- Company Also Announces Board Member Changes -
BEIJING, Aug. 25, 2011 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG), ("Yongye" or the "Company") a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced that Mr. Nan Xu has been appointed Chief Operating Officer of Yongye and will join the Company's Board of Directors, effective immediately.
Mr. Xu joined Yongye in 2007 and currently holds the position of General Manager of the National Sales Center where he is in charge of sales and marketing for the Company's main operating subsidiary, Yongye Nongfeng in China. Over the past four years, Mr. Xu has worked closely with Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye, and senior management developing sales and marketing strategies as well as significantly expanding the Company's distribution network across the country. Mr. Xu also led the marketing team that received the "Jin Ding Award" for "Outstanding Marketing Team" in 2011 in recognition of the Company's successful marketing initiatives and achievements in China. He also personally won a "Jin Ding Award" for "Outstanding Marketing General Manager" in the same year. Prior to joining Yongye, Mr. Xu was responsible for regional sales and channel management in Liaoning province for Hanvon, a leading Chinese technology company. In 2003, Mr. Xu founded Dongfang Xinqidian, a consumer technology company. From 1999 to 2003, Mr. Xu was General Manager for Northern China region of Hi-Tech Wealth. Prior to that, he was responsible for channel management in Hebei province for LG. Mr. Xu has also authored a book on marketing titled "Reverse Marketing."
Mr. Wu stated, "Mr. Xu is a well respected member of our management team who has a clear understanding of our industry as well as Yongye's strategic goals and objectives. Mr. Xu's strong leadership capabilities, combined with his proven operating skills and rich channel management experience, make him a great fit for the role of Chief Operating Officer. He has performed exceptionally in the role of General Manager of the National Sales Center, and with his experience with multinational companies we feel confident that we will be able to build on our strong foundation with improved industry best practices and drive our growth forward. I look forward to working with him to optimize Yongye's cost structure, drive productivity and profitability, and grow our customer base."
The Company separately announced that Mr. Taoran Sun and Mr. Qiang Zhao resigned as members of the Board of Directors of Yongye for personal reasons, but will remain advisors to the Company, effective immediately. In addition, Mr. Sean Shao resigned from the Nominating and Corporate Governance Committee of the Board of Directors and was replaced by Mr. Homer Sun. These changes bring the total number of members of the Board of Directors to seven.
Mr. Wu added, "We truly appreciate Mr. Sun's and Mr. Zhao's commitment and contribution to Yongye during their tenure. We are pleased that they will continue on as advisors for Yongye, and wish them success in their future endeavors."
About Yongye International
Yongye International is a leading crop nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye's principal product is a liquid crop nutrient which accounted for 99.7% of total sales for the three months ended June 30, 2011. The Company also produces powder animal nutrient product which is mainly used for dairy cows. Both products are sold under the trade name "Shengmingsu," which means "life essential" in Chinese. The Company's patented formula utilizes fulvic acid as the primary compound base and is combined with various micro and macro nutrients that are essential for the health of the crops. The Company sells its products primarily to provincial level distributors, who sell to the end-users either directly or indirectly through county-level and village-level distributors. For more information, please visit the Company's website at www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Ms. Kelly Wang
Finance Director ? Capital Markets
Ms. Wendy Xuan
Phone: +86-10-8232-8866 x 8827
Mr. John Capodanno (U.S. Contact)
Ms. Mingxia Li (China Contact)
SOURCE Yongye International, Inc.