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Financings: China Agritech Gets $10 Mil From Warrants

July 7, 2010 (FinancialWire) — China Agritech, Inc. (NASDAQ: CAGC), a Chinese fertilizer manufacturer and distributor, said that it has received $10 million as a result of the exercise of common stock warrants held by Carlyle Asia Growth Partners IV, L.P. and CAGP IV Co-Investment, L.P., two affiliates of The Carlyle Group.

The Carlyle Group affiliates originally acquired the warrants in connection with China Agritech’s strategic private placement, consummated on October 20, 2009. A total of 1,857,024 newly issued shares of the company's common stock were issued from the warrant exercise.

Carlyle Asia Growth Partners IV, L.P. and CAGP IV Co-Investment, L.P., received 1,705,249 shares and 151,775 shares, respectively, as a result of their exercise of the warrants.

Yu Chang, CEO of China Agritech, said, "We are pleased that The Carlyle Group has increased its investment in and commitment to China Agritech.” Chang added that the investment will immediately provide better visibility to his firm’s financial statements, as there will no longer be non-cash charges related to these warrants that will affect China Agritech’s earnings.

The Carlyle Group is a global alternative asset manager that invests in private equity, real estate and credit alternatives in Africa, Asia, Australia, Europe, North America and South America.

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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