Sino-Global Plans to Acquire Ship Management Company from Qingdao Zhenghe Shipping (Group) Co. Ltd.
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
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Sino-Global Shipping America, Ltd. Contact:
Mr. Anthony S. Chan, CPA
Executive Vice President and Acting CFO