updated 1/18/2011 8:16:55 AM ET 2011-01-18T13:16:55

HONG KONG, Jan. 18, 2011 (GLOBE NEWSWIRE) -- The Board of Directors of Sinobiomed Inc. ("Sinobiomed," or the "Company") (Pink Sheets:SOBM) is pleased to announce the sale of the Company's wholly-owned BVI subsidiary, Wanxin Bio-Technology Limited ("Wanxin") and its Chinese subsidiaries, Shanghai Wanxin Bio-Pharmaceutical Co Ltd. and Shanghai Bio-Science Cosmetic Co Ltd.

Pursuant to a Stock Purchase and Sale Agreement, dated December 17, 2010, the Company has disposed and sold all of its equity interests in Wanxin, including all Wanxin assets and liabilities.

As a result of the disposal, the Company has no further interest or obligations in Wanxin's business operations, including Wanxin subsidiaries' estimated $11 million in outstanding bank debt that was incurred prior to the reverse merger transaction between Wanxin and the Company, and over the ensuing three years, hindered the Company's ability to obtain funding or grow its business.

George Yu, the Company's CEO, commented, "We believe that the disposition of Wanxin and its attendant liabilities was in the best interest of the Company and its stockholders. We expect that the disposition will free us to pursue alternative growth initiatives and enhance the long-term value of the Company's business and operations."

Safe Harbor Statement

This release may contain certain "forward-looking statements" relating to the business of Sinobiomed, Inc. and its subsidiaries (the "Company"). All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the significance of the Wanxin disposition to the Company's business and operations; the Company's ability to pursue further growth initiatives and enhance the long-term value of the Company's business and operations; 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 press 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 ( 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 a duty to update these forward-looking statements.

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