HONG KONG, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today released a letter to give current shareholders updates on progress and company activities.
The Company has recently completed all its filings on the OTC Alternate Filing System and is now current in its reporting requirements.
CEO, Daniel Mckinney commented, "This has been a huge undertaking, getting our filings current and reporting after the two year restructuring process following our entry into the bioenergy business. We made this commitment to the shareholders to get our house in order and become current in our filings and now we have delivered and the dreaded 'Stop Sign' has been removed from our trading symbol."
The Company is particularity excited about its recent Huizhou Biotech acquisition. SFBE purchased a 55% stake in Huizhou Shi Ji Wu Feng Agricultural Biotechnology Co. Ltd., ("HB") and has issued 82,500,000 restricted shares to close the US$13,520,000 acquisition. HB has 5,700 Mu (380 hectares) of farmland, and is focused on research of high quality rice. Production of biomass feedstock will expand by 400% in 2013 to 20,000 Mu (1334 hectares) of land producing up to 12,000 tons of biomass feedstock utilizing its Refuse Derived Fuel, "RDF5" patented technology for fertilizer and fuel. This acquisition will derive a significant source of feedstock for refuse derived waste (RDF) products and fuel for the China market utilizing our valuable patents behind this technology.
McKinney concluded, "This is a very exciting time for the company. Our four acquisitions in China are turning out to be winners for the company. We will start consolidating the cash flows from all our operating subsidiaries in Q1, 2013. We are looking forward to these acquisitions producing revenues and profit results and growing our core businesses."
About Sino Bioenergy Corp.
Established in May 2005, Sino Bioenergy Corp. is a Nevada Corporation that trades on the OTC Pink (symbol: SFBE) and Bourse Berlin Exchange (symbol: 3SF). Please see our websites at: www.sinobioenergy.com Total shares outstanding: 711,915,750 as of February 13, 2013.
The Sino Bioenergy Corp. 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.