SAN CARLOS, Calif., July 6, 2011 (GLOBE NEWSWIRE) -- Sinobiomed Inc. (d/b/a Sitoa Global Inc.) (OTCQB:STOA) ("Sitoa" or the "Company"), an e-commerce facilitator, today announced an investment from two of the funds managed by ICCP Venture Partners, Inc. ("ICCP Venture Partners"). ICCP Venture Partners is an established "Trans-Pacific" venture capital management firm with offices in Silicon Valley and the Philippines. ICCP Venture Partners is an active investor in US and international technology growth companies and has been a key partner of Sitoa for the last seven years. The funds will be used to continue the Company's expansion into the fast growing social e-commerce segment.
"We welcome this investment from ICCP Venture Partners, which we believe signals their confidence in our ability to execute our business plan," said Cal Lai, the Company's President and CEO. "Our platform solution is on the leading edge of e-commerce and we believe that this investment will help to support our growth and reach our goals."
"Both the principals at ICCP Venture Partners and the Company management team share an enthusiasm for the next generation of e-commerce, which involves the creation of social marketplaces," said William Valtos Jr., Senior Managing Director at ICCP Venture Partners. "The market segment in which the Company is operating is an exciting one and we see strong growth potential there."
The Company has already laid the foundation for its operations in the Asia Pacific region through its recently announced partnership with Solana HK Limited ("Solana") for the full-service hosting of its e-commerce marketplaces, and its plan to launch the ShopShipUSA social e-commerce site, to enable qualified Filipino online shoppers worldwide to purchase branded U.S. or European luxury items tax-free.
ABOUT SINOBIOMED INC. (d/b/a SITOA GLOBAL INC.)
Sinobiomed Inc., which is in the process of changing its name to Sitoa Global Inc., is an e-commerce facilitator that seeks to enable new advances in e-commerce by building and managing leading online marketplaces that match online sellers with targeted customer groups. The Company's efforts target the growth of e-commerce, online media, and social networking. Its goal is to provide infrastructure for online sellers designed to attract focused customer communities as part of a social marketplace, expanding retail selling channels without the risks of focus dilution, increased capital, and operating costs. As part of its revenue model, the Company shares in revenue generated by the marketplace sites, in addition to charging one-time integration and hosting fees.
ABOUT ICCP VENTURE PARTNERS, INC. (ICCP Venture Partners)
ICCP Venture Partners is an established "Trans-Pacific" venture capital management firm with offices in Silicon Valley and the Philippines, geared toward making equity and equity-related investments in emerging growth companies with sound business fundamentals and promising potential to achieve significant medium to long-term capital appreciation. Since its early investment in Marvell in 1998, ICCP Venture Partners' investment portfolio has remained focused upon companies that have scalable proprietary products and services, a defensible market position in an identifiable growing or stable market, a well-defined comparative advantage, and are managed by a team whose individual members possess track records of success in their respective fields and areas of specialization. Additional information about ICCP Venture Partners may be found on its website, http://www.iccpventurepartners.com
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the ability of the Company to deploy its own Keychain data center and in-house telecommunication assets to host marketplaces in the Asia Pacific region, including the newly announced marketplaces Chunjie365 and ShopShipUSA; the ability of the Company's partnership with Solana to result in fast, reliable and scalable online shopping experiences for Asia Pacific customers; the likelihood that the Company will keep avoiding problems encountered by large scale web-based operations in foreign countries, or that it will not face regulations that restrict or limit use in the future; the business strategy, plans, and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.globenewswire.com/newsroom/ctr%3Fd=224559%26l=8%26u=http%253A%252F%252Fwww.sec.gov" target="_top" rel="nofollow">http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.