SOURCE: AgriSolar Solutions Inc.

July 15, 2011 08:30 ET

AgriSolar Solutions, Inc. Shows Significant Improvement for the Fiscal Year Ended March 31, 2011

DENVER, CO--(Marketwire - Jul 15, 2011) - AgriSolar Solutions, Inc. (OTCBB: AGSO), a manufacturer of patented, pesticide-free, solar powered insect elimination systems for use on farms, orchards and vineyards, announced today that its results of operations for the fiscal year ended (FYE) March 31, 2011 showed a significant improvement over the same period in 2010. Specifically, the Company's revenue more than doubled from the prior year to $9,875,000 for the fiscal year ended March 31, 2011, increasing by $5,267,000 from $4,608,000 for the fiscal year ended March 31, 2010. Likewise, gross profit increased to $3,169,000 for the fiscal year ended March 31, 2011, up by $1,367,000 from $1,802,000 for the fiscal year ended March 31, 2010. Net income also increased to $215,000 for the fiscal year ended March 31, 2011, an increase of $1,137,000 from a loss of $922,000 for the prior fiscal year ended March 31, 2010. The Company's financial results in 2011 included a loss on the extinguishment of debt of $440,000. Finally, comprehensive income increased to $252,000 for the fiscal year ended March 31, 2011, an increase of $1,171,000 from a comprehensive loss of $920,000 for the fiscal year ended March 31, 2010.

"We are extremely excited about our growth and are working hard to improve upon the numbers even more in the coming year," commented Liang Chao Wei, AgriSolar's Chief Executive Officer. Mr. Liang Chao Wei went on to say, "While a revenue increase of more than 110% is a very promising note on which to end our most recent fiscal year ended March 31, 2011, we are expecting even greater things during our current fiscal year 2012 and are planning to deliver even more value to our shareholders. We are seeing this is a particularly opportune time to take our solar insect elimination systems global given the rise in health concerns over pesticides and the consumer driven Green Revolution that is taking place worldwide."

To date, over 93,000 units have been sold and deployed through-out various parts of China in a variety of different commercial farms. These include, among others, crops such as cotton, tobacco, rice, orange, apple, grape, watermelon, lychee, mango, peanut, sugar cane and peanuts farms, some of which are "certified organic" farm operations. Additionally, of the 33 total province level administrative units in China, AgriSolar's products are approved for subsidies in 26 of these regions. Likewise, in 2011 the Company will have a total of six of its products qualified to be listed in the catalog of China's Ministry of Agriculture subsidy program, this figure is up from 2010 when three of its products were listed.

About AgriSolar Solutions, Inc.

Through our wholly-owned subsidiary, Shenzhen Fuwaysun Technology Company Limited, a PRC corporation ("Shenzhen Fuwaysun"), we are engaged primarily in the development, production and sale of solar products, including a solar insect killer and other products designed for agricultural and commercial use. Our manufacturing facility is located in Shenzhen, PRC, and a substantial majority of our current sales and business operations are in China.

Forward Looking Statement Notice: This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the company's recent filings with the SEC, including its Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB. Furthermore, the company does not intend, and is not obligated, to update publicly any forward-looking statements, except as required by law.

Contact Information

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