Beijing, China
December 31, 2008
Origin Agritech Limited
(NASDAQ: SEED) (“Origin” or the “Company”), a leading
technology-focused supplier of crop seeds in China, today
announced that the company has approved of Min Tang as a member
of the Board of Directors effective January 1, 2009. Dr. Min
Tang is replacing Kerry Propper, who has completed his
contracted term as a director for the company. The company is
grateful for Kerry’s broad based experience and service to the
company since 2005.
Dr. Min Tang will bring his considerable and relevant experience
in the Company and within the Chinese economic development
community. Dr. Tang sits as the Deputy Secretary of the
foundation in charge of macroeconomic financial reform, energy
conservation, and social development for the Development
Research Center reporting to the State Council of China.
Previous to his position as the Deputy Secretary of the
foundation, Dr. Tang worked at increasingly senior and chief
economist positions for the Asia Development Bank for 18 years.
Prior to this, Dr. Tang received his masters and PhD. degree in
Economics from University of Illinois at Urbana. The Company is
honored and excited to welcome a director with Dr. Tang to the
board.
Additionally, Liang Yuan has been appointed as Chief Executive
Officer from his co-Chief Executive Officer position. Dr.
Gengchen Han, formerly co-Chief Executive Officer and Chairman
of the Board of the company will still remain as Chairman of the
Board of Directors and remain directly active in all strategic
matters. His daily focus will center around the enhancement of
Origin’s premier position within biotechnology in China and
emergence globally, and elevation of Origin’s leading
intellectual property war chest. The company congratulates Liang
Yuan on his exceptional service and noteworthy experience, and
is honored to have him continue on as Chief Executive Officer.
Mr. Liang Yuan has been a Director, Executive Vice Chairman, and
co-Chief Executive Officer of Origin Agritech since founding in
1997. Prior to Origin, Yuan served at the Fujian Economic
Institute from 1985 to 1997, where he was in charge of the
research and development of the economy of the entire Fujian
province region. Additionally, Mr. Yuan also sits on the board
of one Hang Seng index (HK) listed public company. As Chief
Executive Officer, Mr. Yuan will continue implementing the
company’s focus on bringing Origin’s superior quality technology
products to market.
Dr. Gengchen Han commented, "The company strategy remains
solidly focused on biotechnology, and providing high quality
products to a rapidly developing marketplace. Mr. Yuan will
certainly lend his tremendous skills sets to oversee and direct
Origin's continued expansion efforts throughout China and
certain parts of Southeast Asia. Given his background and
expertise, he will spearhead initiatives to address the
potential that exists in our US$2 billion market through our
broad nationwide network of distributors. Liang Yuan will
certainly leverage Origin's blossoming potential and build long
term value for our shareholders."
Founded in 1997 and headquartered in Beijing, Origin Agritech
Limited (NASDAQ: SEED) is one of China’s leading,
vertically-integrated agricultural technology company
specializing in agri-biotech research, development and
production to supply the growing populations of China. Origin
develops, grows, processes, and markets crop seeds to farmers
throughout China and parts of Southeast Asia via a network of
approximately 3,800 first-level distributors and 65,000
second-level distributors and retailers. The hybrid seed
industry is estimated at US$2 billion and that is expected to
double by 2010. The Company currently operates facilities in 30
of China’s 32 provinces as well as Beijing. Since Origin
launched its first entirely internally developed seed in 2003,
the Company has developed and commercialized an internally
developed proprietary seed portfolio of twelve corn hybrids,
twelve rice hybrids and two canola hybrids as of 2007. For
further information, please log on
www.originagritech.com.
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