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Sino AG — Board/Management Information 2016
Mar 7, 2016
5464_rns_2016-03-07_9fcb2687-9e77-4999-925b-641a42fc32e4.html
Board/Management Information
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Sino Agro Food CFO to Concentrate on SIAF European Business Development, Current Board Member Mr. Daniel Ritchey Becomes Acting CFO
Sino Agro Food CFO to Concentrate on SIAF European Business Development, Current Board Member Mr. Daniel Ritchey Becomes Acting CFO
Mar 1, 2016
GUANGZHOU, China, March 1, 2016 -- Sino Agro Food, Inc. or
the "Company" (OTCQX: SIAF | OSE: SIAF-ME).
Sino Agro Food, Inc. ("SIAF") announces that Mr. Bertil
Tiusanen is resigning his position of Chief Financial Officer
and assuming the role of Senior Vice President of Business
Development, New Ventures-Europe, effective February 29,
In his new capacity, Mr. Tiusanen will work to identify
opportunities consistent with SIAF's global strategy,
engaging with SIAF's global commercial leadership team,
prioritizing current and new initiatives, and managing their
launch in Europe. The aquaculture carve-out for listing in
Norway is the first priority.
Mr. Tiusanen commented on the transition. "I am thrilled
about the opportunity to accelerate SIAF's efforts to list an
aquaculture subsidiary in Norway and to explore further
European business ventures in the benefit of the Company and
its shareholders. SIAF is best served with a CFO who can
readily travel and work between the various subsidiaries in
China on an ongoing basis. It is virtually impossible for
someone to serve that role effectively along with the demands
of this new position at the same time."
In the interim, Mr. Daniel Ritchey, a member of the SIAF
Board of Directors and currently its Audit Committee has been
offered and has accepted the position as acting CFO. Upon his
appointment as acting CFO, Mr. Ritchey will resign as a
member of the Audit Committee.
Mr. Ritchey's work on behalf of the Company since its
inception will provide for a seamless transition with Company
plans moving forward.
The Board will appoint a search committee to permanently fill
the CFO position.
Mr. Solomon Lee, Chairman and CEO commented, "Our success is
furthered by remaining flexible and utilizing our resources
to best meet dynamic conditions and ambitions. This includes
realigning the role and responsibility of individuals best
suited to carry them forward.
Mr. Tiusanen is highly qualified to handle the challenges his
new position brings and to help accomplish the Company's
goals in Europe.
Mr. Ritchey will serve well as acting CFO bringing to it the
same strengths and focus he has provided the Company over the
last eight years.
I am very confident in the work these individuals will
provide their respective roles as we continue to develop our
operations and move forward with our expansion."
About Sino Agro Food, Inc.
Sino Agro Food develops and operates protein food production
facilities in the People's Republic of China. The Company
produces, distributes, markets, and sells sustainable seafood
and beef to the rapidly growing middle class in China.
Activities also include production of organic fertilizer and
produce. The Company is a global leader in developing land
based recirculating aquaculture systems ("RAS"), and with its
partners is the world's largest producer of sustainable RAS
prawns.
Founded in 2006 and headquartered in Guangzhou, the Company
had over 550 employees and revenue of $404M in 2014.
Operations are located in the provinces of Guangdong,
Qinghai, Hunan, and Shanghai. Sino Agro Food is a public
company listed on OTCQX U.S. Premier in the United States and
on the Oslo Børs' Merkur Market in Norway.
News and information are published on the Company website
(www.sinoagrofood.com), the Company's Facebook page
(www.facebook.com/SinoAgroFoodInc), and on Twitter
@SinoAgroFood.
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.
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.
SOURCE Sino Agro Food, Inc.
For further information: Peter Grossman, Investor Relations,
+1 (775) 901-0344, [email protected], Erik Ahl, Nordic
Countries, +46 (0) 760 495 885, [email protected]