BEIJING, April 1 /PRNewswire-Asia-FirstCall/ -- Yongye Biotechnology International, Inc. (“Yongye” or the “Company”), a leading distributor of nutrients for plants and animals, located in the People’s Republic of China, today announced that it named Mr. Sam Yu to be the Company’s new chief financial officer effective March 25, 2009. Mr. Yu replaces Larry Gilmore, who served as the Company’s principal financial officer. Mr. Gilmore will continue working at Yongye as the vice president of corporate strategy and will remain the Company’s primary investor relations contact.
Mr. Yu will be responsible for the Company’s financial planning, control and reporting activities. Prior to joining Yongye, he provided consulting services to assist Chinese companies in listing on the Nasdaq Stock Market. Prior to that, he served as Chief Operating Officer of Lionax International Investment Holding Ltd, where he was responsible for developing the company’s business strategy and oversaw manufacturing, finance and other key operations. He also assisted the company with its listing on the Euronext Stock Exchange. Earlier in his career, Mr. Yu served as General Manager and Manager of Financial Analysis at Underwriters Laboratories in its Asia Pacific business division and Chicago global headquarters. Mr. Yu holds an MBA from Stanford University and a bachelor of economics degree in international accounting from the University of International Business and Economics in Beijing. He is fluent in both Mandarin and English.
“I am excited to join a dynamic and growing company such as Yongye,” commented Mr. Yu. “I look forward to applying my experience in accounting, finance, and the capital markets to my new position as CFO, and working with an already impressive management team.”
“Mr. Yu’s knowledge of accounting, finance and the capital markets will enhance our finance and accounting functions and make him a valuable addition to our team,” commented Mr. Zishen Wu, Chief Executive Officer of Yongye. “In addition, his corporate strategy expertise provides even more depth to our management team, and will play a vital role as we continue implementing our growth strategy.”
About Yongye Biotechnology International, Inc.
Yongye Biotechnology International, Inc., headquartered in Beijing, is engaged in the distribution and sales of fulvic acid based nutrients for plants and animals. The Company’s patent pending processes and proprietary formulas allow it to create products that increase crop yields and improve the health of livestock. Its sole operating subsidiary, Yongye Nongfeng Biotechnology Company, Ltd., is located in Inner Mongolia, People’s Republic of China. The Company sells its products through distributors and directly to farmers located in ten provinces throughout China.
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.
CONTACT: Mr. Larry Gilmore-VP of Corporate Strategy of Yongye
Biotechnology International, Inc., +86-10-8232-8866 x8880,
larry.gilmore@gmail.com; or Mr. Crocker Coulson, President of CCG Investor
Relations, Inc., +1-646-213-1915 (New York), crocker.coulson@ccgir.com, for
Yongye Biotechnology International, Inc.
