China Agri-Business, Inc. (CHBU) Operating Subsidiary Inks Deal with China-based Agrochem Manufacturer
China Agri-Business, Inc. operates through China-based Shaanxi Xinsheng Centennial Agriculture and Technology Co. Ltd. to manufacture and sell non-toxic fertilizer, bactericide, and fungicide products used for farming in China. The company today announced that Shaanxi Xinsheng has acquired the managing and operational rights to agrochemical manufacturer Shaanxi Qinfeng Agrochemical Inc. (Qinfeng). Shaanxi Xinsheng will manage Qinfeng’s operations from June 1, 2011, until December 31, 2013. Throughout the duration, Shaanxi Xinsheng is entitled to the net profits or losses from the operations of Qinfeng. Qinfeng’s estimated annual revenue is currently approximately $13.9 million. The deal gives Shaanxi Xinsheng the rights to:…