NEW YORK, July 8, 2014 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NasdaqCM: SINO) ("Sino-Global" or the "Company"), an international shipping agency and logistic services provider, today provided an update on its ongoing strategic discussions with Qingdao Zhenghe Shipping (Group) Co. Ltd. ("Zhenghe") and announced that Sino-Global has signed a non-binding acquisition proposal to acquire Zhenghe's ship management company, Longhe Ship Management (Hong Kong) Co., Ltd. ("Longhe Ship Management").
Incorporated in Hong Kong, Longhe Ship Management provides ship and crew management services for a number of dry bulk ships that are built and owned by Zhenghe. The exact terms and conditions of the planned acquisition have not been determined and are subject to further negotiation between the two parties as well as review and approval of Sino-Global's Board of Directors.
About Qingdao Zhenghe Shipping Group Limited
Headquartered in Qingdao City, Shandong Province, Qingdao Zhenghe Shipping (Group) Co. Ltd. ("Zhenghe") is one of the leading shipping and transportation companies in China with its origin tracing to 1953 when its predecessor, state-owned Qingdao Shipping Corporation, was founded. With over 6,000 employees and total assets over RMB 2 billion, Zhenghe is a vertically integrated shipping and transportation company with businesses including shipbuilding and repair, ship leasing, fleet management, port management, domestic and international shipping (dry bulk carriers, container ships), shipping agency, and logistic services.
About Sino-Global Shipping America, Ltd.
Founded in the United States of America ("U.S.") in 2001, Sino-Global Shipping America, Ltd. is a Virginia corporation with its primary U.S. operations in New York. The company provides its customers with comprehensive yet customized shipping agency, shipping and chartering, and inland transportation management services. As a general shipping agent, the Company serves ships coming to and departing from a number of countries and regions, including China, Australia, South Africa, Brazil, New Zealand, and Canada. For more information, please visit http://www.sino-global.net/.
Safe Harbor Statements
This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "except," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, those discussed under the section entitled "Risk Factors" in our Form S-3/A, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Sino-Global Shipping America, Ltd. Contact:
Mr. Anthony S. Chan, CPA
Executive Vice President and Acting CFO
SOURCE Sino-Global Shipping America, Ltd.