October 7, 2008

  

AgFeed Industries expects record third quarter earnings

   

 

Based on financial results ended September 30, 2008, AgFeed expects to report record 3rd quarter earnings by early November and also affirms its 2008 earnings guidance of adjusted earnings per share of US$1.10.

 

AgFeed Industries, Inc. the largest commercial hog producer and the largest premix feed company in China, announced the approval and authorisation of a share buyback programme for as much as US$10 million of its common stock and intends to begin the repurchase programme as soon as possible. The repurchases will be funded with available cash on hand. Any shares of common stock repurchased under the programme will be returned to treasury.

 

Under the terms of the repurchase programme, the Company may repurchase shares in open market purchases or through privately negotiated transactions. The stock repurchase activities will be conducted in compliance with the safe harbor provisions as amended. AgFeed's management will determine the timing and amount of any repurchase based on its evaluation of market conditions and other factors.

 

Members of AgFeed's management have also agreed to enter into one year share lock up agreements with the Company. AgFeed's management and board members have not sold one single share of the Company's stock since the inception of the Company.

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