Origin reiterates the fact GMO approval of the first genetically-modified corn product in China continues to be on track. The government continues to support GMO implementation, as demonstrated by the recently approved US billion comprehensive GMO implementation program, which is to be supported from all levels of government. The Company’s conventional hybrid pipeline remains productive as we expect eight total seed approvals this year across our four main product categories.
Additionally, the Company expects that to be cash flow positive for FY2008, as our expense base continues to decline. The Company’s balance sheet still remains strong with US .8 million in cash and cash equivalent as of June 30, 2008.
Co-CEO Liang Yuan states, “Our Company prospects have never been stronger. We see the continued need for higher quality food products coming into the marketplace and Origin is leading the charge.”