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Sustainability In-Focus: China Agritech Closes Common Share Offering

May 7, 2010 (FinancialWire) — China Agritech, Inc., (NASDAQ: CAGC), an organic compound fertilizer manufacturer and distributor in China, said that it has closed a public offering of 1.243 million shares of common stock.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acting as the sole book running manager of the offering, exercised its over-allotment option to purchase an additional 186,450 shares of common stock, increasing the size of the offering to an aggregate of 1,429,450 shares of common stock.

Total gross proceeds from the offering and over-allotment were around $23 million.

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

According to the company, the centers will enable China Agritech 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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