BODISEN BIOTECH RESPONDS TO CLASS ACTION LAWSUIT
November 16, 2006 -- Bodisen Biotech, Inc., (AMEX:BBC, London AIM: BODI, website: www.bodisen.com) announced that, on November 15, 2006, Stephanie Tabor, a purported shareholder of Bodisen Biotech, Inc. (the ¡°Company¡±), filed a class action complaint against the Company in the United States District Court for the Southern District of New York, alleging claims under the federal securities laws.In addition to the Company, the complaint names as defendants Karen Qiong Wang, Bo Chen, New York Global Group, Inc. and Benjamin Wey a/k/a Benjamin Wei.Ms. Wang is the Chairman and Chief Executive Officer and Mr. Chen is the President of the Company.The Company understands that other purported shareholders may have filed substantially similar lawsuits in the same court, although it has not been able to confirm any additional filings.
The Company, Ms. Wang and Mr. Chen intend to defend vigorously the Tabor complaint and any similar complaints that have been filed.In addition, Ms. Wang stated: ¡°While we regret the filing of these actions, we stand ready to respond to the allegations.Further, despite the distraction that lawsuit of this type cause, the focus of management is and will remain on the business and operations of Bodisen.¡±
About Bodisen Biotech, Inc.
Bodisen Biotech Inc. is a leading manufacturer of liquid and organic compound fertilizers, pesticides, insecticides and agricultural raw materials certified by the Petroleum Chemical Industry Administrative office of China (Chemical Petroleum Production Administrative Bureau), Shaanxi provincial government and Chinese government. Ranked the 16th fastest growing company in China by Forbes China in January 2006, the company is headquartered in Shaanxi province and is a Delaware corporation. The Company's environmentally friendly ``green'' products have been proven to improve soil and plant quality, and increase crop yields.
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