Origin Agritech Limited Sets Redemption Date of Warrants.BEIJING & SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Origin Agritech Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SEED; SEEDW and SEEDU) ("Origin") announced that it is sending out redemption notices to all of the holders of its issued and its outstanding callable common stock Callable Common Stock Common stock that allows the issuer to call back the stock at a specific price. Notes: Typically, callable common stock is issued for a subsidiary company by the parent company. purchase warrants. The final redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. for the warrants will be January 9, 2006. After the redemption date, holders of warrants who have not exercised them will be paid $.01 per warrant, and the warrant will be extinguished ex·tin·guish tr.v. ex·tin·guished, ex·tin·guish·ing, ex·tin·guish·es 1. To put out (a fire, for example); quench. 2. To put an end to (hopes, for example); destroy. See Synonyms at abolish. 3. . Origin has the right to call these warrants at a time when the common shares have traded at greater then $8.50 for at least 20 of 30 trading days prior to the notice of redemption being sent to warrant holders. The closing price of the shares on December 2, 2005 was $11.76. The common stock purchase warrants were originally issued by Chardan China Acquisition Corp. in March 2004. As a result of the merger of Chardan into Origin Agritech, the warrants are now exercisable into common shares of Origin Agritech. Prior to January 9, 2006, holders of the warrants may exercise them for common shares by sending the warrants together with payment in full of $5.00 per warrant to the company's stock transfer agent, Continental Stock Transfer & Trust Company. About Origin Founded in 1997, Origin specializes in the research, development, production, sale and distribution of hybrid corm corm, short, thickened underground stem, usually covered with papery leaves. A corm grows vertically, producing buds at the upper nodes and roots from the lower surface. Corms serve as organs of food storage and in some plants (e.g. rice and cotton seeds in China. The Company owns or leases facilities in, among other locations, Beijing, Gansu, Henan, Helongjiang, Liaoning, Jilin, Hainan and the Sichuan Provinces, and also has an office in San Diego, CA. Origin launched its first entirely internally developed seed in 2003 and in 2004 introduced four new proprietary corn hybrids to the market. In 2005 Origin had five new proprietary corn hybrids and one new proprietary cotton hybrid approved by the government registration office. Origin anticipates that it will introduce approximately 40 new proprietary products into the Government testing and approval cycle between now and 2008. Forward Looking Statement This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Origin's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ; outcomes of government reviews; inquiries and investigations and related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Origin is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of seed products; timing approval and market acceptance of new products introduction; general economic conditions; geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. events and regulatory changes, as well as other relevant risks detailed in Origin's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Origin assumes any obligation to update the information contained in this press release or filings. |
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