company's third quarter report.  The GeoTeam® will provide an update if warranted.

These scenarios are not investment advice, but are scenarios based on some commonly used investment guidelines.  They are provided to aid investors in making their own investment decisions.

China Green Agriculture recently attains the 52-week high requirement.

Valuation Scenarios:

Data Inputs:

Fiscal Year Ends in June
 

Date	4/13/09	5/12/09
Price	$4.26	$7.35
12 Months Trailing EPS	$0.39	$0.48
Published 2010 Analyst EPS Estimates a	$0.71	$0.71
Future EPS Growth Rate Based on 2010 Estimates a	43%	23%
Trailing P/E Ratio	10.92	15.21
PEG Ratio (P/E divided by growth rate) a	0.25	0.66

^a CGA is not paying a full U.S. tax rate.  Therefore, All EPS numbers have been adjusted by the GeoTeam® to reflect an U.S. tax rate of 36%.

Short-Term Valuation Scenarios

Date	4/13/09	5/12/09
Price Based on P/E of 25 on Four Quarters Trailing EPS	$9.75	$12.00
Price Based on P/E of 20 on Four Quarters Trailing EPS	$7.80	$9.60
Price Based on P/E of 15 on 2010 Analyst EPS Estimates b	$10.65	$10.65

Long-Term (12 Months Forward) Valuation Scenarios

Date	4/13/09	5/12/09
Price Based on P/E of 25 on 2010 Analyst EPS Estimates b	$17.75	$17.75
Price Based on P/E of 20 on 2010 Analyst EPS Estimates b	$14.20	$14.20

Peg Ratio Analysis - Common rule of thumb that PEG ratio should be less than 1.0

PEG Ratio Less than 1?

YES

^b 2010 Analyst estimates and the future EPS growth rate may prove to be conservative in light of the company's third quarter report.  The GeoTeam® will provide an update if warranted.

These scenarios are not investment advice, but are scenarios based on some commonly used investment guidelines.  They are provided to aid investors in making their own investment decisions.

THIRD QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED MARCH

	3rd Quarter 2009	3rd Quarter 2008	Period Change
GAAP Revenue	$8.8 million	$4.4 million	99.4%
GAAP EPS	$0.21	$0.09	129.6%
Tax Rate	13.62%	$15.29	-10.92%
Fully Tax-Adjusted EPS	$0.16	$0.07	128.6%
Fully Diluted Shares	18,440,958	13,482,590	36.78%

Source: See Release 

---

FULL YEAR 2008 vs. 2007 FINANCIAL SNAPSHOT ENDED JUNE

	Full Year 2008	Full Year 2007	Period Change
GAAP Revenue	$22.6 million	$15.18 million	48.9%
GAAP EPS	$0.53	$0.64	-17.2%
Tax Rate	8.17%	4.09%	99.8%
Fully Tax-Adjusted EPS	$0.38	$0.44	-13.64%
Fully Diluted Shares	14,596,626	10,770,669	36.4%

Source: See Filing for the period ended June 2008

China Green Agriculture Reported outstanding financial results for its 2009 first quarter,  easily exceeding company guidance and analyst estimates.  As a result the GeoTeam® will be updating China Green Agriculture potential valuation scenarios after the market close.

Guidance Report:

"We are well positioned to capitalize on the market opportunities within China's fertilizer and agriculture industry. With a national distribution network, state-of-the-art research and development, automated production, and superior after-sales support, we have successfully built one of the premier organic compound fertilizer producers in China today,' stated Mr. Li. By leveraging our new facility, which will be on line in August of 2009, we feel China Green Agriculture is well positioned to gain further market share in China's green fertilizer market, which will translate into long term revenue and net income growth."

Full Year 2009 Guidance Ending June

	2009 Guidance	2008 Reported	Period Change
Revenue	$31.6 to $32.8 million	$22.6 million	39.82% to 45.13%
*EPS	$0.71 to $0.74	$0.53	33.96% to 39.62%

 * CGA does not pay a standard United States tax rate.

Full Year 2009 EPS Guidance Ending June Adjusted for a Standard Tax Rate 

	2009 Guidance	2008 Reported	Period Change
*EPS	$0.56 to $0.59	$0.38	47.37% to 55.26%

 

CGA is the newest addition to the GeoBargain® List and meets Nine of the Ten GeoBargain® requirements.  After reviewing the company's press releases and SEC filings it appears that the company is participating in the right industry at the right time.

Understanding CGA:

CGA is a ''green" company with Two principal product lines motivated by a complex natural, organic ingredient called humic acid, an essential constituent for fertile soil, . "When plant or animal matter decomposes, it naturally turns into a form of humic acid-rich material, such as peat, lignite or weathered coal."  In plain English the company, through its manufacturing process, extracts humic acid to be used as a fertilizer.

The GeoTeam® was initially impressed that company utilizes its operations to create two product lines from one source, which we feel may be beneficial for branding, cross marketing and efficiency goals.

Fertilizer Products; approximately 80% of sales:

Techteam, the manufacturing division of CGA, produces the fertilizer: The ultimate end user for its fertilizer products are farmers dispersed across 27 of the 28 Chinese provinces.  The company does not sell directly to the end user, but uses a network of approximately 500 distributors who place its products among private wholesalers and retailers.  CGA currently has approximately 125 products in its fertilizer line and are used by roughly 20 million farmers.

Expansion goals:

• Distributors:  540 by the end of 2009.
  
• New Product Initiatives:  An additional 21 planned for 2009.

Agricultural Products; approximately 20% of sales:

Jintai is the R&D/testing arm for the company:  In the process of testing Techteam’s fertilizers, Jintai produces products for commercial sale:  "We purchase the seeds of green vegetables and fruits from the agents who import and apply our fertilizers to those products." 

Jintai product categories:

• Top-grade flowers distributed through their fertilizer distribution network.
  
• Green vegetables and fruits distributed to a variety of wholesale markets and supermarkets in Xi’an City.
  
• Multicolored seedlings distributed to the seedling centers and planting companies in China.

Although the company will continue to maximize opportunities in both divisions, the driver of future growth will stem from its higher margin fertilizer division.

Reasons CGA has piqued the GeoTeam's interest: 

1)  Efficiency:

• Two products from one source equates to the maximization of the manufacturing/R&D process.
  
• The company extracts humic acid from weathered coal.  In simple terms, weathered coal is coal that has lost properties due to environmental impacts such as exposure to sun light.  Coal mining companies, who have little use for weathered coal, are eager to sell it.  The result is a cheap source of raw material.
  
• The company utilizes an efficient manufacturing process. "Our fully-automated production line is run by a central control system and only needs the input of control technicians."
  
• Starting in August 2009, a new production facility will significantly increase capacity.
  
• As of the its second quarter financials release the company has an enviable pre-tax margin of 43%.

2)  Strategic management decision

• In touch with end user: "We utilize a multi-tiered product strategy which allows us to tailor our products to different needs and preferences of the different geographic regions across China with different climate and soil conditions which grow different crops with varied needs for fertilizers."
  
• Monitoring of distribution channels: "We developed approximately 80 new distributors during the fiscal year ended June 30, 2008 and terminated approximately 50 distributors based on our evaluation of their performance."
  
• Attempts to diversify:
  
  
  • Total revenues from exported products currently account for approximately 1% of TechTeam’s sales revenue. "We anticipate that this amount can increase significantly as we have recently contracted with foreign distributors to sell our products."  (10K for the year ended June 2008)
    
  • The company is carrying out some projects to develop derivatives from humic acid.
    
    
• Improve margins: Entering new Geographical areas, with emphasis in the south regions, where the company can sell higher priced products.  This will also help to reduce seasonality.

3)  Favorable Industry Trends

• The Chinese fertilizer market is forecast to grow by over 30% for the foreseeable future.
  
• Plenty of opportunity to solidify and create a brand and gain market share.
  
  
  • 80% of China's fertilizer manufacturers are small regional firms.
    
  • Organic compound fertilizers in China represent only 27% of total fertilizer consumption.
    

• Chinese government is pro green.

China is the world's largest consumers and producer of fertilizer.

4)  Confidence

• The company recently disclosed that it will exceed its 2008 make good EPS target of $0.61, issued in conjunction with its reverse merger transaction in December of 2007.

CGA has many of the characteristics that make this a company worth following.  It is operating in an industry with above-average growth rates and has a management team that is keenly aware of its target market.  To help maximize shareholder value, the company recently engaged HC International, Inc.  to help them tell their story to the investment community.  The GeoTeam® will provide updates on CGA as information becomes available.

See also, Potential Valuation Scenarios

Sources: SEC Filings, Press Releases, Company Investor Presentation Material.

Valuation Scenarios:

Data Inputs:

Fiscal Year Ends in June
 

Date	4/13/09
Price	$4.26
12 Months Trailing EPS	$0.39
Published 2010 Analyst EPS Estimates a	$0.71
Future EPS Growth Rate Based on 2010 Estimates a	43%
Trailing P/E Ratio	10.92
PEG Ratio (P/E divided by growth rate) a	0.25

^a CGA is not paying a full U.S. tax rate.  Therefore, All EPS numbers have been adjusted by the GeoTeam® to reflect a standard U.S. tax rate of 36%.

Short-Term Valuation Scenarios

Date	4/13/09
Price Based on P/E of 25 on Four Quarters Trailing EPS	$9.75
Price Based on P/E of 20 on Four Quarters Trailing EPS	$7.80
Price Based on P/E of 15 on Four Quarters Trailing EPS b	$10.65

Long-Term (12 Months Forward) Valuation Scenarios

Date	4/13/09
Price Based on P/E of 25 on 2010 Analyst EPS Estimates b	$17.75
Price Based on P/E of 20 on 2010 Analyst EPS Estimates b	$14.20

Peg Ratio Analysis - Common rule of thumb that PEG ratio should be less than 1.0

PEG Ratio Less than 1?

YES

^b 2010 Analyst estimates and the future EPS growth rate may prove to be conservative in light of the company's third quarter report.  The GeoTeam® will provide an update if warranted.

These scenarios are not investment advice, but are scenarios based on some commonly used investment guidelines.  They are provided to aid investors in making their own investment decisions.

CGA has been added to the "GeoBargain®" List.

Guidance Report:

'Through our recent capacity upgrade to 15,000 metric tons per year, we expect to continue to grow. We anticipate continued strong performance from our greenhouse R&D center with strong growth toward the end of our fiscal year in fertilizer sales as we move into the peak growing season. With the completion of our new, 40,000 metric ton facility, which will come online in the first quarter of our 2010 fiscal year, we expect to maintain our expansion well into the future.'

Third Quarter 2009 Guidance Ending March

	March 2009 Guidance	March 2008 Reported	Period Change
Revenue	$7.7 to $8.2 million	$4.4 million	75% to 86.36%
*EPS	$0.14 to $0.17	$0.09	55.56% to 88.89%

   Third Quarter 2009 EPS Guidance Ending March Adjusted for a Standard Tax Rate

	March 2009 Guidance	March 2008 Reported	Period Change
EPS	$0.11 to $0.13	$0.07	36.36% to 100%

Full Year 2009 Guidance Ending June

	2009 Guidance	2008 Reported	Period Change
Revenue	$31.6 to $32.8 million	$22.6 million	39.82% to 45.13%
*EPS	$0.61 to $0.66	$0.53	15.09% to 24.53%

Full Year 2009 EPS Guidance Ending June Adjusted for a Standard Tax Rate

	2009 Guidance	2008 Reported	Period Change
EPS	$0.47 to $0.51	$0.38	23.68% to 34.21%

 * CGA does not pay a standard United States tax rate.

Source: PR Newswire (February 11, 2009)