NEW YORK--(BUSINESS WIRE)--May 3, 2006--Bodisen Biotech, Inc.,
(AMEX: BBC ;
LSE: BODI ;
website: /) the
first China based environmentally friendly bio fertilizer company
listed on a US stock exchange, and dually listed in London, today
issued a statement regarding recent events involving the posting of
unauthorized and inaccurate information on a company-owned website.
On April 15, 2006, unauthorized information was posted by an
employee on a Bodisen-owned website that contained two false news
pieces stating that (1) the company's CEO and Chairman Karen Qiong
Wang was seriously ill and resigning from her position and (2) that
road construction in front of the company's older facility would
seriously impact the company's 2006 revenue and earnings guidance.
The company has taken action to prevent unauthorized information
from being disseminated in the future.
Subsequently, this erroneous information was used by an equity
analyst in a report issued on the company.
Following the posting of this erroneous information, the company
has disclosed the following factual statements:
- On April 18, 2006, the company stated that CEO and Chairman
Karen Qiong Wang was taking temporary sick leave to undergo a
routine medical check-up procedure, following surgery that was
performed at the end of 2005. Subsequently and as stated in a news
release issued on April 26, 2006, Ms. Wang has returned to her
duty after a routine medical check up. At no time preceding or
during her temporary medical leave was there any discussion of Ms.
Wang resigning from her position. Ms. Wang is the CEO and Chairman
of Bodisen Biotech, Inc.
- On April 18, 2006, the company issued a news release stating
that road construction had begun in front of the main entrance to
the company's older production facility and was expected to last
for several months. The company also stated that construction was
not expected to affect Bodisen's product inventory and shipment
operations and reaffirmed its 2006 sales and earnings guidance.
Again, the company expects no material impact to its financial
performance as a result of the current road construction.
The erroneous information has been removed from the website.
Bodisen's official website is www.bodisen.com, which contains the
latest information on the company.
About Bodisen Biotech, Inc.
A Delaware company, Bodisen is headquartered in Shaanxi, China's
agricultural hub. The Bodisen brand is a highly recognized
fertilizer brand in China. Its environmentally friendly "green"
products support the mandate of the Chinese government to increase
crop yields for the purpose of decreasing China's dependency on food
imports. Utilizing proprietary agricultural technologies, Bodisen
sells over 60 packaged products, broken down into 4 product
categories: Organic Compound Fertilizer; Organic Liquid Fertilizer;
Pesticides & Insecticides, and agricultural raw materials.
Bodisen's organic fertilizers are government certified as "organic"
and can be absorbed by plants within 48 hours and enrich soil
conditions without the damaging effects associated with chemical
fertilizers. Bodisen's products address grains, vegetables, and
fruit crops and have been proven to increase crop yields by 10% to
35% while being environmentally friendly. Among China's population
of 1.3 billion, approximately 900 million are farmers or have
agriculture related jobs whose incomes depend on their crop yields.
With approximately 600 (and growing) nationwide distribution
centers, Bodisen has experienced rapid growth in its existing
business.
Safe Harbor Statement
This press release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based
on the current expectations or beliefs of Bodisen Biotech, Inc.
management and are subject to a number of factors and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements.
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