SOURCE: AgFeed Industries, Inc.

April 17, 2008 06:05 ET

AgFeed Industries Arranges $10 Million Equity Financing

NEW YORK, NY--(Marketwire - April 17, 2008) - AgFeed Industries, Inc. (NASDAQ: FEED), a leader in China's premix feed and hog raising industry, announced today that it had arranged for the sale of 625,000 shares of newly issued common stock for $16 per share under its Form S-3 Registration Statement, for total gross proceeds of $10 million.

The closing for this financing is expected to occur no later than Monday, April 21, 2008.

The Company intends to use the proceeds from this transaction to acquire additional producing commercial hog farms in China.

About AgFeed Industries, Inc.

Through its China-based operating subsidiaries, NASDAQ-listed AgFeed Industries (www.agfeedinc.com) is a market leader in China's fast growing pre-mix animal feed and hog raising industries. The pre-mix market in which Agfeed operates is an approximately $1.6 billion segment of China's $40 billion per year animal feed market, according to the China Feed Industry Association. There are approximately 600 million hogs raised in China each year, compared to approximately 100 million in the U.S.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. AgFeed's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect AgFeed's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in AgFeed's filings with the Securities and Exchange Commission.

Contact Information

  • Contact Information:

    U.S. Contact:
    Mr. Arnold Staloff
    Independent Board Member
    AgFeed Industries, Inc.
    Tel: 212-631-3510

    Corporate Contact:
    Mr. Sam Zhou
    Corporate Development
    AgFeed Industries, Inc.
    Tel: 011-86-13925912908
    Email: info@agfeedinc.com