ROSLYN, N.Y., April 5, 2016 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global" or the "Company"), a company engaged in shipping, chartering, logistics and related services, today announced that it has collected over $4.0 million in outstanding accounts receivables from two long-time customers of the Company. This payment represented 80% of the total amounts outstanding from these two customers. At December 31, 2015, the Company reported cash and cash equivalents of $1.1 million. The Company expects the receipt of payments to be reflected in its quarterly results for its third fiscal quarter ended March 31, 2016.
One customer, Tengda North-Western Ferroalloy, Ltd., reiterated its satisfaction with the Company's services and stated its intention to renew its contract with Sino-Global in the coming months.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, "We remain focused on improving our capital efficiency, including the timely receipt of outstanding payments. Going forward, we will continue to provide inland transportation services for our customers while organizing a timely payment mechanism for outstanding receivables under 180 days. The payment schedule has been agreed by both customers without any detriment to our strong relationships with them. This will also improve our capital position for potential future expansion plans."
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.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.
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SOURCE Sino-Global Shipping America, Ltd.