GUANGZHOU, China, July 22, 2015 /PRNewswire/ -- Sino Agro Food, Inc. (OTCQB: SIAF, also referred to herein as "SIAF" or the "Company") is an integrated, diversified agriculture technology and organic food company with principal operations as primary producer, processor, and marketer of protein foods in the People's Republic of China ("PRC").
In late first quarter 2015, Prawn Farm 2 ("PF2") began to meet targeted daily sales of five million Giant River Prawn ("GRP", genus species Macrobrachium rosenbergii) post-larvae ("PL," previously referred to as "fries" or "fingerlings"); the same production is anticipated for the remainder of 2015. Sales of GRP PL are expected to generate in excess of $10M in 2015.
PF2 is pursuing a similar course for quality brood stock for the Mexican White and Green Prawn varieties. The Company anticipates that full production for all three varieties will be measured in billions in 2015, with average prices varying from $46 to $114 per 10,000.
Sino Agro Food's vision is to become an aquaculture leader focusing on organically farmed fish and prawns. SIAF anticipates substantial growth opportunities in its aquaculture operations in the years ahead, producing organic prawns using the Company's proprietary re-circulating aquaculture system technology on a considerable scale. Today the Company's indoor and open dam aquaculture operations produce sleepy cod, two types of eels and three species of prawns. New species are continuously being tested in order to satisfy market preferences and take advantage of price fluctuations.
Sino Agro CEO Solomon Lee commented, "In addition to providing a further source of income for the Company, the hatchery and nursery operations give us control of the full prawn life cycle, gaining maximum control over the farming of prawns from a genetic perspective, producing improved yields of disease free prawns. By interoperating with the Company's R&D center and supplying other project companies through SIAF's marketing and distribution arm, PF2 is a vertically integrated hub supporting our vision toward becoming a leader in the aquaculture industry."
About Prawn Farm 2
The core function of Prawn Farm 2 is to provide hatchery and nursery operations that supply post-larvae prawns to the Company's facilities toward producing fully grown disease-free prawns at both PF2 and later the New Zhongshan Prawn "MegaFarm" Project for wholesale to third parties.
Prawn Farm 2 has a land bank of 120,000 square meters (30 acres), with an additional 30,000 square meters reserved to construct an indoor grow-out farm with capacity to produce up to 1,200 MT of prawns per year. The indoor farm uses SIAF's proprietary re-circulating aquaculture technology, known as "APRAS" to ensure pure water without the use of chemicals or hormones, and to reduce water consumption and pollution.
Plans for PF2 follow the parent holding company's typical formula; that is, as an aquaculture technology provider, SIAF develops aquaculture projects on behalf of third party investors and prawn farming professionals. In order to protect its proprietary technology and management systems, to control the value chain, to successfully integrate into primary production, and as a crucial and prudent element of its business model, SIAF retains an option to acquire the aquaculture project once completed.
Completion of the acquisition of Prawn Farm 2 into a Sino Foreign Joint Venture Company ("SFJVC"), Zhongshan A Power Prawn Culture Development Co., Ltd. ("ZSAPP"), is targeted for 2016. As previously communicated, ZSAPP is expected to contribute up to 30% of Capital Award's revenue and gross profit, excluding the Zhongshan New Prawn Project. Reported revenue from the Aquaculture Division from sale of goods in 2014 totaled $105.8M.
About Sino Agro Food, Inc.
Sino Agro Food, Inc. is an agriculture technology and natural food holding company with principal operations in the People's Republic of China. The Company acquires and maintains equity stakes in a cohesive portfolio of companies that SIAF forms according to its core mission to produce, distribute, market and sell natural, sustainable protein food and produce, primarily seafood and cattle, to the rapidly growing middle class in China. SIAF provides financial oversight and strategic direction for each company, and for the interoperation between companies. The Company owns or licenses patents, proprietary methods, and other intellectual properties in its areas of expertise. SIAF provides consulting and services to joint venture partners to construct and operate food businesses, primarily producing wholesale protein foods. Further joint ventures market and distribute the wholesale products as part of an overall "farm to table" concept and business strategy.
News and updates about Sino Agro Food, Inc., including key information, are published on the Company's website (http://www.sinoagrofood.com) and the Company's Facebook page (www.facebook.com/SinoAgroFoodInc)
Forward Looking Statements
This release may contain forward-looking statements relating to the business of SIAF and its subsidiary companies. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There is no assurance that future developments affecting SIAF will be those anticipated by SIAF. 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 required under applicable securities laws.
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. Investing in small-cap, micro cap and penny stock securities is speculative and carries a high degree of risk.
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.
SOURCE Sino Agro Food, Inc.