Origin Agritech (SEED) Doubles Market Penetration Efforts to 1K Demo Lots; Sees Seed Prices Continuing to Increase
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Origin Agritech Limited (NASDAQ: SEED) today announced that it has doubled market penetration efforts for the upcoming FY09 selling season to include 1,000 demonstration lots up from 500 lots in FY08 due to increased demand for its high-quality seed products.
The Company continues to see seed prices increasing as the demand for these products continue to be driven by non-ethanol related demand for corn. Of particular importance is the increase of the incomes of the growing middle class and the demand for higher-quality food products in China.
Additionally, the Company expects that to be cash flow positive for FY08, as its expense base continues to decline. The Company's balance sheet still remains strong with $48.8 million in cash and cash equivalent as of June 30, 2008.
Origin Agritech Limited, through its subsidiaries, engages in the research, development, production, sale, and distribution of hybrid crop seeds in the People's Republic of China.
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