HONG KONG, April 11, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today announced the signing of an Memorandum of Understanding "MOU" to acquire a Cambodian agriculture project that will use our rice super seeds.
SFBE will acquire 100% of the shares of Sky Energy Holdings Limited "SE" for the consideration of 198,900,000 newly issued restricted shares at a deemed price of USD $0.60 per share or US$119,340,000. SE owns 51% of Noble Success Limited (NS). The MOU has a term of 90 days allowing both sides to conduct due diligence and the usual corporate processes before entering into a Sales and Purchase Contract.
NS is cultivating cassava in Cambodia and intends to plant SFBE's super rice seeds and to promote our super rice cultivation in Cambodia. NS will use the by-product feedstock for biomass and estimates that it can produce up to 270,000 tons of biomass feedstock per annum from its cassava plantation in Cambodia. NS currently has a total agricultural land area of 200 sq. km.
SFBE's super rice seeds are disease resistant, high yielding genetically improved rice with the transgenic rice grain length increased by 25% over normal rice. It produces lower chalky rice with a 23% weigh gain and 10% grain number increase. The super seeds are produced in our laboratories.
Daniel McKinney, president and CEO of SFBE concluded, "This planned acquisition is another very exciting opportunity for the company to utilize both our super rice seeds and our refuse derived fuel technology "RDF". We are looking forward to closing this acquisition and producing revenues and profits as part of our core businesses."
SFBE is current reporting on the OTC Alternative Reporting Standard.
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 March 5, 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.