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Hanfeng Evergreen Inc.: Hanfeng's SCU Receives China's Highest Technology Award With Inclusion in 2009 Torch Program

^{Published on 2008-12-15 07:16:16 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2008) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX:HF), a leading producer of slow and controlled release fertilizers in China, announced today that the Company's sulfur coated urea (SCU) has been included in China's 2009 Torch Program, which recognizes the best in technology achievements as well as focusing on the development, promotion, and advancement of new technologies in multiple business sectors. Hanfeng's SCU was singled out as the most prominent agriculture related technology in the program for its unique slow release capabilities that have been proven through several years of field trials and numerous improvements, to increase crop yields while reducing environmental damage caused by conventional fertilizers. Inclusion in the Torch Program is recognized in China as one of the highest technology awards granted by the Ministry of Science and Technology.

Mr. Xinduo Yu, President and CEO of Hanfeng stated, "Fertilizer is identified as the most significant nonpoint pollution source, which releases harmful materials to soil, underground water and air. Hanfeng's success is rooted in our ability to research, develop and commercialize low carbon, high efficiency, and environmentally friendly fertilizers. Our research and development teams have created numerous patented and proprietary processes that allow us to provide tremendous economic advantages to China's farmers and China's environment. We are extremely honoured to have our sulphur coated technology included in the Ministry of Science and Technology's Torch Program. As the leader in slow and controlled release fertilizers China, we are committed to producing fertilizers that meet a higher environmental standard.

Hanfeng's slow and controlled release products and technology have received significant government and industry recognition. In 2007, the Company's SCU and blended SCU were selected as the national standard in China. In January 2008, Hanfeng's SCU received the endorsement of Dr. Yuan Longping, considered a national hero in China for his development of hybrid rice, after two years of extensive field trials in twenty provinces. The R&D team led by Dr. Yuan demonstrated that Hanfeng's SCU addresses China's agriculture needs.

Hanfeng has approximately 725,000 tonnes per annum of design capacity, which includes approximately 125,000 tonnes of SCU. To continue to address the growing demand for SCU and other slow release fertilizer products in China, Hanfeng has established its own distribution network in five key agricultural regions in China, which combined represent an estimated one-third of China's fertilizer demand. In addition, the Company is adding an expected 75,000 net tonnes of domestic production and approximately 68,000 net tonnes of international production through joint ventures in China and Indonesia respectively.

Hanfeng also announced that it would participate in the Ministry of Agriculture's Symposium on Sulfur Fertilizer Application Technology being held on December 13-14, 2008 in China. The intention of the symposium is to address sulfur deficiency in soil and is the precursor for the soil test-based fertilization trials using Hanfeng's SCU and sulfur coated compound fertilizer (SCF) as part of the 2008-2010 Sulfur Application Field Trial Plan issued by the Ministry of Agriculture (MOA).

About the Torch Program

Launched in August 1988, the Torch Program is China's most important award program for high-tech industries. As a guiding program in China, it includes: organizing and carrying out projects of developing high-tech products with high technological standards and good economic benefits in domestic and foreign markets; establishing some high-tech industrial development zones around China; exploring management systems and operation mechanisms suitable for high-tech industrial development. The program mainly includes projects in new technological fields, such as new material, biotechnology, electronic information, integrative mechanical-electrical technology, and advanced and energy-saving technology.

About Hanfeng Evergreen Inc.

Hanfeng is the largest producer of slow and controlled release fertilizers in China. It was the first company to introduce the concept of slow and controlled release fertilizers into China's agriculture market with its establishment of the first commercial scale production in China. All production facilities are located in prime agricultural regions of China. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange. [ www.hanfengevergreen.com ].

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Hanfeng's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars except for noted otherwise.