updated 9/14/2010 7:16:05 AM ET 2010-09-14T11:16:05

HONG KONG, Sept. 14, 2010 (GLOBE NEWSWIRE) -- The Board of Directors of Sinobiomed, Inc. ("Sinobiomed", or "the Company") (Pink Sheets:SOBM) is pleased to announce the memorandum of understanding ("MOU") to acquire the assets of i-Media Asia.

Limei, based in Chengdu, Sichuan Province and the owner of the i-Media assets, has initially agreed to sell all of the i-Media Asia assets to Sinobiomed, Inc.

The transaction is expected to be completed in the fourth quarter of 2010.

Terms of the transaction have not been disclosed.

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