Yongye International Announces Voluntary Dismissal of Derivative Suit
BEIJING, Sept. 17, 2012 /PRNewswire-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG) ("Yongye (YONG)" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced that on September 7, 2012, the First Judicial District Court of the State of Nevada and for Carson City dismissed without prejudice the derivative suit filed on July 19, 2011 against the Company and certain of the Company's officers and directors. The stipulation of voluntary dismissal of action without prejudice was filed by plaintiff Vidal Benchimol, individual defendants and nominal defendant Yongye International on September 6, 2012.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye stated, "We are pleased to announce the dismissal of this derivative suit. As with the previously announced dismissal of the class action lawsuit in March this year, we view this as a positive step and we are also glad to announce that the Company does not have any other outstanding lawsuits. We are always and will continue to be dedicated to transparency and best practices regarding all matters of corporate governance and financial reporting. We remain focused on positioning the Company for sustainable long-term growth and delivering greater value to our shareholders as we move forward."
About Yongye International, Inc.
Yongye International, Inc. is a leading crop nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye's principal product is a liquid crop nutrient, from which the Company derived substantially all of the sales in 2011. The Company also produces powder animal nutrient product which is mainly used for dairy cows. Both products are sold under the trade name "Shengmingsu," which means "life essential" in Chinese. The Company's patented formula utilizes fulvic acid as the primary compound base and is combined with various micro and macro nutrients that are essential for the health of the crops. The Company sells its products primarily to provincial level distributors, who sell to the end-users either directly or indirectly through county-level and village-level distributors. For more information, please visit the Company's website at www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Ms. Kelly Wang
Finance Director Capital Markets
Ms. Wendy Xuan
Phone: +86-10-8232-8866 x 8827
Mr. John Capodanno (U.S. Contact)
SOURCE Yongye International, Inc.