Top Government Officials Visit Operations at SanJiang
GUANGZHOU, China, Oct. 17, 2012 /PRNewswire/ -- Sino Agro Food, Inc. (OTCBB: SIAF.OB), an emerging integrated, diversified agriculture technology and organic food company (the "Company") with its principal operations located throughout the Peoples Republic of China ("PRC"), is pleased to announce that on September 26, 2012, Secretary General Qiang Wei, Secretary Wang Xiaoging and Deputy Mayor Dan Bentai of the QingHai Province toured operations at Qinghai Sanjiang A Power Agriculture Co., Ltd., a Sino Agro Food joint venture partner.
Mr. Solomon Lee, Chief Executive Officer of the Company, stated, "It was a great honor for us to host a visit by the highest ranking government officials within the Qinghai province at our Sanjiang operation. Our operations left a strong impression due to the use of farmer cooperatives and a focus on education and training."
During the visit the Secretary General listed the following as important items in which to take pride:
- Our success in forming local farmer cooperatives and helping lift those farmers' economic situation.
- Our coordinated efforts at producing a higher quality stock feed bringing better economic and social benefit to the region.
- Improving the economy of scale of commercial cattle farming in the region and the development of our cold weather enzyme, which has helped increase farming income between 30% and 60%.
Information on the visit can be found at the Qinghai government web site at:
English translated link:
During the third quarter, the Company sold 2,088 metric tons of organic fertilizer from its operations at SanJiang and reported 3,029 metric tons in inventory. During the same period the Company sold 5,939 metric tons of livestock feed and recorded 1,404 metric tons in inventory. The Company has also sold 915 head of cattle and has a current inventory of 1,450 head.
SanJiang is currently preparing to build a new enzyme factory and concentrated livestock feed manufacturing facility on site. The funding for these projects comes from a recently approved $3.2M dollar loan from the Agricultural Bank of China.
The Company is also in negotiations with a reputable and experienced local meat processing company to form a joint venture partnership in developing a slaughterhouse and boning facility adjacent to the SanJiang property.
Based on the Company's current developments and partnerships, it is anticipated that the Company will be granted the coveted Dragonhead Enterprise Status by 2014.
Dragonhead Enterprise status in the PRC is awarded by the government to companies considered to be leaders in their industry sectors. It provides certain tax exemptions and other financial support for companies that show exceptional merit and identifies them as local corporate leaders, creating a positive image as they do business within their community.
ABOUT SINO AGRO FOOD, INC.
Sino Agro Food, Inc. ("SIAF") (http://www.sinoagrofood.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company intends to focus on meeting the increasing demand of China's rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of beef and lamb products, fish products, bio-organic fertilizer, stock feed and cash crops.
Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a Financial Advisor, nor does it hold itself out to be a Registered Broker/Dealer or Financial Advisor. All material presented in this press release, on the Company's website or other media is not to be regarded as investment advice and is only for informative purposes. Readers should verify all claims and conduct their own due diligence before investing in Sino Agro Food, Inc.
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No Offer of Securities
None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "estimates," "believes," "anticipates," "intends," expects" and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. 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 may be required under applicable securities laws.
SOURCE Sino Agro Food, Inc.