Sino Agro Food Reports thatTri-Way Industries Closes Credit Facility
Backs Expansion of Tri-Way’s Trading Business
GUANGZHOU, China-- Sino Agro Food, Inc. (OTCQX: SIAF | OSE: SIAF-ME), a company focused on high protein food including seafood and cattle (“SIAF”), reports that its equity investee, Tri-Way Industries Ltd. closed agreements in late July with Incomlend Pte. Ltd. (a Singapore based Insurance Company) and Stenn (a UK based Insurance company) on two USD 5.0 M trade invoice financing facilities (“TIFF”) to allow lines of credit extended to the buyers and/or sellers for the import, export and distribution business of SIAF’s equity investee, Tri-Way Industries Ltd.
The full news release was posted to Tri-Way’s web site: http://www.tri-way.hk/news-release.
Sino Agro Food Inc. is a major shareholder in Tri-Way. SIAF’s Chairman and CEO Solomon Lee commented on the financings: “We take this opportunity to congratulate Tri-Way on achieving this major step toward scaling its distributorship to a much larger business to support and supplement its primary producing fishery operations. When Tri-Way recognizes sufficient incremental profits, it will coordinate with SIAF to service its debt repayments to SIAF.
“These TIFF arrangements validate the on-going perseverance in pursuing financing for various businesses from a wide multitude of debt, equity, and partnering sources. I am very pleased Tri-Way has brought this financing initiative to fruition.
“It is important for shareholders to realize that the process of procuring loans in China for a company of SIAF’s size, or Tri-Way’s size, mirrors the tiered approach of the IAD business. That is, it is generally a multi quarter timetable to achieve aims, with intermediary contingencies or successful proof of execution required -- or multi-year timetable for very large loans relative to company size.
“It takes a lot of work, but as we see with this announcement, work that is rewarded.”
+1 (775) 901-0344
+46 (0) 760 495 885
1 (775) 901-0344
+46 (0) 760 495 885
About Sino Agro Food, Inc.
SIAF is a specialized investment company focused on protein food. 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 325 employees and revenue of USD 141.7 million in 2018. 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), the Company’s Facebook page (https://www.facebook.com/SinoAgroFoodInc), and on twitter @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.