HONG KONG and NEW YORK, Aug. 5, 2008 (PRIME NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE), a broadband and value added Internet services provider in China, announced that it has entered into a memorandum of understanding ("MOU") with France Barter Exchange ("FBE"), in a joint cooperation to conduct, develop and conduct barter trade with Sino Fibre's joint venture ("JV"), China Business Online Company Limited. Both parties agreed that FBE will act as a barter trade marketing arm in France for the JV company to promote Sino-European barter exchange, and to promote and process the barter trade transactions to and from China, France and other European countries.
Daniel McKinney, Chief Executive Officer of Sino Fibre, remarked on this new business development with the FBE, "This agreement with FBE will greatly expand our business reach and facility for trading into France and Europe and complement our previous agreement in Germany, which will ultimately bring more traffic to ride on the China fiber optic network which we represent, and are in the process of acquiring."
Sino Fibre's JV is with the China Association of Small and Medium Enterprises ("CASME"), which will explore the Chinese market and introduce e-business and provide barter trade services to Chinese small and medium sized enterprises and owns a 85% share. CASME holds the remaining 15% of the JV.
CASME is administered by the Chinese National Development and Reform Commission to provide business development assistance to more than 4.5 million Chinese small and medium sized enterprises in China and aboard. CASME operates across China with branch offices in cities and provinces throughout the country. View more at: www.ca-sme.org.
About France Barter Exchange
France Barter Exchange is a French based barter exchange company with significant international barter trading experience. With its established European network and operations in France, it is expanding to other regions in Europe and around the globe.
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is an open source company dedicated to provide international standard fiber optic backbone telecommunications transmission related sales and leasing services in China to all foreign telecommunications carriers and corporate users. For more information about Sino Fibre Communications, Inc., please visit www.sinofibre.com.
The Sino Fibre Communications Corporate Logo is available at http://www.primenewswire.com/newsroom/prs/?kpgid_4102
This press release may contain, in addition, to historical information, forward-looking statements. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements include, among others, general economic conditions, adverse industry events, industry and government regulation, inability to implement business strategies, competition, currency fluctuations and doing business in China (including risks relating to state ownership, government intervention, foreign investment, repatriation of profits, currency conversion, shareholders' rights, enforcement of judgments, legal system developments, protection of intellectual property rights, permits and business licenses, appropriation, tax, infrastructure and interest rate fluctuations). Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.