Yongye International COO, board member Nan Xu resigns for personal reasons; company anticipates smooth transition, with duties and responsibilities of COO being assumed by members of the senior management team
September 30, 2013
– Yongye International, Inc. (NASDAQ: YONG), ("Yongye" or the "Company") a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced that Mr. Nan Xu has resigned from the role of Chief Operating Officer and as a member of the Board of Directors. Mr. Xu's resignation was for personal reasons and his last day of service to Yongye will be October 1, 2013.
Mr. Xu's responsibilities and duties as Chief Operating Officer will be assumed by members of the senior management team and a smooth transition is anticipated. The Company does not currently plan to nominate a new member to the Board of Directors.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye, stated, "We would like to thank Mr. Xu for his dedication to Yongye and for his important contributions to the development and growth of the Company. We wish him the very best in his future endeavors."
"It has been an honor and privilege to be a part of Yongye's senior management team and Board of Directors during what was a critical point in the Company's evolution," stated Mr. Nan Xu. "I wish the entire team continued success."
About Yongye International, Inc.
Yongye International, Inc. is a leading crop nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye's principal product is a liquid crop nutrient, from which the Company derived substantially all of the sales in 2012. The Company also produces powder animal nutrient product which is mainly used for dairy cows. Both products are sold under the trade name "Shengmingsu," which means "life essential" in Chinese. The Company's patented formula utilizes fulvic acid as the primary compound base and is combined with various micro and macro nutrients that are essential for the health of the crops. The Company sells its products primarily to provincial level distributors, who sell to the end-users either directly or indirectly through county-level and village-level distributors. For more information, please visit the Company's website at www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Yongye International, Inc.
Source: PR Newswire (September 30, 2013 - 6:57 AM EDT)
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