HONG KONG, April 6, 2011 (GLOBE NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE) announced today that it has closed an acquisition to acquire 100% of Torino Resources Limited "TRL" for US$69.35 million. The Company further disclosed that it has terminated its acquisition of Europe-China Commercial Union Holdings Limited "ECL."
SFBE is issuing 346,750,000 shares at a share price of $0.20 a share to reflect the $69.35 million acquisition.
TRL indirectly owns 35% of four Chinese companies: Hebei Fuhua Plastic Group, Hebei Yehua Renewable Energy Co Ltd, Hebei Fuhua Bioconversion Environmental Protection Co Ltd and Hebei Fuhua Organic Fertilizer Co Ltd. TRL uses Microbial degradation to treat municipal waste to produce organic fertilizer in the form of RDF (refuse derived fuel) biomass pallets, and produces other end products such as plastic wood products, building materials and bio-fuel blocks. It owns its patented device production technology.
Daniel McKinney, CEO of Sino Fibre, commented on this new business: "This acquisition is a very exciting event in the history of our company and propels us into the high growth green technology arena of waste conversion into by-products in the Asia area."
The Company will be appointing new management and board of directors to reflect this acquisition.
The Company is currently in the process of retiring the 140 million shares back into the Company treasury issued pursuant to the terminated ECL acquisition.
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is a Nevada Corporation.
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 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. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.