ROSLYN, New York, Nov. 1, 2016 /PRNewswire/ -- Sino-Global Shipping
America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company" or
"we"), a non-asset based global shipping and freight logistic
integrated solution provider, today announced that its Chief
Executive Officer, Mr. Lei Cao, released a Letter to Shareholders
updating current activities and outlining its corporate strategy
for 2016 and 2017. The letter is included in its entirety
below:
To All Our Valued Shareholders:
I wish to thank all of our shareholders for your continued
support since our initial public offering. As Sino-Global's CEO, I
would like to take this opportunity to provide you with some recent
developments and milestones which we have achieved, that I hope
will answer many questions and validate your long term investment
in our Company.
We continue to operate in an industry that is always changing,
and Sino-Global must evolve to meet the needs of the market.
When we completed our IPO in 2008 and listed on Nasdaq, the
Company was focused on shipping agency services predominantly in
China. In 2013, this expanded to include inland
transportation management and shipping management. However,
we continued to see both the importance of diversifying our
business while recognizing the increasing disconnect between
traditional shipping services and inland logistics across multiple
continents. During this same period, the Chinese economy
experienced a slowdown, which created a disruption in our market
that included increased competition for our services in
China with pricing that we deemed
unsustainable for long-term growth.
We have maintained the Company's ultimate goal of alleviating
the challenge of logistics across multiple regions throughout the
world and, in response to the slowdown of the Chinese economy and
increases in local competition in 2013, we developed and
strengthened our business operations in the United States (New York and Los
Angeles), Canada
(Montreal) and Australia (Perth). Combining our existing operations,
experienced management team and established relationships in
shipping markets worldwide, we believe we are well equipped to
build a seamless connection that made economic sense for shippers,
truckers, and the end customers.
Development of Internet-Based Logistics Strategy
Throughout 2016, Sino-Global continued to execute on this
business strategy, while streamlining our operations and improving
our free cash flow. In March, we announced the expansion of
Sino-Global in the United States
market through the formation of a new U.S. based subsidiary,
Sino-Global Shipping LA Inc., located in L.A. ("Sino LA"), and on
May 3rd, announced that
Sino LA had entered a memorandum of understanding with Yaxin
International Co., Ltd., which represents our first customer
agreement for the west coast operation.
With the development of this new subsidiary, we felt that our
Company was in the right position to work toward a solution to
bridge the gap between shipping services and inland transportation
between China and the US.
In August, we announced the development of an internet-based
application that will provide a full-service logistics platform
between the US and China to
short-haul trucking companies in the US. After speaking with
several existing and potential customers, we felt that our Company
was uniquely suited to deliver a proposition that helped to connect
these parties.
By the end of the year, Sino-Global will launch a fully
functional internet-based portal where shippers can connect with
independent trucking organizations. We will manage this
portal and provide a one-stop shop where both parties can directly
communicate for the delivery of shipments. We have designed
the system to enhance productivity and convenience for our
customers and partners while providing Sino-Global with a steady
fee income from providing the connection. The process is not
dissimilar from the current market for transportation network
companies, or "ride-sharing applications." We are excited
about the launch and expect to begin recognizing revenues from our
portal in the current 2017 first quarter.
In the next few months we expect to partner with a number of
trucking operators as we rollout the portal and enhance its
functionality. We will launch a new Sino-Global website
highlighting this endeavor and outlining our future plans for the
fiscal year 2017 and beyond. We intend to continue to
maintain an active dialogue with our shareholders throughout the
process.
We can say with confidence that what we are building here has
all the ingredients required for long-term success and value
creation for our stock. On behalf of our board of directors
and management team, we thank you for your investment in our
company and your continued interest in Sino-Global. Together
we believe we can provide significant value accretion to our
stockholders.
Sincerely
Mr. Lei Cao,
Chairman and CEO
For a current review of the Company and a copy of this letter,
management invites you to access it the Company's website
www.sino-global.net.
About Sino-Global Shipping America, Ltd.
Sino-Global Shipping America, Ltd., a Virginia corporation, is a non-asset based
global shipping and freight logistic integrated solution provider.
Sino-Global provides tailored solutions and value added services to
its shipping and freight customers to drive effectiveness and
control in related links throughout entire logistic chain.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.net. The Company
routinely posts important information on its website.
Forward Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase any security. Such an offer can only be made
in accordance with the Securities Act of 1933, as amended, and
applicable state securities laws. Any statements contained in this
release that relate to future plans, events or performance are
forward-looking statements that involve risks and uncertainties as
identified in Sino-Global's filings with the Securities and
Exchange Commission. Actual results, events or performance may
differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
the date hereof. Sino-Global undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect the events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Contact Information
The Equity Group Inc.
Adam Prior
Senior Vice-President
(212)-836-9606 / aprior@equityny.com
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SOURCE Sino-Global Shipping America, Ltd.