Sino-Global Signs Joint-Venture Agreement with Rocklands Richfield Limited
(Nasdaq: SINO) (“Sino-Global”), a leading, non-state-owned provider of
shipping agency services operating primarily in
signed a joint-venture agreement with
Limited (“Rocklands Richfield” or “RCI”).
Listed on the Australian Securities Exchange, RCI’s two primary businesses
are coal exploration in
RCI has a controlling interest in three proven, high-grade coking coal
deposits in the Bowen Basin of
subsidiary, Coke & Chemicals (“CCS”), processes coking coal and other
by-products, with total revenues of approximately AU$100 million in fiscal
“We are excited about our partnership with RCI and look forward to
leveraging our leading shipping agency services through this
joint-venture,” said Mr.
addition, we expect that this joint-venture will allow us to utilize our
extensive experience providing shipping agency services into complementary
areas such as handling cargo, renting and staffing ships, and to provide
shipping agency services encompassing river transportation to and from RCI’s
coke production facility in Huaibei.”
The proposed joint-venture company will serve as a shipping operator for
cargo ships carrying imported goods to
that the joint-venture will primarily serve coal-carrying ships from RCI’s
mining operations in
and Sino-Global have each agreed to contribute
venture’s start-up and operations, and up to an additional
needed to operate the company and support its business development activities.
The joint-venture will be structured as a
RCI and Sino-Global will each own 50% of the company.
“Currently we are processing approximately 480,000 metric tons of
metallurgical coke per year at our factory in eastern
expansion project which will lift our total capacity to 1.2 million metric
tons per year,” said Mr.
“Sino-Global’s high-quality and timely shipping services combined with the
joint-venture’s shipping operations platform will help us to link our supply
chain and distribution channel seamlessly — from raw material supply in
The joint-venture was funded by Sino-Global’s internal cash position. The
transaction has been approved by Sino-Global’s board of directors and is
expected to close, subject to customary closing conditions, in
About Rocklands Richfield Limited
Rocklands Richfield is a multi-pronged company following the acquisition
of CCS in
The principal business activities of CCS are the manufacture and sale of
grade 2 metallurgical coke from locally sourced coals and the production of
coke by-products, namely tar, crude benzene, ammonium sulphate, and coal gas.
The modern coking factory is located in Huaibei in
Rocklands Richfield holds tenements over three highly prospective
owned) and Richfield (60% owned). These projects are in the vicinity of many
other large producing mines including Newlands, Hail Creek and Blackwater.
About Sino-Global Shipping America, Ltd.
Mainland China, Sino-Global is a leading, non-state-owned provider of
high-quality shipping agency services. With local branches in six of
76 ports and contractual arrangements in all those where it does not have
branch offices, Sino-Global is able to offer efficient,
high-quality shipping agency services to shipping companies entering Chinese
ports. With a subsidiary in
relationship with a local shipping agency, Sino-Global provides complete
shipping agent services to companies involved in trades between Chinese and
Australian ports. Sino-Global also operates a subsidiary in
to provide comprehensive shipping agent services to vessels going to and from
one of the world’s busiest ports.
Sino-Global provides ship owners, operators and charters with
comprehensive yet customized shipping agency services including intelligence,
planning, real-time analysis and on-the-ground implementation and logistics
support. Sino-Global has achieved both ISO9001 and UKAS certifications.
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 undo reliance on these forward-
looking statements, which speak only as the date hereof. Specifically, Sino-
Global cannot guarantee that the joint-venture agreement with Rocklands
Richfield Limited, the cooperation between the two companies, or any planned
shipping operation business will produce any revenues or meet the prospects
referenced herein. 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.
For investor and media inquiries, please contact: Ms. Apple Liang Sino-Global, Beijing Tel: +86-10-6439-1888 Email: firstname.lastname@example.org Ms. Flora Tian Ogilvy Financial, Beijing Tel: +86-10-8520-6524 Email: email@example.com
SOURCE Sino-Global Shipping America, Ltd.