HONG KONG, March 4, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today announced the signing of a 10 year sales contract to supply rice super seeds.
Our 55% owned subsidiary, Huizhou Shi Ji Wu Feng Agricultural Biotechnology Co. Ltd., ("HB") has signed an agreement to supply Jiangxi Jingcai Nonglin Science and Technology Co., Ltd. ("JJN") with our super rice seeds. The contract includes consulting and technical guidance as well as providing promotional materials to JJN. The contract is expected to generate US$1.46 million in sales for 2013 increasing to US$14.6 million in 2014 and a projected US$43 million by 2015.
Our super rice seeds are disease resistant, high yielding genetically improved rice with the transgenic rice grain length increased by 25% over normal rice. It produces lower chalky rice with a 23% weigh gain and 10% grain number increase. The super seeds are produced in our laboratories at HB.
Daniel McKinney, CEO said, "This 10 year contract to supply our rice super seeds is a significant step for the company in executing our business plan. We have now developed three main businesses in SFBE":
1. Supplying biomass factories to municipal governments
(USD 40 to 300 million per Biomass factory)
2. Supplying biomass factories to produce green electricity and organic fertilizer
(USD 25 to 100 million per plant)
3. Supplying super rice seeds.
McKinney concluded, "This is an excellent Q1 start for our business in 2013."
SFBE is currently in negotiations to supply a biomass factory to the Palm Oil industry in Philippines to generate electricity and produce organic fertilizer.
SFBE is current in its reporting on the OTC Alternative Reporting Standard.
About Sino Bioenergy Corp.
Established in May 2005, Sino Bioenergy Corp. is a Nevada Corporation that trades on the OTC Pink (symbol: SFBE) and Bourse Berlin Exchange (symbol: 3SF). Please see our websites at: www.sinobioenergy.com. Total shares outstanding: 711,915,750 as of March 5, 2013.
The Sino Bioenergy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4102
This press release contains forward-looking statements based on management's expectations and beliefs, and 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. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.