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  • jesseglickenhaus jesseglickenhaus Mar 28, 2011 9:09 PM Flag

    Glickenhaus visits China Agritech Factory

    There are a lot of questions and posts regarding China Agritech, especially in relation to several short sellers reports. I come to this discussion with actual first hand research. In early March 2011 I visited China Agritech on behalf of the investment firm and major shareholder Glickenhaus and Company. I visited the headquarters in Beijing as well as many store and the Anhui factory. I have written up a complete description of my trip including lots of pictures I personally took of the stores and factory. The full report can be found on the website I also took video footage which will be posted tomorrow.

    Jesse Glickenhaus
    Glickenhaus and Company

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    • any news ?

    • Thanks.

    • special_friends_of_rick special_friends_of_rick Mar 29, 2011 12:09 PM Flag

      Thanks for sharing this report.

      I know the shorts are trying to spread noise and confusion on this message board. But it's obvious that people who have visited the plant, filmed it and seen the facility in operation have far more credibility than the deceptive bozos here who offer up vague accusations based on what might be happening in photos they didn't take of an operation they've never seen.

      This whole thing will resolve itself fairly soon. The company is bringing in outsiders to scrutinize its financials and provide comfort to those who have concerns.

      Face it, either CAGC has $40 million in the bank and no debt, or else the balance sheet is bogus. If it does, it certainly justifies a higher valuation than the current one. And that is simple for an auditor to confirm in a short phone call to the bank -- phone calls which I am certain major investors have already made.

      At that point, the shorts can try to shuck and jive all they want, but they also better have a plan for covering their positions. Because $40 million is $40 million, and making vague comments about photographs won't help them at that point.

    • Hey Jesse

      Do you think you might have been taken to the State Owned Enterprise next door?

      Guess you never thought of that.

      You were shown say 40 percent of the production and a reasonable slab of the distribution - say 25 percent of the value of the company. Do you see 75 million in those photos?

      I did not think so.

      Say after me - "next time I will not fall for Potemkin villages!"


    • The shorts are toast this report should go to the wsj heck u could work for them.. To bad the company and kevin t werent on the ball earlier.

      • 2 Replies to greenlightalltheway
      • Thank you.

      • Okay, so you visited the factory, so what.

        How about addressing how they misled investors in how they dismissed their auditor? You spend all this time with them, you are a major investor, and you offer no commentary on this subject (other than 3 very brief paragraphs)?

        See below for details from their 8k:

        Further, you were there exactly when these letters between CAGC & EY were going back and forth - was that not disclosed to you as a major shareholder?

        This research report is utterly incomplete without deeply addressing their financials and the sham PR they put out regarding the "dismissal" of their auditor. Did you not see the 8k on FUQI around transmissions of cash to other Chinese companies? Ready EY's comments and see if there is a connection.....

        On March 8, 2011, E&Y informed the Audit Committee that it had encountered additional issues and concerns that, in E&Y’s view, required additional information and procedures, including the initiation of an independent investigation, in order to verify certain transactions and balances recorded on the Company’s financial statements and records for the year ended December 31, 2010. E&Y also orally advised the Audit Committee that it may not be able to rely on management’s representations based on the issues identified