NEW YORK, Jan. 26, 2015 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NasdaqCM: SINO) ("Sino-Global" or
the "Company"), a shipping agency, logistics and ship
management services company, today announced that it has entered
into a Memorandum of Understanding (the "MOU"), by and
between the Company and Rong Yao International Shipping Limited, a
Hong Kong corporation (the
"Vessel Seller") pursuant to which the Company has agreed to
acquire a small oil/chemical tanker (the "Vessel") from the
Vessel Seller. Pursuant to the terms of the MOU, the purchase price
for the Vessel is RMB 65 million (or
approximately US $10.5 million),
which may be paid in any combination of cash, debt financing and/or
the issuance of securities of the Company to the Vessel Seller,
that the parties so agree to in the definitive purchase agreement.
The following sets forth certain information provided by the
Company, from the Vessel Seller regarding the Vessel:
Vessel
Name:
|
Rong Zhou
|
IMO
Number:
|
9526708
|
Classification
Society:
|
NK
|
Class
Notation:
|
Oil/Chemical
Tanker
|
Year of
Build:
|
2010
|
Builder/Yard:
|
Zhejiang Chenglu
Shipbuilding Co., Ltd.
|
|
Zhoushan City,
Zhejiang Province, China
|
Flag:
|
Hong Kong
|
Place of
Registration:
|
Hong Kong
|
Gross/Net
Tonnages:
|
8,818/4,464
|
Based upon discussions with the Vessel Seller and the Company's
preliminary due diligence, the Vessel Seller has used the Vessel
for commercial operations since 2012 by chartering the Vessel to
various third party charterers for voyage charters in connection
with the transportation by such third party charterers of crude
palm oil, olein, refined bleached deodorized palm oil and motor
gasoline from ports in Indonesia
to ports in India and Bangladesh.
The closing of the proposed vessel acquisition shall be subject
to a number of closing conditions including, but not limited to,
the parties negotiating and entering into definitive purchase
agreements, the Company obtaining, on terms and conditions
satisfactory to the Company, the financing necessary to pay all or
the required cash portion of the purchase price for the Vessel
(which may include proceeds received from the Company from the sale
of its securities and/or loans from third parties), approval of the
Board of Directors of the Company, satisfactory completion by the
Company of its due diligence of the Vessel and compliance with and
obtaining all necessary consents, approvals and permits for the
Company to acquire and operate the Vessel.
About Sino-Global Shipping America, Ltd.
Founded in the United States of
America in 2001, Sino-Global Shipping America, Ltd. is a
shipping agency, logistics and ship management services company.
The Company is headquartered in New
York with offices in China,
Australia, Canada and Hong
Kong. Its current service offerings consist of shipping
agency services, shipping and chartering services, inland
transportation management services and ship management services.
For more information, please visit: www.sino-global.com.
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.
For more information, please contact:
Mr. Anthony S. Chan, CPA
EVP & Acting CFO
+1 718-888-1814
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SOURCE Sino-Global Shipping America Ltd.