Hanfeng Evergreen Announces Management Changes and Termination of Privatization Transaction

Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng" or the "Corporation") announced today
that Xinduo Yu is no longer the President and Chief Executive Officer of the
Corporation or the legal representative of the Corporation's wholly-owned
subsidiaries, Hanfeng Slow-Release Fertilizer (Heilongjiang) Co., Ltd
("Heilongjiang") and Hanfeng Slow-Release Fertilizer (Jiangsu) Co., Ltd.
("Jiangsu"). He will continue as a director of the Corporation. Niral Merchant
will continue to serve in his role as Chief Financial Officer of the Corporation
and will report directly to the Board of Directors. 


The Corporation also announced today that it has terminated the arrangement
agreement (as amended, the "Arrangement Agreement") in respect of the proposed
privatization of the Corporation by Xinduo Yu and 8310831 Canada Inc., a
corporation wholly-owned by Xinduo Yu (collectively, the "Purchaser"), which was
previously entered into by the Corporation on February 11, 2013 and approved by
the Corporation's shareholders at an annual and special meeting of the
Corporation's shareholders held on March 15, 2013. Pursuant to the terms of
Arrangement Agreement, the Corporation has claimed a reverse break fee from the
Purchaser in the amount of $750,000. No contractual break fee is payable by the
Corporation in connection with the termination. 


In connection with the Corporation's ongoing efforts to surface a
value-maximizing alternative, the Corporation is taking steps to preserve, and
where appropriate monetize, its working capital, while continuing to explore
potential partners and customers and strategic alternatives. In furtherance of
these objectives, the Corporation has authorized the engagement of FTI
Consulting Inc. ("FTI") as Interim Manager to serve in a supervisory and
monitoring role, including designating a representative of FTI as a legal
representative of Heilongjiang and Jiangsu. 


Hanfeng is in the preliminary stages of this complex process and will provide
updates as further information becomes available. 


Forward-Looking Statements 

This press release contains forward-looking statements based on current
expectations, including but not limited to the Corporation's plans, objectives
and expectations and the exploration by the Corporation of strategic
alternatives. These forward-looking statements entail various risks and
uncertainties that could cause actual results to differ materially from those
reflected in these forward-looking statements. Risks and uncertainties about the
Corporation's business are more fully discussed in the Corporation's disclosure
materials, including its annual information form and MD&A, filed with the
securities regulatory authorities in Canada. Additional important factors that
could cause actual results to differ materially include, but are not limited to:
the ability of the Corporation to preserve or monetize its working capital; the
ability of the Corporation to appoint a representative of FTI as a legal
representative of Heilongjiang and Jiangsu; and the implementation of any
alternative transaction on acceptable terms. Readers are cautioned that the
foregoing list of important factors and assumptions is not exhaustive.
Forward-looking statements are not guarantees of future performance. In light of
the significant uncertainties inherent in the forward-looking statements
included herein, any such forward-looking statements should not be regarded as
representations by the Corporation that its respective objectives or plans will
be achieved. Investors are cautioned not to place undue reliance on any
forward-looking statements contained herein. Forward-looking statements are
provided for the purpose of providing information about the Corporation's
current expectations and plans relating to the future. Readers are cautioned
that such information may not be appropriate for other purposes. In addition,
these forward-looking statements relate to the date on which they are made. The
Corporation expressly disclaims any intention or obligation to update or revise
any forward-looking statements or the foregoing list of factors, whether as a
result of new information, future events or otherwise, except to the extent
required by law. 


About Hanfeng Evergreen Inc. 

Hanfeng is a leading producer and supplier of value-added fertilizer solutions
in emerging markets. It is the largest producer of slow and controlled release
fertilizer in two of world's most significant agricultural markets: the People's
Republic of China and the Republic of Indonesia. Hanfeng is headquartered in
Toronto, Ontario and its shares are traded on the Toronto Stock Exchange under
the symbol HF.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Hanfeng Evergreen Inc.
Loudon Owen
Chairman of the Board of Directors
(416) 368-8588
lowen@mcleanwatson.com


Spinnaker Capital Markets Inc.
Kevin O'Connor
Investor Relations
(416) 962-3300
ko@spinnakercmi.com
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