Sino Agro Food, Inc. Updates Aquaculture Carve-out Progress
July 5, 2016
GUANGZHOU, China-- Sino Agro Food, Inc. (OTCQX: SIAF | OSE: SIAF-ME)
The Company is pleased to announce completion of all Stage 1 Hong Kong and China legal and commercial documents related to the transfer of Aquaculture assets into its Hong Kong based Tri-Way Industries subsidiary, in preparation for its carve-out and subsequent IPO. The Aquaculture assets include Prawn Farms 1 through 4 of the Zhongshan Aquaculture MegaFarm, and the Zhongshan A Power Prawn Culture Farms Development Co., Ltd. (“ZSAPP”), which operate a hatchery and nursery for prawns and shrimp.
In the interim, the Company has made significant inroads toward securing debt financing for working capital for the Tri-Way project. Registration of the aforementioned legal and commercial documents is today pending debt financing closing.
More details will be made available upon document registrations, etc.
Shareholders are encouraged to frequent our website (http://www.sinoagrofood.com), Facebook page (https://www.facebook.com/SinoAgroFoodInc), and Twitter feed (https://twitter.com/sinoagrofood) for interim progress being made at our portfolio companies, since updates provided through social media may or may not be made in conjunction with news releases from the Company.
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About Sino Agro Food, Inc.
SIAF develops and operates protein food businesses in the People's Republic of China. The Company produces, distributes, markets, and sells sustainable seafood and beef to the rapidly growing middle class in China. Activities also include production of organic fertilizer and produce. SIAF is a global leader in developing land based recirculating aquaculture systems (“RAS”), and with its partners is the world's largest producer of sustainable RAS prawns.
Founded in 2006 and headquartered in Guangzhou, the Company had over 550 employees and revenue of USD 429 million in 2015. Operations are located in Guangdong, Qinghai, and Hunan provinces, and in Shanghai. Sino Agro Food is a public company listed on OTCQX U.S. Premier in the United States and on the Oslo Børs’ Merkur Market in Norway.
News and updates about Sino Agro Food, Inc., including key information, are published on the Company’s website (http://www.sinoagrofood.com), Facebook page (https://www.facebook.com/SinoAgroFoodInc), and Twitter feed (https://twitter.com/SinoAgroFood).
Forward Looking Statements
This release may contain forward-looking statements relating to the business of SIAF and its subsidiary companies. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on SIAF’s current expectations and beliefs concerning future developments and their potential effects on SIAF. There is no assurance that future developments affecting SIAF will be those anticipated by SIAF. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
No Offer of Securities
None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.