China`s First Transgenic Corn Introduces the Next Generation of Agricultural
Products
BEIJING--(Business Wire)--
Origin Agritech Limited (NASDAQ GS: SEED) ("Origin"), a leading
technology-focused supplier of crop seeds and agri-biotech research in China,
today announced it has received the Bio-safety Certificate from the Ministry of
Agriculture as a final approval for commercial approval of the world`s first
genetically modified phytase corn. Origin`s phytase corn is the first transgenic
corn to officially introduce the next generation of corn product approved and
sold commercially into the domestic marketplace.
Genetically modified seed products in China must undergo five separate stages of
approval beginning with a phase one laboratory approval to the final receipt of
the Bio-safety Certificate in phase five. Currently, this GM seed approval
process is restricted only to domestic seed producers such as Origin Agritech.
Phytase is currently used as an additive in animal feed to breakdown phytic acid
in corn, which holds 60% of the phosphorus in corn. Phytase increases phosphorus
absorption in animals by 60%. Phosphorus is an essential element for the growth
and development of all animals, and plays key roles in skeletal structure and in
vital metabolic pathways. Phytase, as an additive for animal feed, is mandatory
in Europe, Southeast Asia, South Korea, Japan, and other regions for
environmental purposes.
Phytase transgenic corn, developed by and licensed from Chinese Academy of
Agricultural Science (CAAS) after 7 years of study, will allow animal feed
producers the ability to eliminate purchasing phytase and corn separately. It
will eliminate the need for mixing the two ingredients together, saving time,
machinery, and labor for the animal feed producers.
Origin`s GMO phytase-producing corn is expected to reduce the need for inorganic
phosphate supplements as animals will directly absorb more phosphate from their
feed, reducing animal feed`s high cost. Inorganic phosphates may be contaminated
with fluorin and heavy metal residues created in the manufacturing process.
These fluorin and heavy metal residues in the feedstuff are toxic to animals,
and dangerous to humans. Origin plans to release further details of the
development of their phytase product line as this develops.
Dr. Gengchen Han, Origin`s Chairman said, "With this landmark seed approval, we
are not only own the first GM corn seed product in China, but we are actively
leading the new genetically modified generation of agricultural products for
China, and will continue to do so for the future."
Forward Looking Statement
This release contains forward-looking statements. All forward-looking statements
included in this release are based on information available to us on the date
hereof. These statements involve known and unknown risks, uncertainties and
other factors, which may cause our actual results to differ materially from
those implied by the forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"could," "expects," "plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "targets," "goals," "projects," "continue," or variations of such
words, similar expressions, or the negative of these terms or other comparable
terminology. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. Therefore, actual results may
differ materially and adversely from those expressed in any forward-looking
statements. Neither we nor any other person can assume responsibility for the
accuracy and completeness of forward-looking statements. Important factors that
may cause actual results to differ from expectations include, but are not
limited to, those risk factors discussed in Origin's filings with the SEC
including its annual report on Form 20-F filed with the SEC on March 23, 2009.
We undertake no obligation to revise or update publicly any forward-looking
statements for any reason.
Origin Agritech Limited
Irving Kau
Vice President, Finance
949.726.8101 or 011.86.136.8108.0243
Irving.kau@originseed.com.cn
Copyright Business Wire 2009
