ROSLYN, N.Y., Dec. 8, 2015 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global" or the
"Company"), a Virginia company
engaged in shipping, chartering, logistics and related services,
today announced that it has terminated an asset purchase agreement
that was entered into on April 10,
2015 with Rong Yao International Shipping Limited ('Rong
Yao" or the "Seller"), a Hong Kong
company. Pursuant to the agreement, the Company was to acquire the
Rong Zhou, an 8,818 gross tonnage oil and chemical transportation
tanker, from the Seller for $10.5
million, including 1.2 million shares of the Company's
common stock at a value of $1.85 per
share.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, "We
felt our time and resources were best spent focusing on the upside
potential of our shipping and logistics services. We believe
that with greater scale we could integrate an asset management
component to our operations but currently feel that there are
substantial opportunities to leverage our asset-light platform to
grow."
Under the terms of the termination agreement, the Seller will
return the 1.2 million shares of common stock to the Company. In
addition to the termination of the asset purchase agreement, all
ship management and time chartering agreements signed between the
Seller and Sino-Global will also terminate. Upon payment in full of
any balances, Sino-Global will release the mortgage on the Rong
Zhou.
About Sino-Global Shipping America, Ltd.
Founded in the United States in
2001, Sino-Global Shipping America, Ltd. is a company engaged in
shipping, chartering, logistics and related services. Headquartered
in New York, Sino-Global has
offices in Mainland China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency services, shipping and chartering services, inland
transportation management services and ship management services.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.com.
Forward Looking Statements
Any statements and/or other information contained in this
release that relate, directly and/or indirectly, to future plans,
events or performance of the Company are forward-looking statements
that involve risks, and uncertainties some of which are identified
in Sino-Global's filings with the Securities and Exchange
Commission. Actual results, events or performance of the
Company and such other about mentioned events 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 or otherwise disclose the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
CONTACT:
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.