HONG KONG, June 28, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today announced that it has restated its Q1, 2013 quarterly filing.
The Company's subsidiary, Huizhou Shi Ji Wu Feng Agricultural Biotechnology Co. Ltd., ("HB") has been granted a five (5) year tax holiday from the China Government which is retroactive to the first of the year which constitutes a material event and makes our subsidiary profitable for Q1, 2013.
SFBE's 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. Further, with our seeds and organic fertilizer, three or four rice harvests are achievable per year instead of the usual two harvests per year using conventional rice seeds. "This could a game changer in the rice /agro business," said CEO Daniel Mckinney. "This totally changes the risks and business models for growing rice." The super seeds are produced in our HB laboratories.
SFBE is also currently in talks negotiating a potential joint venture rice growing investment in Cambodia, which was signed in an MOU previously announced on April 11, 2013 with a term of 90 days. Our team visited Cambodia in mid June to carry out site visits and take soil samples. The due diligence is continuing.
As previously reported, In 2012, the company has leased (660 hectares) farmland in Huizhou, China where HB has planted its super rice and will start harvesting next month in July. We anticipate Q3 sales to increase to US$3.25 million.
SFBE is current 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 June 1, 2013.
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.