Hanfeng Evergreen Inc.

Hanfeng Evergreen Inc.

February 24, 2011 07:00 ET

Hanfeng Announces Changes to its Board of Directors

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX:HF), a leading provider of value-added fertilizers in China and South East Asia, today announced that Loudon Owen and Edwin Nordholm have been appointed to the Board of Directors of Hanfeng. Mr. Owen will also assume the role of Chairman of the Board, replacing Mr. Robert Beutel, who is resigning from the Company's board.

Mr. Owen brings a wealth of international business and board experience to Hanfeng. He is the co-founder of McLean Watson Capital, a leading Canadian venture capital firm with extensive interests in Asia, and offices in Shanghai and Singapore. Prior to establishing McLean Watson Capital, Mr. Owen was a Director and for one year co-Chief Operating Officer of Softimage Inc., a world leader in high-end 3D animation, in its growth from 4 to 250 employees, its IPO on Nasdaq in 1992 and the sale to Microsoft Inc. in 1994. Prior to that, Mr. Owen practiced corporate/commercial and securities law with a major Canadian law firm. He subsequently founded a corporate law firm that specialized in representing growth companies. He holds a BA from the University of Toronto, an LLB from Osgoode Hall Law School, Toronto and an MBA from INSEAD in Fontainebleau, France. Mr. Owen serves on several public and private boards.

Mr. Nordholm is a former senior executive with Brookfield Asset Management Inc. and presently counsel with the firm of Davis LLP. Mr. Nordholm has extensive experience in corporate restructurings, corporate finance and mergers and acquisition transactions. Mr. Nordholm has advised a variety of clients with respect to public and private financings, cross-border acquisitions and divestitures, auction transactions, going-private and issuer bid transactions, debt acquisitions, bridge lending transactions and other merchant banking transactions. Mr. Nordholm holds an LLB from Osgoode Hall Law School.

"On behalf of everyone at Hanfeng, I want to express our deep appreciation for Robert's many years of dedicated service and his numerous contributions to the Company. Beyond his role as a director and Chairman of the Board, he has been a valued advisor in the development and growth of our business, and has been incredibly generous with his time in support of Hanfeng. We wish him the very best in his future endeavors," stated Xinduo Yu, President and CEO of Hanfeng. "I would also like to welcome both Loudon and Edwin to the Hanfeng Board. Their experience and knowledge will serve us well as we continue to grow Hanfeng's business in China and South East Asia."

About Hanfeng Evergreen Inc.

Hanfeng is the largest producer of slow and controlled release fertilizers in China. It was the first company to introduce the concept of slow and controlled release fertilizers into China's agriculture market with its establishment of the first commercial scale production in China. The Company's production facilities are located in prime agricultural regions of China. Hanfeng has recently completed its first production facility outside China. Located in Surabaya, Indonesia, the facility will service the growing South East Asian market. Hanfeng is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange.

This press release contains forward-looking statements based on current expectations. Forward looking statements include, without limitation, statements evaluating market and general economic conditions, and statements regarding growth strategy and future-oriented projected revenue, costs and expenditures. Actual results could differ materially from those projected and should not be relied upon as a prediction of future events. A variety of inherent risks, uncertainties and factors, many of which are beyond Hanfeng's control, affect the operations, performance and results of Hanfeng and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. Some of these risks, uncertainties and factors include the impact or unanticipated impact of: current, pending and proposed legislative or regulatory developments in the jurisdictions where Hanfeng operates, in particular in China and the Republic of Indonesia; changes in tax laws; political conditions and developments; intensifying competition from established competitors and new entrants in the fertilizer industries; technological change; currency value fluctuation and changes in foreign exchange restrictions; changes in Chinese government support or restrictions on foreign investment; general economic conditions worldwide, as well as in China and South East Asia; Hanfeng's success in developing and introducing new products and services, constructing and operating new manufacturing facilities, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels. This list is not exhaustive of the factors that may affect any of Hanfeng's forward-looking statements. Risks and uncertainties about Hanfeng's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. Hanfeng undertakes no obligation to update any forward-looking statement to reflect events o circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or for any other reason. Readers are cautioned not to put undue reliance on forward-looking statements.

Contact Information