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AgFeed Industries Announces Renowned US Hog Industry Expert Gerry Daignault Has Joined AgFeed as Chief Operating Officer

Wednesday, August 20, 2008 7:05 AM

NEW YORK, NY -- (Marketwire) -- 08/20/08 -- AgFeed Industries, Inc. (NASDAQ: FEED), the largest commercial hog producer and the largest premix feed company in China, today announced that Mr. Gerry Daignault, a renowned US feed and hog industry executive, has joined AgFeed as its Chief Operating Officer in charge of hog production and strategic development. Mr. Daignault will be based in China and Nashville, Tennessee. He will join Dr. Songyan Li, AgFeed's Chairman, in strategic discussions and participate in several institutional investor presentations which will begin in September.

Prior to joining AgFeed, Mr. Daignault was a strategic advisor to AgFeed as well as the managing director of Spectrum Agribusiness, a leading US hog industry advisor co-founded by Mr. Dennis Harms, the former founder and CEO of Premium Standard Farms, now a subsidiary of Smithfield Foods.

Mr. Daignault, age 50, brings to AgFeed more than 26 years of senior US executive experience including 18 years at the Chief Financial Officer (CFO) level for several leading US and global agricultural companies in animal feed and hog production. In the 1980s, he became the Director of Finance at Purina Mills, the largest US feed company. In the late 1990s, he was the CFO for PMAG Products, a subsidiary of Tate & Lyle, N.A., a global leader in animal feeds and premix. His responsibilities included the formulation and execution of an aggressive M&A strategy that led to the consolidation of various operating subsidiaries and services positioning the company for future growth. Additionally, Mr. Daignault was the CFO of Newsham Hybrids, currently the 3rd largest swine genetics company in the US. Before co-founding Spectrum Agribusiness in 2006, he was CFO/Director of Finance for PIC North America, the largest swine genetics company in the US and a leading swine genetics company in the world. While at PIC, Mr. Daignault was responsible for operational and organizational restructuring that allowed PIC to profitably reposition itself to meet the needs of the rapidly consolidating North American pork industry. Under Mr. Daignault's guidance, operating profit grew by more than 100% during that time until the company was sold to Genus PLC, a London Stock Exchange listed company in 2005. He stayed on during the successful integration of the two businesses. He has a Bachelor's degree in finance and accounting from the University of Missouri in 1979.

Songyan Li, Ph.D., AgFeed's Chairman, commented: "AgFeed continues to enjoy robust growth in our current business. We are experiencing declining raw material costs and expanded margins. Gerry is an exceptionally well experienced hog and feed industry executive with extensive background in hog production, feed marketing, accounting and finance. We are honored that Gerry has joined AgFeed to lead our hog production and strategic development efforts.


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