Hanfeng Evergreen Inc.

Hanfeng Evergreen Inc.

December 02, 2009 17:02 ET

Hanfeng Evergreen Inc. Announces Acceptance by TSX of Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2009) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX:HF) announced today acceptance by the Toronto Stock Exchange (the "TSX") of Hanfeng's Notice of Intention to Make a Normal Course Issuer Bid.

Under the normal course issuer bid, Hanfeng proposes to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 3,627,913 common shares, being approximately 10% of Hanfeng's current public float (as defined in the regulations and policies of the TSX). As of November 30, 2009, Hanfeng had 61,754,807 common shares issued and outstanding. Purchases may commence through the TSX on December 4, 2009, and will conclude on the earlier of the date on which purchases under the bid have been completed and December 3, 2010. Daily purchases will be limited to 40,119 common shares, other than block purchase exceptions. All common shares purchased by Hanfeng will be cancelled.

On November 12, 2008, Hanfeng commenced a Normal Course Issuer Bid to purchase up to 3,753,791 common shares through the facilities of the TSX. Under that bid, which expired on November 11, 2009, Hanfeng has purchased a total of 102,100 of its common shares at an average price of $4.20 per common share.

The Board of Directors of Hanfeng believes that the proposed purchases are in the best interests of Hanfeng's shareholders and are a desirable use of corporate funds. The Company's cash on hand as well as strong cash from operations will fund the bid program, as well as continue to support Hanfeng's expansion and growth opportunities. 

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. All production facilities are located in prime agricultural regions of China. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange. www.hanfengevergreen.com

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these 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. All amounts are stated in Canadian dollars except for noted otherwise.

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