SOURCE: Agria Corporation

Agria Corporation

September 06, 2011 06:00 ET

Agria Launches Top Field Corn Variety Developed by China National Academy of Agricultural Sciences

BEIJING--(Marketwire - Sep 6, 2011) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today launched Zhong Dan 909, a new variety of field corn seed developed by the China National Academy of Agricultural Sciences ("CNAAS") and ranked the number one field corn variety for the past two years in national certification tests hosted by Ministry of Agriculture.

Developed by CNAAS, Zhong Dan 909's attributes make it ideal for sale in the central part of China, one of the largest corn seed markets in China, representing approximately 40% of China's acreage for field corn. Under a license granted by CNAAS, Agria has commercialization rights covering the marketing, production and sales of Zhong Dan 909.

Zhou Chuanli, head of Agria's seed division, said, "Achieving top ranking the past two years in the national certification tests underscores the significant commercial potential of Zhong Dan 909. This is clearly another milestone event for Agria, marking our further expansion into the higher margin business segments of research commercialization, marketing and sales in the field corn market. This also represents the first seed we will bring to market as part of our extensive relationship with CNAAS. Prior to obtaining license rights to Zhong Dan 909, the majority of our field corn business was through our 49% owned investment in Ganxin, which is primarily engaged in corn seed production."

In October 2009, Agria entered into a strategic cooperation framework agreement with CNAAS, providing for future cooperation across the spectrum of agricultural research. Established in 1957, CNAAS is the largest agricultural research organization in China. It comprises 39 research institutes across the country covering all major areas of the agricultural sector including advanced research in the development of both horticulture and livestock. Through its network of research institutes, CNAAS controls one of the largest seed banks in the world. In addition, Agria entered into an investment agreement with CNAAS and its affiliates to invest RMB35.0 million ($5.3 million) in Zhongnong, a company wholly owned by CNAAS and its affiliates. The strategic cooperation framework grants Zhongnong preferential rights to the commercialization of research undertaken by CNAAS.

About Agria Corporation

Agria Corporation (NYSE: GRO) is a China-based agriculture company with operations in China and internationally. In China, we engage in research and development, production and sale of seed products, including field corn seeds, edible corn seeds and vegetable seeds. We own through Agria Asia a 50.01% equity interest in PGW, New Zealand's largest agricultural services company. PGG Wrightson reported turnover of NZ$1.2 billion (US$1.0 billion) for the twelve months ended June 30, 2011. For more information about PGW, please visit www.pggwrightson.co.nz. For more information about Agria Corporation, please visit www.agriacorp.com.

Safe Harbor Statement:
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Agria may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Agria's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in Agria's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this announcement unless otherwise stated, and Agria does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact Information