Exhibit 99.1

AgFeed Industries, Inc. Announces First Half Results

NEW YORK, August 10, 2010 AgFeed Industries, Inc. (Nasdaq: FEED, NYSE Alternext: ALHOG - News), one of the largest independent hog production and animal nutrient companies in China, today announced its results for the first half of 2010.  Revenue for the first half reached $90.5 million an increase of 26% compared to the first half of 2009.  Production volumes increased by 92% in the Company’s animal nutrition division, and decreased 15% in its Hog Division as compared to the same period in 2009.

During the second quarter the Company faced an extremely difficult operating environment as a result of a series of severe floods throughout its area of operations.  The floods led to significant operating disruptions on the Company’s farms and on the transportation infrastructure supporting the operations.  The movement of feed and live animals was severely disrupted.  These factors lead to the loss of over 16,000 live animals in addition to the planned culling of 3,000 sows.

Dr. Songyan Li, AgFeed’s Chairman stated, “In my life time I have never experienced flooding and devastation of the magnitude that we faced from late April into early June.  We are still in the process of repairing the infrastructure damaged in and around our facilities in Fujian, Jiangxi and Hainan.  I have been very proud of our team and the way that they have rallied to answer the challenge faced by our Company and nation.” Dr. Li went on to observe that “the domestic inventory of hogs has changed dramatically and we are already seeing a rapid rise in market prices; we are optimistic about our operating performance for the balance of the year.”

Mr. Junhong Xiong, AgFeed’s President added, “Our investment in our western farm projects in both Dahua and Xinyu continue apace as we simultaneously modernize our legacy farm system reducing the amount of personnel required on these farms.  In spite of the challenges that our customers faced throughout the recent months we have successfully brought our working capital accounts back in line by reducing our accounts receivable and accounts payable during the second quarter.”

Mr. Gerry Daignault, AgFeed’s COO emphasized, “While AgFeed has supported its customers with extended payment terms from time to time, in light of the industry wide operating pressures we limited this practice during the quarter and reduced accounts receivable by over $5.6 million from March 31st.  We also reduced our payables by approximately $3.4 million while also continuing our capital investment program to support of expansion in the an amount over $3.3 million.”

ABOUT AGFEED INDUSTRIES, INC. 

NASDAQ Global Market Listed. AgFeed Industries (www.agfeedinc.com) is a U.S. company with its primary operations in China. AgFeed has two profitable business lines -- animal nutrients in premix, concentrates and complete feeds and hog production. AgFeed is one of China's largest commercial hog producers in terms of total annual hog production as well as one of the largest premix feed company in terms of revenues. China is the world's largest hog producing country that produced over 645 million hogs in 2009, compared to approximately 100 million hogs produced annually in the U.S. China also has the world's largest consumer base for pork consumption. Over 62% of total meat consumed in China is pork. Hog production in China enjoys income tax free status. The feed markets in which AgFeed operates represent a $20 billion segment of China's $58 billion per year animal feed market.

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SAFE HARBOR DISCLOSURE NOTICE 

This press release may contain forward-looking information about the Company. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans and prospects. Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. For a list of factors that could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including “Cautionary Statement for Forward-Looking Statements,” set forth in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2010. Any forward-looking statement that the Company makes speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. The information contained in this press release is made as of the date of the press release, even if subsequently made available by the Company on its website or otherwise.

Contact:  Investor Relations: AgFeed Industries, Inc.     Tel: (917) 804-3584     Email: ir@agfeedinc.com

The Company's policy is to handle all questions by email to ir@agfeedinc.com and they will be answered as soon as possible.

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AGFEED INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
		Three Months Ended June 30,						Six Months Ended June 30,
		2010			2009			2010			2009
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues		$	37,661,955		$	38,527,770		$	90,521,022		$	71,957,044
Cost of goods sold			35,102,677			33,306,111			81,642,462			60,931,980
Gross profit			2,559,278			5,221,659			8,878,560			11,025,064
Operating expenses
	Selling expenses		983,317			999,342			2,013,940			1,863,209
	General and administrative expenses		3,508,696			1,960,520			7,173,081			3,717,692
	Total operating expenses		4,492,013			2,959,862			9,187,021			5,580,901
Income (loss) from operations			(1,932,735	)		2,261,797			(308,461	)		5,444,163
Non-operating income (expense):
	Other expense		(354,534	)		(189,205	)		(450,907	)		3,476
	Interest income		38,062			52,554			86,073			113,116
	Interest and financing costs		(139,930	)		(624,514	)		(264,841	)		(777,428	)
	Foreign currency transaction gain (loss)		(34,437	)		5,133			(20,634	)		3,302
	Total non-operating expense		(490,839	)		(756,032	)		(650,309	)		(657,534	)
Income (loss) before provision for income taxes			(2,423,574	)		1,505,765			(958,770	)		4,786,629
Provision for income taxes			641,139			285,958			1,094,719			501,508
Net income (loss) including noncontrolling interest			(3,064,713	)		1,219,807			(2,053,489	)		4,285,121
Less: Net income (loss) attributed to noncontrolling interest			(109,961	)		(6,445	)		(166,155	)		40,029
Net income (loss) attributed to AgFeed			(2,954,752	)		1,226,252			(1,887,334	)		4,245,092
Other comprehensive income (loss)
Foreign currency translation gain (loss)			298,682			5,953			299,446			(147,901	)
Comprehensive Income (loss)		$	(2,656,070	)	$	1,232,205		$	(1,587,888	)	$	4,097,191
Weighted average shares outstanding :
	Basic		45,015,351			39,549,944			44,942,821			38,746,009
	Diluted		45,015,351			41,446,344			44,942,821			39,581,891
Earnings (loss) per share attributed to AgFeed common stockholders:
	Basic	$	(0.07	)	$	0.03		$	(0.04	)	$	0.11
	Diluted	$	(0.07	)	$	0.03		$	(0.04	)	$	0.11
Earnings before interest, taxes, depreciation and amortization:
Net income (loss)		$	(2,954,752	)	$	1,226,252		$	(1,887,334	)	$	4,245,092
Interest			139,930			624,514			264,841			777,428
Taxes			641,139			285,958			1,094,719			501,508
Depreciation			764,034			672,253			1,575,933			1,282,959
Amortization			20,219			26,000			43,410			38,779
EDITDA		$	(1,389,430	)	$	2,834,977		$	1,091,569			6,845,766
EDITDA per share		$	(0.03	)	$	0.07		$	0.02		$	0.18

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AGFEED INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	June 30,			December 31,
	2010			2009
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	24,027,490		$	37,580,154
Accounts receivable, net of allowance for doubtful accounts
of $609,980 and $415,765		17,415,553			14,397,793
Advances to suppliers		289,829			1,173,941
Other receivables		1,820,684			2,186,643
Inventory		27,287,750			23,835,412
Prepaid expenses		1,388,865			1,325,150
Debt issue costs		19,785			34,706
Total current assets		72,249,956			80,533,799
PROPERTY AND EQUIPMENT, net		33,913,168			26,991,851
CONSTRUCTION-IN-PROCESS		5,595,137			7,615,132
INTANGIBLE ASSETS, net		43,944,086			43,808,499
OTHER ASSETS		7,149,532			3,998,739
TOTAL ASSETS	$	162,851,879		$	162,948,020
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term loan	$	4,419,000		$	4,401,000
Accounts payable		6,800,705			6,162,385
Other payables		2,282,587			1,892,858
Unearned revenue		328,855			582,266
Accrued expenses		144,092			83,649
Accrued payroll		734,515			975,485
Tax and welfare payable		472,577			396,370
Interest payable		155,614			120,419
Convertible notes, net of discount of $46,561		953,439			-
Total current liabilities		16,291,384			14,614,432
CONVERTIBLE NOTES, net of debt discount of $81,675		-			918,325
TOTAL LIABILITIES		16,291,384			15,532,757
COMMITMENTS AND CONTINGENCIES (Note 10)		-			-
EQUITY:
AgFeed stockholders' equity:
Common stock, $0.001 per share; 75,000,000 shares authorized;
45,420,558 issued and 45,053,263 outstanding at June 30, 2010
44,510,558 issued and 44,143,263 outstanding at December  31, 2009		45,421			44,511
Additional paid-in capital		112,903,436			109,281,086
Deferred compensation		(3,086,560	)		-
Other comprehensive income		4,475,896			4,176,450
Statutory reserve		5,207,997			4,685,115
Treasury stock (367,295 shares)		(1,811,746	)		(1,811,746	)
Retained earnings		28,800,347			31,210,563
Total AgFeed stockholders' equity		146,534,791			147,585,979
Noncontrolling interest (deficit)		25,704			(170,716	)
Total equity		146,560,495			147,415,263
TOTAL LIABILITIES AND EQUITY	$	162,851,879		$	162,948,020

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AGFEED INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Six Months Ended June 30,
	2010			2009
	(unaudited)			(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interest	$	(2,053,489	)	$	4,285,121
Adjustments to reconcile net income (loss) including noncontrolling interest
to net cash provided by (used in) operating activities:
Depreciation		1,575,933			1,282,959
Amortization		43,410			38,779
Loss on disposal of assets		1,321,838			524,409
Stock based compensation		150,562			282,497
Issuance of common stock for services		751,440			-
Amortization of debt issuance costs		14,921			196,348
Amortization of discount on convertible debt		35,114			462,073
(Increase) / decrease in assets:
Accounts receivable		(2,945,382	)		(5,163,082	)
Other receivables		618,255			1,530,631
Inventory		(3,340,955	)		(1,932,432	)
Advances to suppliers		885,238			(171,112	)
Prepaid expenses		(59,691	)		(186,209	)
Other assets		(3,121,456	)		139,541
Increase / (decrease) in current liabilities:
Accounts payable		610,581			1,150,362
Other payables		(137,439	)		(2,011,532	)
Unearned revenue		(254,731	)		(57,926	)
Accrued expenses		58,106			138,378
Accrued payroll		(243,862	)		(155,514	)
Tax and welfare payable		74,277			(182,459	)
Interest payable		35,195			(36,497	)
Net cash provided by (used in) operating activities		(5,982,135	)		134,335
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(7,637,841	)		(6,336,942	)
Purchase of intangible assets		-			(35,309	)
Cash paid for purchase of subsidiaries		-			(1,266,374	)
Cash from the sale of subsidiary		-			307,650
Net cash used in investing activities		(7,637,841	)		(7,330,975	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the sale of common stock		-			10,000,000
Offering costs paid		-			(1,380,720	)
Proceeds from short-term loans		-			4,541,500
Capital contributed by noncontrolling interest holders		401,282			118,664
Purchase of noncontrolling interest in majority owed hog farms		(406,103	)		-
Net cash provided by (used in) financing activities		(4,821	)		13,279,444
Effect of exchange rate changes on cash and cash equivalents		72,133			(10,101	)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS		(13,552,664	)		6,072,703
CASH & CASH EQUIVALENTS, BEGINNING BALANCE		37,580,154			24,839,378
CASH & CASH EQUIVALENTS, ENDING BALANCE	$	24,027,490		$	30,912,081
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	$	204,969		$	147,982
Income taxes paid	$	492,843		$	416,012

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