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Sino AG — Capital/Financing Update 2016
Dec 1, 2016
5464_iss_2016-12-01_af6b27ab-79a1-4e9c-8c44-555dea1443cc.html
Capital/Financing Update
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Sino Agro Food Inc. Receives Loan Commitment to Develop Aquaculture Business
Sino Agro Food Inc. Receives Loan Commitment to Develop Aquaculture Business
GUANGZHOU, China-- Sino Agro Food, Inc. (OTCQX: SIAF | OSE: SIAF-ME), an
agriculture technology and natural food company that produces and sells protein
food including seafood and cattle, on behalf of its wholly owned subsidiary Tri
-way Industries Ltd. (Tri-way), confirms that its operating company, Jiangmen
City A Power Fishery Development Co. Ltd. (JFD), has received an official letter
of commitment from one of Southeast Asia's preeminent international banking
firms regarding its loan approval. The loan facility, which is subject to
customary closing conditions, is an unsecured revolving 2-year term loan of CNY
250 Million (USD 36.3M) for purposes of financing JFD's aquaculture business
unit's working capital. The interest rate will be in line with conventional
rates currently afforded revolving loans in China, which are currently hovering
around 4.5% to 6.5%.
Solomon Lee, the Chairman and CEO of Sino Agro Food, stated, "We would like to
extend our appreciation to the lending institution for its commitment to us and
our aquaculture business portfolio. Their sector expertise, business foresight
and strong understanding of the significant opportunities within the China
market were invaluable to us when securing this loan. The loan will enable us to
develop the farm projects in the Guangdong region within an accelerated time
frame.
"In addition to providing capital to build out the Aquaculture segment of our
business, we are confident this facility will enhance the Company's credit
worthiness in its ability to secure additional funds from the market. We remain
committed to executing on our strategic plan to develop the Aquaculture business
into a world-leading provider of seafood prior to spinning out the business and
listing it on a major stock exchange. This strategy is expected to unleash
significant shareholder value and we are excited by the opportunities ahead of
us as we move into this high growth phase of our development," concluded Mr.
Lee.
About Sino Agro Food, Inc.
SIAF is a specialized investment company focused on protein food. 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. SIAF 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 USD 429 million in 2015. Operations are located in
Guangdong, Qinghai, and Hunan provinces, and in 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 updates about Sino Agro Food, Inc., including key information, are
published on the Company's website (http://www.sinoagrofood.com), the Company's
Facebook page (https://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.
Investor Relations
Peter Grossman
+1 (775) 901-0344
Todd Fromer / Elizabeth Barker
+1 (212) 896-1215 / 212-896-1203
Erik Ahl
Nordic Countries
+46 (0) 760 495 885