GUANGZHOU, China, March 4, 2014 /PRNewswire/ -- Sino Agro
Food, Inc. (OTC BB: SIAF.OB) is an integrated, diversified
agriculture technology and organic food company (the "Company")
with principal operations in the People's
Republic of China.
Capital Award, Inc. ("CA"), a wholly owned subsidiary of Sino
Agro Food, Inc, has licensed its A-Power Technology ("APT") to
Glory Ocean Development Ltd ("GODL," a Hong Kong corporation), who has signed a Sino
Foreign Joint Venture ("SFJV") agreement with a group of
business partners in Zhongshan City, Guangdong Province, PRC. Pursuant to the
SFJV agreement, a Sino Foreign Joint Venture Company will be
incorporated to develop an 8,000 MU prawn and agriculture center in
Zhongshan ("Project"). Hong Kong
law governs the license agreement.
The SFJV agreement specifies that one of the responsibilities of
GODL thereunder is to "procure and secure the services of Capital
Award, Inc. as the master consulting and servicing provider and
management of the Project and its developed operations, to be in
charge of all affairs of the Project using the said technology to
develop the Project."
In accordance with the agreement, as GODL fulfills this
responsibility, CA will be engaged to provide construction and
development, as well as consulting support in the form of
management, supervision, and training. Phase I fees payable to CA
are presently estimated to total approximately 149.6M USD, consisting of 104.3M USD from construction and development, and
45.3M USD from consulting, including
8.5M USD in license fees for 350
A-Power Modules for Phase I. Phase I covers the period beginning on
the date of the license agreement and ending two years
thereafter.
In addition, CA is expected to be designated as the marketer and
distributor of the project's end product prawns and produce.
APT is an engineered, self-contained water treatment and
recirculating aquaculture system for the growing of aquatic animals
on a commercial scale. CA holds the master license for this
technology in China.
Sino Agro Food CEO Solomon Lee
commented, "I am very pleased and gratified to make this
announcement today. The license agreement represents a culmination
and a beginning at the same time. It validates our technology and
the success of our current indoor fish and prawn farms, which, in a
sense, have served as demonstration farms. The agreement is a major
marker in the Company's growth and stature. I look forward to
reporting more details as further approvals materialize, and
project activities progress."
For more information on the A-Power Technology license agreement
between CA and GODL, please refer to the most recent 8-K for the
Sino Agro Food, when filed: http://1.usa.gov/1exib8O.
For more information on the use of CA's management and
development services for the Project, please refer to the Joint
Venture Agreement: http://bit.ly/OVWu8T.
About Sino Agro Food, Inc.
Sino Agro Food, Inc.
(http://www.sinoagrofood.com) is an agriculture technology and
natural food holding company with principal operations in
the People's Republic of China.
The Company acquires and maintains equity stakes in a cohesive
portfolio of joint venture companies that SIAF forms according to
its core mission to produce, distribute, market and sell natural,
sustainable protein food and produce, primarily seafood and cattle,
to the rapidly growing middle class in China. SIAF provides financial oversight and
strategic direction for each company, and for the interoperation
between companies. The Company owns or licenses patents,
proprietary methods, and other intellectual properties in its areas
of expertise. SIAF provides consulting and services to joint
venture partners to construct and operate food businesses,
primarily producing wholesale fish and cattle. Further, joint
ventures market and distribute the wholesale products as part of an
overall "farm to table" concept and business strategy.
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Forward Looking Statements
This release may contain
forward-looking statements relating to the business of SIAF and its
subsidiary companies. All statements other than historical facts
are forward-looking statements, which can be identified by the use
of forward-looking terminology such as "believes," "expects" or
similar expressions. These statements involve risks and
uncertainties that may cause actual results to differ materially
from those anticipated, believed, estimated or expected. These
risks and uncertainties are described in detail in our filings with
the Securities and Exchange Commission. Forward-looking statements
are based on SIAF's current expectations and beliefs concerning
future developments and their potential effects on SIAF. There is
no assurance that future developments affecting SIAF will be those
anticipated by SIAF. 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
required under applicable securities laws.
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.
Contact:
Peter Grossman
Investor Relations
+1 (775) 901-0344
info@sinoagrofood.com
SOURCE Sino Agro Food, Inc.