HONG KONG, May 16, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today released a letter to give current shareholders updates on its recently released quarterly filing results and company activities.
CEO, Daniel McKinney commented, "We have now started consolidating the results of our 55% owned Huizhou Biotechnology 'HB' subsidiary this quarter. As promised, HB is delivering excellent results and is growing revenues." Sales amounted to US$528,884 from January to March 2013 with agricultural production costs of US$247,600 and a net profit of US$79,371.
As previously reported, in 2012, the company has leased (660 hectares) farmland in Huizhou, China where HB has planted its super rice and will start harvesting in July. As a result, we anticipate Q3 sales to increase to US$3.25 million.
McKinney concluded, "Our HB subsidiary will continue to work toward expanding production and sales throughout 2013. We anticipate delivering solid revenues and profits for Q3 and Q4 with solid profitability for our 2013 results. Our team will be visiting Cambodia this month to conduct due diligence on the potential acquisition previously announced on April 11, 2013."
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.
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.