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Business Expansion: China Agritech Underwriter Ups Offering Take

May 3, 2010 (FinancialWire) — China Agritech, Inc., (NASDAQ: CAGC), an organic compound fertilizer manufacturer and distributor in China, said that the underwriter of its public offering of common stock has exercised its over-allotment option, which will result in the issuance of an additional 186,450 shares of common stock.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), is acting as sole book running manager for the offering.

The option was granted in connection with the public offering of 1.243 million shares of common stock at a public offering price of $16.10 per share, which is scheduled to close on May 4.

China Agritech said expects to use the net proceeds from this offering to build branded, large-scale distribution centers and the remainder of the net proceeds, if any, for working capital and general corporate purposes.

According to China Agritech, the centers will enable the company to sell its organic fertilizers and third party sourced products, including seeds, pesticides, and other agricultural products to franchised retail stores initially anticipated to be owned and operated by the current distributors of the company's products.

China-based China Agritech is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The company sells its products to farmers located in 28 provinces of China.

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