Hanfeng Evergreen Inc.

Hanfeng Evergreen Inc.

December 03, 2010 08:00 ET

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

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2010) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX:HF) a leading provider of value-added fertilizers in China and South East Asia, announced today acceptance by the Toronto Stock Exchange (the "TSX") of Hanfeng's Notice of Intention to renew its 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 3,581,713 common shares, being approximately 10% of Hanfeng's current public float (as defined in the regulations and policies of the TSX). As of December 1, 2010, Hanfeng had 61,414,807 common shares issued and outstanding. Purchases may commence through the TSX on December 4, 2010, and will conclude on the earlier of the date on which purchases under the bid have been completed and December 3, 2011. Daily purchases will be limited to 39,891 common shares, other than block purchase exceptions. All common shares purchased by Hanfeng will be cancelled.

Under Hanfeng's existing Normal Course Issuer Bid which expires on December 3, 2010, Hanfeng has purchased 540,000 common shares at a weighted average price per share of $5.54. All of the common shares purchased under the existing bid have been cancelled.

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. 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. www.hanfengevergreen.com

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. 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 intensifying competition from established competitors and new entrants in the fertilizer industries; technological change; 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 or 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.

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