HONG KONG and NEW YORK, Feb. 19, 2009 (GLOBE NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE), a broadband and value added Internet services provider in China, announced that it has entered into a memorandum of understanding ("MOU") with Taiwan Barter Exchange Company Limited ("TBE"), in a joint cooperation to develop and barter trade with Sino Fibre's joint venture ("JV"), China Business Online Company Limited. TBE will act as a barter trade marketing arm for the JV company and serve as a gateway to process the barter trade transactions between China and Taiwan.
Sino Fibre's JV is with the China Association of Small and Medium Enterprises ("CASME"), which will develop the Chinese market and introduce e-business and provide barter trade services to Chinese small and medium sized enterprises. CASME is administered by the Chinese National Development and Reform Commission to provide business development assistance to Chinese medium and small enterprises in China and abroad. CASME operates across China with branch offices in cities and provinces throughout the country and currently has 4.5 million medium and small business members in China, and continues to grow at a rapid pace. View more at: www.ca-sme.org.
Sino Fibre and CASME have jointly established China Business Online Company Limited in China, which will be wholly funded by Sino Fibre. CASME will provide the CASME brand, government and member resources to develop the business of the JV.
Daniel McKinney, Chief Executive Officer of Sino Fibre, commented on this new business development with the Taiwan Barter Exchange: "This agreement with TBE will greatly expand our business reach and facility for trading among the medium and small businesses in China and Taiwan, as the Chinese central government is pursuing large scale growth in the agriculture sector under the current economic stimulation plan. The addition of TBE will complement our previous agreements, which will ultimately bring more traffic to ride on the fiber optic network we represent and are in the process of acquiring."
About Taiwan Barter Exchange
Taiwan Barter Exchange Company Limited is a company focused on helping the small and medium environmental and agricultural businesses to grow with advanced technology via barter exchange. Its network and operations are based in Taiwan, China, U.S.A. and other countries in Asia.
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is an open source company dedicated to providing international standard fiber optic backbone telecommunications transmission related sales and leasing services in China to all foreign telecommunications carriers and corporate users. Please visit www.sinofibre.com.
The Sino Fibre Communications Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4102
This press release contains forward-looking statements based on management's expectations and beliefs, and involve risks and uncertainties which may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Actual results may differ materially from those described in forward-looking statements and therefore readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.