Monday May 19, 6:05 am ET
NEW YORK, NY--(MARKET WIRE)--May 19, 2008 -- AgFeed Industries, Inc. (NasdaqGM:FEED - News), a leader in China's pre-mix feed and hog raising industry, today sent a letter to Barron's to correct the public record regarding an erroneous report that company management and affiliates had sold shares of stock in the company. AgFeed intends to furnish a copy of this press release as an exhibit to a Form 8-K. In the letter, AgFeed said, "we are unaware of any such stock sales by our management or affiliates as our management and affiliates hold restricted shares and have been subject to lock-ups in connection with the closing of the February 2008 convertible note transaction. Under SEC reporting rules, sales by officers, directors and affiliates will be disclosed timely through Form 4 filings." The full text of the letter follows:
AGFEED INDUSTRIES, INC.
Room 1602 & 1603, Block A, Fortune Plaza
357 Bayi Avenue
Nanchang City, Jiangxi Province
PRC 330006
May 19, 2008
Via email: Leslie.Norton@barrons.com
Ms. Leslie Norton
Barron's
1155 Avenue of the Americas
New York, NY 10036
Re: Correction to Barron's article
Dear Ms. Norton,
In your article appearing in Barron's this weekend regarding our company, you stated that "notwithstanding a number of stock sales by management and affiliates, which retain 41%, Nasdaq-traded AgFeed shares (ticker: FEED) are up nearly 100% this year."
We are unaware of any such stock sales by our management or affiliates as our management and affiliates hold restricted shares and have been subject to lock-ups in connection with the closing of the February 2008 convertible note transaction. Under SEC reporting rules, sales by officers, directors and affiliates will be disclosed timely through Form 4 filings.
Sincerely,
Junhong Xiong
Vice Chairman and Chief Executive Officer
About AgFeed Industries, Inc.
Through its China-based operating subsidiaries, NASDAQ-listed AgFeed Industries (www.agfeedinc.com) is a market leader in China's fast growing pre-mix animal feed and hog raising industries. The pre-mix market in which Agfeed operates is an approximately $1.6 billion segment of China's $40 billion per year animal feed market, according to the China Feed Industry Association. There are approximately 600 million hogs raised in China each year, compared to approximately 100 million in the U.S.
Contact:
U.S. Contact:
Mr. Arnold Staloff
Independent Board Member
AgFeed Industries, Inc.
Tel: 212-631-3510
Corporate Contact:
AgFeed Industries, Inc.
Mr. Sam Zhou
Corporate Development
Tel: 011-86-13925912908
Email: info@agfeedinc.com
Source: AgFeed Industries, Inc. |
