HONG KONG, Nov. 25, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today confirmed that it conducted an independent audit review of its accounts to run standard audit tests for the quarter ending September 30, 2013.
The audit review was conducted at our prior to the release of the quarterly filing by Weld Asia Associates, based in Kuala Lumpur, Malaysia. (PCAOB registered firm)
The Audit Review Report stated: "We found the trial balances and accounting records are well kept and maintained, and the system is effective and efficient to facilitate our audit review and testing. We found the sales items were transacted mostly on cash basis, properly supported with sales invoice recorded in the general ledger, the amounts were subsequently settled and properly reflected in the financial report. We found the treatment of cost of sales have been properly dealt with, recorded in the general ledger and reflected in the financial report. We found that the accounting vouchers are well kept and maintained, supported with proper vouchers and receipts and proper approval by the General Manager and other authorized officers."
Daniel Mckinney, CEO commented, "The Board of Directors was pleased by the opinion of Weld about the quality and accuracy of our accounting and reporting systems. We will continue to use Weld for systems and accounting tests of our subsidiaries."
On November 14th, the Company reported nine months revenues of US$6,044,539 with a net profit of US$201,427.
SFBE is current in its reporting under 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 Fully diluted shares outstanding: 711,915,750 as of November 25, 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.