SOURCE: AgriSolar Solutions, Inc.

February 15, 2011 13:01 ET

AgriSolar Solutions, Inc. Shows Significant Year to Year Improvement for the Nine Months Ended December 31, 2010

DENVER, CO--(Marketwire - February 15, 2011) -  AgriSolar Solutions, Inc. (OTCBB: AGSO) announced today that its results of operations for the nine months ended December 31, 2010 showed significant improvement over the same period in 2009. The Company's revenue increased almost $4,900,000 from $2,735,000 for the nine months ended December 31, 2009 to $7,623,000 for the nine months ended December 31, 2010. Gross profit increased approximately $1,476,000, from $1,132,000 for the nine months ended December 31, 2009 to $2,607,000 for the same period in 2010. Net income increased approximately $1,139,000 from a loss of ($873,000) in for the nine months ended December 31, 2009 to income of $265,000 for the same period in 2010. The amount in 2010 included a loss on extinguishment of debt of $440,000.

"We are extremely excited about our growth and are working to improve upon the numbers in the coming year," said Liang Chao Wei, AgriSolar's Chief Executive Officer.

Liang Chao Wei went on to say, "Although the Company's fiscal year end is March 31, it is important to provide an explanation of calendar year 2010 operating results. The Company had approximately $20,000,000 of 'back-log' orders at the end of calendar year 2010, which were not processed by the Company due to a lack of available working capital. The majority of the orders were received through a government subsidy program established by the China Ministry of Agriculture. The subsidy program has been extended for 2011 and beyond, and the Company's products will continue to be included. We are working to improve our working capital levels through an effort to shorten our accounts receivable collection period, and through other means, so that we will be better able to satisfy the demand for our products in the future."

To date over 75,000 units have been sold and deployed through-out various parts of China in a variety of different commercial farms. These included among other crops cotton, tobacco, rice, orange, apple, grape, watermelon, lychee, mango, peanut, sugar cane and peanuts farms, some of which are "certified organic" farm operations.

Of the 33 province level administrative units in China, the Company's products are approved for subsidy in 29. Additionally, in 2011 we will have a total of 6 products qualified to be listed in the catalog of China's Ministry of Agriculture subsidy program, as compared to 2010 when only 3 products were listed.

Mr. Liang Chao Wei also stated, "This was also an important period for the physical operations of our Company. We can currently meet all our manufacturing needs at our factory in Shenzhen, PRC and have increased our marketing and accounting staff. Externally, we have created certain efficiencies in our shipping and distribution of our products which we anticipate will accelerate our receivables."

The Company will host an annual distributor meeting in Shenzhen, China later this month in which representatives of each major province in China are expected to attend. From this, based upon representations and enhanced exposure of the Company's increased product line, the expectations of the Company are that new orders in 2011 will substantially exceed 2010 orders.

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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    Randy Sasaki
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