Business Summary: GreenSmart Corporation, formerly known as AgroCan Corporation, owns AgroCan (China) Inc., a British Virgin Islands corporation that was established in 1996 to take advantage of the growing demand for fertilizers and other products and technologies that enhance the agricultural output of China. As of September 30, 2002, AgroCan (China) had established an annual production capacity of 125,000 metric tons for compound fertilizers in two agricultural provinces of China, Guangxi and Jiangxi, and planned to enter markets in other provinces. AgroCan (China) has three operating subsidiaries, Guangxi Linmao Fertilizer Company Limited, Jiangxi Jiali Chemical Industry Company Limited and Jiangxi Fenglin Chemical Industry Company Limited.
Financial Summary: BRIEF: GreenSmart Corporation specializes in manufacturing and distributing NPK composed fertilizers to China's agricultural market, specially designed to suit the distinct climate and soil conditions in different regions. For the comparable 9 months ended 06/03, net sales fell 13% to $1M. Net loss rose 48% to $124K. Results reflect lowerer demand from major customers, and higher selling expenses.