GUANGZHOU, China, April 16, 2013 /PRNewswire/ -- Sino Agro
Food, Inc. (OTCBB: SIAF), an emerging integrated, diversified
agriculture technology and organic food company with principal
operations located throughout the
People's Republic of China ("PRC"), is pleased to announce
financial results for the fiscal year ended December 31, 2012:
|
Financial Summary:
|
|
2012
|
2011
|
Change
|
|
Revenue
|
|
$138,613,639
|
$51,879,903
|
167%
|
|
Gross
Profit
|
|
$69,806,168
|
$24,928,029
|
180%
|
|
Net
Income (continuing ops)
|
|
$57,545,832
|
$15,691,032
|
268%
|
|
Net
Assets
|
|
$217,100,506
|
$135,395,373
|
60%
|
|
|
|
|
|
|
Basic
EPS
|
|
$0.70
|
$0.43
|
63%
|
|
Diluted
EPS
|
|
$0.63
|
$0.39
|
62%
|
Parallel Paths
Sino Agro Food, Inc. (the "Company") continues on target toward
its 5-year plan of a $500M asset
base. In 2012, the Company saw record financial growth and
significant operational expansion complemented by progress in
corporate governance, international import export business, and the
planned listing on NASDAQ-OMX First North:
- Independent Board members appointed January 1, 2013
- Nils-Erik Sandberg – an
international investor whose experience in corporate governance,
investor relations, and finance positions him well to direct the
Company in its current and future endeavors. Mr. Sandberg has
provided guidance and consultation to other companies seeking
listing on NASDAQ OMX as well.
- Koi Ming Yap (George) – a
chartered accountant whose broad experience in international
investment banking, corporate finance, investment strategies, and
international auditing lends the Company a well-seasoned director
to help guide the company throughout its growth phase.
- Corporate Social Responsibility: Audit and Compensation
Committees established and a Code of Ethics adopted
- Import Export Operations commenced with shipments from
Vietnam, Cambodia, Malaysia, and Norway
- NASDAQ-OMX First North cross-listing exercise is progressing
well
Operational Highlights
The Company's overall growth benefited from economies of scale
through expanding its full wholesale operations and by vertical
integration through initiating distribution, marketing, and retail
operations.
- Developed the first indoor re-circulating prawn farm in
Asia
- Conducted sales or construction at six fish farms and three
cattle farms
- The MEIJI, HU Plantation, and Capital Award operations began to
generate internal cash flow to self-finance respective capital
expenditure and working capital
- Initiated the Distribution and Marketing business, with sales
at Wholesale Center 1 and Wholesale Center 2 commencing in late
2012
- Initiated Import Export business commencing sales in late 2012
and construction of a trading complex ("Trading Center") adjacent
to the Warehouse Centers
- Initiated the retail operations with sales at the first "Bull"
and first "Leonie's" restaurants
Fishery Division Performance
Total revenues from fishery operations increased $59,924,350 or 227% from $26,422,125 in 2011 to $86,346,475 in 2012. Fishery revenues accounted
for 62% of overall company revenues. Revenues contributed by
engineering consulting and services in development of fishery farms
and related business operations yielded 26% and 31% of the
Company's overall revenue and gross profit, respectively, during
fiscal year 2012. Sales of fish accounted for 31% and 31% of the
Company's revenue and gross profit, respectively, for fiscal year
2012.
Gross profit from fishery operations increased $35,454,322 or 321% from $11,029,847 in 2011 to $46,484,179 in 2012. Fishery revenues accounted
for 66% of overall company gross profit.
Consulting and Services revenues derived from six (6) contracts,
including the development from concept of a "marketing,
distribution, seafood processing and sales" complex (Wholesale
Center 1). By December 2012, major
business and operation permits (e.g., trading permits, import and
export permits, business registration, taxation license, business
license etc.) were issued by authorities, sale of frozen seafood
had commenced, and targeted sales of live seafood to follow in
April 2013. During the first quarter
of 2013, the wholesale seafood market business commenced sales of
frozen seafood imported from Norway, Thailand and Malaysia.
The Company is proud to have established and to operate the
first indoor re-circulated aquaculture prawn farm in Asia.
Beef Division Performance
Revenue from beef decreased by $957,898 or 6.31%, from $15,182,222 for the year ended December 31, 2011 to $14,224,324 for the year ended December 31, 2012. The decrease was primarily due
to the year over year variable maturation seasonality of calves
growing to become saleable beef cattle.
All three cattle farms expect to produce mature cattle in 2013,
with the Qinghai Sanjiang A Power Agriculture Co. Ltd (SJAP)
operations in Xining expecting to
approximately double the count of mature head from 4,500 to 9,000
from its own cattle station and cooperative farmers. The Company
expects to benefit in 2013 from a stable increase in beef prices,
from a base that had doubled in 2012.
SJAP itself mirrors the Company's vertically integrated
"farm to plate" business model in that it provides pre-wholesale
product (fertilizer and livestock feed) through retail ("Bull"
restaurants), with an abattoir and deboning facility planned during
year one of the operation's new five-year plan.
Plantation Division Performance
Revenue from our plantation increased by $5,765,444 or 94%, from $6,113,155 for the year ended December 31, 2011 to $11,878,599 for the year ended December 31, 2012. The increase was primarily due
to the increase of wholesale prices in fresh and dried flowers for
the year ended December 31, 2012, as
well as increased value added processing.
This segment contributed 8.6% and 9.8% of the Company's overall
2012 revenue and gross profit, respectively.
With anticipated improvements and development work progressing
on the 187-acre HU Plantation, the Company plans to
revitalize the HU Plantation's direct farm operations by overcoming
disease threats. Including sales generated from HU flowers bought
from regional growers, the Company targets further overall division
revenue growth of 25%.
Organic Fertilizer Division Performance
Revenue from organic fertilizer increased by $9,123,760 or 3,679% from $2,480 for the year ended December 31, 2011 to $9,126,240 for the year ended December 31, 2012. The increase was primarily due
to the startup of the new business of organic fertilizer during the
year ended December 31, 2012. This
segment contributed 6.6% of total revenue. Gross profit of
$3,860,193 accounted for 5.5% of
total gross profit.
In mid 2012, the Company's joint venture project, Qinghai
Sanjiang A Power Agriculture Co. Ltd. acquired a technology based
company that holds patents for the manufacturing of concentrated
livestock feed formulated for optimal growth of cattle and sheep at
different stages of their lifecycles.
With the increase of production in mature cattle from its own
cattle station and cooperative growers, the Company expects a
proportional increase of production of fertilizer, crops and
pastures and in turn bulk live stock feed, targeting to produce up
to 30,000 MT of fertilizer (which is the current maximum
productivity of its existing plant) and 40,000 MT of bulk
live-stock feed compared to 25,000 MT of fertilizer and 22,000 MT
of Bulk live-stock feed in 2012.
In addition, the Jiang Men City Hang Mei Cattle Farm Development
Company (JHMC), also referred to as "Cattle Farm 1," has started to
produce and to sell pure organic mixed fertilizer by its own
production facilities at much higher sales prices estimated at up
to US$450 / MT instead of from
organic fertilizer produced by SJAP at US$195 / MT in 2012.
Cattle Farms Division Performance
Revenue from cattle farm development increased by $12,878,080 or 310%, from $4,159,921 for the year ended December 31, 2011 to $17,038,001 for the year ended December 31, 2012. The increase was primarily due
to increased development contract service of cattle farms for the
year ended December 31, 2011.
Cattle farms contributed 12.3% of Company revenues, and 13.5% of
gross profits.
Collectively, the two Enping farms will have the capacity to
produce up to 30,000 MT of pasture/year that is capable to feed up
to 5,000 head of cattle/year.
At the Xining cattle farm
(SJAP) as of December 31, 2012, the
local government provided up to 5,000 acres of rental free land to
the Company for the local farmers to grow crops and pastures. These
acres have not been included in the Company's acquired "Land Use
Rights."
Shared Marketing, Distribution, and Retail Services
Marketing, distribution, and retail sales activities were
established in 2012 as services shared by the wholesale operations,
and to enhance and facilitate sales. They comprise a pivotal and
critical phase in the Company's strategy to become vertically
integrated. As such, they are expected to take on an increasingly
more prominent role in 2013, and beyond.
From the last quarter of 2012 the Company decided to generate
business income to fund its shared services operations including
sales, finance, and administrative functions from the following
development initiatives:
- The Wholesale and Distribution Facilities development project
including design, construction and project management of its
business operation of a specialist modern beef wholesale and
distribution center (Wholesale Center 2) for Guangzhou City NaWei
Trading Co. Ltd ("NWT"), an unrelated Chinese third party owned
company situated at the Guangzhou
City, LiWan District, New Wholesale Market. Work started in
November, 2012. As of the date hereof, the Company has completed a
freezing room facility with the capacity to store up to
150 MT of frozen food at -25 Degrees
Celsius with renovation and alteration work progressing on other
facilities (e.g., wholesaling shop, packaging and processing
facility, office, dry good storage, function room, etc.)
- Project development including design, construction, and project
management of a Central Kitchen, a Central Bakery, a fast food
restaurant and 3 mobile food stores (Central Facility 1) situated
adjacent to Wholesale Center 2. The business operation is for
Guangzhou City WangXiangChen ("WXC"), an unrelated Chinese company.
Work started in November 2012, and as
of the date hereof, about 50% of the construction work was
completed.
- A restaurant development project including design,
construction, and project management of business operations for two
new gourmet restaurants situated at the Guangzhou City, Tianhe District, ("Restaurant
3") and Guangzhou City, DaShaiWan
District, Harbor City Shopping Center ("Restaurant 4"). As of the
date hereof, construction and renovation work on Restaurant 3 has
been completed and it opened for business on March 19, 2013, while work is progressing on
Restaurant 4.
- The construction of a Trading complex ("Trading Center") for
the Company's Import and Export trading at another building
adjacent to the Wholesale Centers 1 and 2. As of the date hereof,
construction work is in progress while the marketing and sales
business operations are making good progress developing sales into
various reputable food chain outlets, wholesale market stores and
super market chains in the Guangzhou City, as well as in the southern
coastal towns of the Guangdong
Province.
Given current success on existing projects, the Company expects
to be appointed the turnkey solution provider to develop over 50
gourmet restaurants and fast food outlets collectively within 2
years (2013/2014).
Earnings Call Information
The Company will host an earnings call and web conference with
presentation on April 23, 2013 at
11:00 AM EDT to discuss financial
results for 2012, with questions and answers. To participate in the
conference call and web presentation please use the following
information:
|
SIAF 2012
Earnings Call Information
|
|
Date:
April, 23, 2013
|
Time:
11:00 AM, U.S. Eastern Daylight Time
|
|
Participant Dialing Instructions:
|
|
Toll Free
Number:
(1-800)
766-1337
|
Direct
Dial Number:
(1-404)
920-6210
|
|
Conference
Code: 132978#
|
|
|
An audio replay of the conference call will be made
available in the investor relations section of the Company's web
site.
|
|
SINO AGRO
FOOD, INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
FOR THE
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
$
|
|
$
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents"
|
|
|
|
$8,424,265
|
|
$1,387,908
|
|
Inventories
|
17,114,755
|
|
4,435,445
|
|
Cost and
estimated earnings in excess of billings on uncompleted
contracts
|
2,336,880
|
|
456,104
|
|
Deposits
and prepaid expenses
|
47,308,857
|
|
14,868,838
|
|
Accounts
receivable, net of allowance for doubtful accounts
|
52,948,350
|
|
27,531,915
|
|
Due from
related parties
|
-
|
|
15,820,752
|
|
Other
receivables
|
5,954,248
|
|
9,688,871
|
|
Total
current assets
|
134,087,355
|
|
74,189,833
|
|
Property
and equipment
|
|
|
|
|
Property
and equipment, net of accumulated depreciation
|
19,946,302
|
|
2,667,765
|
|
Construction in progress
|
24,492,509
|
|
3,577,869
|
|
Land use
rights, net of accumulated amortization
|
55,733,246
|
|
56,507,470
|
|
Total
property and equipment
|
100,172,057
|
|
62,753,104
|
|
Other assets
|
|
|
|
|
Goodwill
|
724,940
|
|
724,940
|
|
Proprietary technologies, net of accumulated
amortization
|
8,114,624
|
|
6,977,675
|
|
Long term
accounts receivable
|
-
|
|
5,936,718
|
|
License
rights
|
1
|
|
1
|
|
Unconsolidated equity investee
|
-
|
|
1,258,607
|
|
Total
other assets
|
8,839,565
|
|
14,897,941
|
|
Total
assets
|
$242,866,978
|
|
$151,840,878
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable and accrued expenses
|
$5,762,643
|
|
$1,202,104
|
|
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
2,790,084
|
|
1,962,119
|
|
Due to a
director
|
3,345,803
|
|
289,764
|
|
Dividends
payable
|
951,308
|
|
155,957
|
|
Other
payables
|
6,654,478
|
|
11,968,148
|
|
Due to
related parties
|
-
|
|
867,413
|
|
Short term
bank loan
|
3,181,927
|
|
-
|
|
22,686,243
|
|
16,445,505
|
|
Non-current liabilities
|
|
|
|
|
Deferred
dividends payable
|
3,146,987
|
|
-
|
|
Long term
debts
|
175,006
|
|
-
|
|
3,321,993
|
|
-
|
|
Commitments and contingencies
|
-
|
|
-
|
|
Stockholders' equity
|
|
|
|
|
|
Preferred
stock: $0.001 par value
(10,000,000 shares authorized, 10,000,100 and
7,000,100 shares issued
and outstanding as of December 31, 2012 and
December 31, 2011, respectively)
|
-
|
|
-
|
|
Series A
preferred stock $0.001 par value
(100
shares designated, 100 shares issued and outstanding as
of December 31, 2012 and December 31, 2011,
respectively)
|
-
|
|
-
|
|
Series B
convertible preferred stock: $0.001 par value)
(10,000,000 shares designated, 10,000,000 and
7,000,000 shares issued
and outstanding as of December 31,2012 and December
31, 2011,
respectively)
|
10,000
|
|
7,000
|
|
Series F
Non-convertible preferred stock: $0.001 par value)
(1,000,000
shares designated, 0 shares issued and outstanding as of
December 31, 2012 and December 31, 2011, respectively)
|
-
|
|
-
|
|
Common
stock: $0.001 par value
(100,000,000 shares authorized, 100,004,850 and
67,034,262 shares issued and oustanding as of December 31, 2012
and December 31, 2011,
respectively)
|
100,005
|
|
67,034
|
|
Additional
paid - in capital
|
91,216,428
|
|
72,794,902
|
|
Retained
earnings
|
103,864,308
|
|
50,395,444
|
|
Accumulated other comprehensive income
|
3,868,274
|
|
3,446,838
|
|
Treasury
stock
|
(1,250,000)
|
|
(1,250,000)
|
|
Total Sino
Agro Food, Inc. and subsidiaries stockholders' equity
|
197,818,779
|
|
125,461,218
|
|
Non -
controlling interest
|
19,281,727
|
|
9,934,155
|
|
Total
stockholders' equity
|
217,100,506
|
|
135,395,373
|
|
Total
liabilities and stockholders' equity
|
$243,098,978
|
|
$151,840,878
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
SINO AGRO
FOOD, INC.
|
|
CONSOLIDATED STATEMENTS OF INCOME AND OTHER
COMPREHENSIVE INCOME
|
|
FOR THE
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
|
|
Continuing
operations
|
|
|
|
|
|
2012
|
|
2011
|
|
$
|
|
$
|
|
Revenue
|
138,613,639
|
|
51,879,903
|
|
Cost of
goods sold
|
68,807,471
|
|
26,951,874
|
|
Gross
profit
|
69,806,168
|
|
24,928,029
|
|
General
and administrative expenses
|
(8,385,862)
|
|
(5,302,736)
|
|
Net income
from operations
|
61,420,306
|
|
19,625,293
|
|
Other
income (expenses)
|
|
|
|
|
Government
grant
|
139,836
|
|
-
|
|
Other
income
|
308,332
|
|
449,498
|
|
Gain of
extinguishment of debts
|
1,666,386
|
|
987,518
|
|
Interest
expenses
|
(282,320)
|
|
-
|
|
Net other
income (expenses)
|
1,832,234
|
|
1,437,016
|
|
Net income
before income taxes
|
63,252,540
|
|
21,062,309
|
|
Provision
for income taxes
|
-
|
|
(31)
|
|
Net income
from continuing operations
|
63,252,540
|
|
21,062,278
|
|
Less: Net
(income) attributable to the non -
controlling interest
|
(5,706,708)
|
|
(5,371,246)
|
|
Net income
from continuing operations
attributable to the Sino Agro Food, Inc.
and subsidiaries
|
57,545,832
|
|
15,691,032
|
|
Discontinued operations
|
-
|
|
10,203,951
|
|
Net income
from discontinued operations
|
-
|
|
-
|
|
Less: Net
income attributable to the non -
controlling interest
|
|
|
|
|
Net income
from discontinued operations
attributable to the Sino Agro Food, Inc. and
subsidiaries
|
-
|
|
10,203,951
|
|
Net income
attributable to the Sino Agro Food, Inc. and
subsidiaries
|
57,784,276
|
|
25,894,983
|
|
Other
comprehensive income
|
|
|
|
|
Foreign
currency translation gain
|
448,984
|
|
3,815,775
|
|
Comprehensive income
|
57,994,816
|
|
29,710,758
|
|
Less:
other comprehensive (income) loss
attributable to the non - controlling interest
|
(27,548)
|
|
(721,880)
|
|
Comprehensive income attributable to the
Sino Agro Food, Inc. and subsidiaries
|
57,967,268
|
|
28,988,878
|
|
|
|
|
|
Earnings
per share attributable to
Sino Agro Food, Inc. and subsidiaries
common stockholders:
|
|
|
|
|
From
continuing and discontinued operations
|
|
|
|
|
Basic
|
$
0.70
|
|
$
0.43
|
|
Diluted
|
$
0.63
|
|
$
0.39
|
|
|
|
|
|
Earnings
per share attributable to
Sino Agro Food, Inc. and subsidiaries common
stockholders:
|
$
0.70
|
|
$
0.26
|
|
From
continuing operations
|
|
|
|
|
Basic
|
|
|
|
|
Diluted
|
$0.63
|
|
$0.23
|
|
Weighted
average number of shares outstanding:
|
|
|
|
|
Basic
|
82,016,910
|
|
60,158,210
|
|
Diluted
|
92,016,910
|
|
67,158,210
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
SINO AGRO
FOOD, INC. CONSOLIDATED
|
|
STATEMENT
OF CASH FLOWS
|
|
FOR THE
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
|
|
|
|
Cash flows
from operating activities
|
|
|
|
|
|
|
2012
|
2011
|
|
Net income from continuing operations
|
$ 63,252,540
|
$ 21,062,278
|
|
Adjustments to reconcile net income from continuing
operations to net cash from operations:
|
|
|
|
Depreciation
|
443,361
|
220,810
|
|
Amortization
|
1,934,909
|
1,043,181
|
|
(Gain) on extinguishment of debts
|
(1,666,386)
|
(987,518)
|
|
Common stock issued for services and employee's
compensation
|
2,229,657
|
2,139,057
|
|
Changes in operating assets and
liabilities:
|
|
|
|
Increase in inventories
|
(10,037,494)
|
(4,477,682)
|
|
Increase in deposits and prepaid expenses
|
(34,307,276)
|
1,499,930
|
|
Increase (decrease) in due to a director
|
9,443,070
|
(6,313,946)
|
|
Increase in accounts payable and accrued
expenses
|
3,342,916
|
811,258
|
|
(Decrease) increase in other payables
|
(845,562)
|
11,798,629
|
|
Increase in accounts receivable
|
(18,142,198)
|
(9,567,456)
|
|
Increase in cost and estimated earnings in excess of
billings on uncompleted contracts
|
(1,880,776)
|
(456,104)
|
|
Increase in billings on uncompleted contracts in
excess of costs and estimated earnings
|
827,965
|
1,962,119
|
|
(Decrease) Increase in due to related
parties
|
867,413
|
643,529
|
|
Decrease (Increase) in due from related
parties
|
(15,820,752)
|
(10,434,519)
|
|
Decrease (increase) in other receivables
|
3,734,623
|
(5,721,191)
|
|
Net cash provided by operating activities
|
33,282,688
|
3,222,375
|
|
Cash flows from investing activities
|
|
|
|
Acquisition of proprietary technologies
|
(1,500,000)
|
-
|
|
Purchases of property and equipment
|
(10,756,744)
|
(252,346)
|
|
Proceeds of disposal of subsidiaries
|
-
|
557,700
|
|
Investment in unconsolidated equity
investees
|
-
|
(1,258,607)
|
|
Net cash outflow from business combination of
subsidiaries
|
(6,893,349)
|
-
|
|
Payment for construction in progress
|
(19,185,878)
|
(1,346,394)
|
|
Net cash used in investing activities
|
(38,335,971)
|
(2,299,647)
|
|
Cash flows from financing activities
|
|
|
|
Long term debts raised
|
175,006
|
-
|
|
Non-controlling interest contribution
|
3,613,316
|
-
|
|
Short term bank loan raised
|
3,181,927
|
-
|
|
Dividends paid
|
(134,631)
|
(573,814)
|
|
Net cash provided by (used in) financing
activities
|
6,856,366
|
(573,814)
|
|
Net cash provided by continuing operations
|
1,782,335
|
348,914
|
|
Cash flows from discontinued operations
|
|
|
|
Net cash provided by operating activities
|
-
|
-
|
|
Net cash used in investing activities
|
-
|
(3,137,885)
|
|
Net cash used in financing activities
|
-
|
-
|
|
Net cash used in discontinued operations
|
-
|
(3,137,885)
|
|
Effects on
exchange rate changes on cash
|
5,254,022
|
286,853
|
|
Increase in cash and cash equivalents
|
7,036,357
|
(2,502,118)
|
|
Cash and cash equivalents, beginning of
year
|
1,387,908
8,424,265
|
3,890,026
1,387,908
|
|
Less: cash and cash equivalents at
the end of the year - discontinued operation
|
-
|
-
|
|
Cash and cash equivalents at the end of the year -
continuing operations
|
$ 8,424,265
|
$
1,387,908
|
|
Supplementary disclosures of cash flow
information:
|
|
|
|
Cash paid for
interest
|
|
|
|
Cash paid
for interest
|
$282,320
|
-
|
|
Cash paid for income taxes
|
-
|
$
31
|
|
Common
stock issued for settlement of debts and proprietary technology
payable
|
$
17,863,417
|
$
11,512,386
|
|
Series B convertible preferred stock
|
$3,000
|
-
|
|
Common stock issued for service and employee
compensation
|
$
362,400
|
4,278,114
|
|
Common stock acquired for cancellation
|
-
|
$
(1,579,400)
|
|
Transfer to property and equipment from construction
in progress
|
$ 6,419,170
|
-
|
|
Transfer to land use rights from construction in
progress
|
$
528,451
|
-
|
|
Settlement of land use rights payable in contra of
disposal proceeds receivable
|
-
|
$
38,056,750
|
|
Disposal proceeds receivable from sale of
subsidiaries, HYT and ZX
|
-
|
$
5,386,233
|
|
Purchases of treasury stock
|
-
|
$
(1,250,000)
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
About Sino Agro Food, Inc.
Sino Agro Food, Inc.
("SIAF") (http://www.sinoagrofood.com) is an integrated,
diversified agricultural technology and organic food company
focused on developing, producing and distributing agricultural
products in the Peoples Republic of
China. The Company intends to focus on meeting the
increasing demand of China's
rising middle class for gourmet and high-quality food items.
Current lines of business include the manufacture and distribution
of beef and lamb products, fish products, bio-organic fertilizer,
stock feed and cash crops.
Not a Broker/Dealer or Financial Advisor
Sino Agro
Food, Inc. is not a Registered Broker/Dealer or a Financial
Advisor, nor does it hold itself out to be a Registered
Broker/Dealer or Financial Advisor. All material presented in this
press release, on the Company's website or other media is not to be
regarded as investment advice and is only for informative purposes.
Readers should verify all claims and conduct their own due
diligence before investing in Sino Agro Food, Inc.
Investing in small-cap, micro cap and penny stock securities
is speculative and carries a high degree of risk.
No Offer of Securities
None of the information
featured in this press release constitutes an offer or solicitation
to purchase or to sell any securities of Sino Agro Food, Inc.
Forward Looking Statements
This release contains
certain "forward-looking statements" relating to the business of
SIAF and its subsidiary companies, which can be identified by the
use of forward-looking terminology such as "believes, expects" or
similar expressions. Such forward-looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Certain of these
risks and uncertainties are or will be described in greater detail
in our filings with the Securities and Exchange Commission. These
forward-looking statements are based on SIAF's current expectations
and beliefs concerning future developments and their potential
effects on SIAF. There can be no assurance that future developments
affecting SIAF will be those anticipated by SIAF. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by such
forward-looking statements. SIAF undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required under applicable securities laws.
SOURCE Sino Agro Food, Inc.