updated 5/17/2011 9:47:24 AM ET 2011-05-17T13:47:24

GUANGZHOU, China, May 17, 2011 (GLOBE NEWSWIRE) -- Sino Green Land Corporation (OTCBB:SGLA), a leading distributor of high-end fruits and vegetables in China, today announced its reported financial results for the three months ended March 31, 2011.

First quarter 2011 highlights (year-over-year):

  • Sales reached $41.2 million, an increase of 23%
  • Gross profit increased 22% to $4.4 million
  • Net income of $1.7 million vs. net loss in the same period of 2010
  • No long-term debt and shareholder's equity of $54.7 million

Mr. Xiong Luo, Chief Executive Officer of Sino Green Land, commented, "We had yet another strong quarter demonstrating the success of our co-op model, whereby we obtained our produce from local farmers pursuant to agreements with the farming cooperatives, and in return, we provide these farmers with land to grow the produce and an outlet for their produce. The Company's strong performance in the first quarter of this year reflects higher average sales prices in the fruits. Overall, our consistent delivery of high quality produce and services has led to a revenue increase of 23% compared to the same period last year, as well as strong margin improvement and $1.7 million of net income. Looking ahead, we remain confident in the outlook for sustained growth and improved profitability for the balance of 2011."

Mr. Luo continued, "Sino Green Land Corporation continues to take advantage of the growing demand for healthy food in China. We are underway with the interior construction of our new Metro Green Food Distribution Hub in the Guangdong wholesale market. We believe that our hub will be the first centralized distribution center for green foods in China. Green foods are healthy and environmentally friendly and their profit margins are expected to be higher than our current products. We are uniquely positioned to capitalize on this opportunity due to our established distribution channels and our relationship with the China Green Foods Association. We are excited by the forthcoming debut of this new hub, which we expect will become a pillar of our overall business success. However, we will require additional financing in order for us to commence operations in this business."

Revenue for the three months ended March 31, 2011 increased 23% to $41.2 million, as compared to $33.6 million for the three months ended March 31, 2010. The increase was primarily due to higher average sales price of produce which offset a modest decline in the volume of Fuji apples we sold during the period. Gross profit increased 22% to $4.4 million for the three months ended March 31, 2011, as compared to $3.6 million for the three months ended March 31, 2010, representing gross margins of approximately 10.8% and 10.8%, respectively. Net income for the three months ended March 31, 2011 was $1.7 million, or $0.01 per diluted share, compared to net loss applicable to common shareholders of $0.4 million, or $0.00 per diluted share, for the same period last year.  The net loss for the 2010 quarter reflected a $2.3 million negative change in derivate liability as compared with income from change in derivative liability of $476,000 in the 2011 period.

As of March 31, 2011, the company had cash and cash equivalents of $1.0 million, no long-term debt and shareholders' equity of $54.7 million.

The Company's balance sheet and statements of operations are set forth in tables 1 and 2 to this press release.

About Sino Green Land Corporation

Sino Green Land Corporation is a leading agricultural distributor of high end fruits and vegetables in the People's Republic of China. Since its inception in 2003, Sino Green Land has grown from a small distributor of various produce to become a large distributor of high end fruits -- Fuji apples, emperor bananas and tangerine oranges. In the process, Sino Green Land has built a solid reputation, a sophisticated supply chain and a distribution network that stretches from Beijing to Guangzhou. Our website is http://www.sinogreenland.com .  Information on our website or any other website does not constitute a part of this press release.

The Sino Green Land Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8334

Safe Harbor Statement

This press release may contain forward-looking statements. Such statements include, among others, those concerning the company's expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to the company's ability to overcome competition in its market; the impact that a downturn or negative changes in the price of the company's products could have on its business and profitability; the company's ability to simultaneously fund the implementation of its business plan and invest in new projects; economic, political, regulatory, legal and foreign exchange risks associated with international expansion; or the loss of key members of the company's senior management; any of the factors and risks mentioned in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-K annual report and . "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as information contained in our other filings with the SEC.   The Company assumes no obligation, and does not intend, to update any forward-looking statements, except as required by law.

Table 1
SINO GREEN LAND CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2011 (UNAUDITED) AND DECEMBER 31, 2010
       
     MARCH 31,  DECEMBER 31,
     2011 2010
ASSETS
Current Assets      
Cash and cash equivalents    $ 958,120  $ 925,329
Accounts receivable, net   244,907 261,403
Inventories   53,967 8,684
Advances-current portion   772,711 --
Other current assets   221,240 114,026
Total Current Assets   2,250,945 1,309,442
        
Property and Equipment, net   6,237,122 6,238,784
        
Intangible Assets, net   19,291,249 9,515,732
        
Deposit   491,012 487,916
        
Advances   8,678,165 4,816,467
        
Long-term Prepayments   21,829,564 21,955,769
Total Assets    $ 58,778,057  $ 44,324,110
        
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities      
Accounts payable and accrued expenses    $ 3,116,826  $ 2,719,724
Advances from customers   -- 15,125
Due to related parties   18,065 120,840
Shares to be issued as stock compensation   486,217 384,817
Shares to be issued   70,000 70,000
Derivative liability   431,785 908,142
Total Current Liabilities   4,122,894 4,218,648
        
Shareholders' Equity      
Preferred stock, par value $.001 per share, 20,000,000 shares authorized, of

which 2,000,000 shares are designated as series A convertible preferred stock,

with 1,259,858 and 1,409,858 shares outstanding on March 31, 2011 and

December 31, 2010, respectively
  1,260 1,410
Common stock, $0.001 par value, 780,000,000 shares authorized, 213,512,924

and 157,793,840 issued and outstanding as of March 31, 2011 and December 31,

2010, respectively
  213,513 157,794
Additional paid in capital   31,963,310 19,438,509
Other comprehensive income   2,163,558 1,883,058
        
Retained earnings   20,313,523 18,624,692
 Total shareholders' equity   54,655,164 40,105,462
        
 Total Liabilities and Stockholders' Equity    $ 58,778,057  $ 44,324,110
 
Table 2
SINO GREEN LAND CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
     
     
     
   THREE MONTHS ENDED
   MARCH 31,
     2010
  2011 Restated
Sales  $ 41,233,897  $ 33,555,804
        
Cost of goods sold 36,795,972 29,919,804
        
Gross profit 4,437,925 3,636,000
        
Operating expenses      
Selling expenses 1,026,857 792,180
General and administrative expenses 1,612,206 442,737
Salary and Wages 263,955 208,396
Stock Compensation 312,000 3,625
Total operating expenses 3,215,018 1,446,938
        
Operating income 1,222,907 2,189,061
        
Other income(expense)      
Interest income (expense) 396 1,606
Change in derivative liability 476,356 (2,272,481)
Others, net (10,828) (2,370)
Total other income (expense) 465,924 (2,273,245)
        
Net income 1,688,831 (84,183)
Deemed preferred stock dividend -- (350,000)
Net income applicable to common stockholders 1,688,831 (434,183)
        
Comprehensive income:      
Net income  1,688,831 (84,183)
Other comprehensive income (loss)      
Foreign currency translation gain (loss) 280,500 (3,729)
        
Comprehensive income  $ 1,969,331  $ (87,912)
        
Net income per share      
Basic  $ 0.01  $ (0.00) 
Diluted  $ 0.01 $ (0.00)
Weighted average number of shares outstanding      
Basic 196,336,084 109,193,511
Diluted 216,845,606   144,961,005 
CONTACT:  Sino Green Land Corporation
	 Sheena Shen
	 Tel: (203) 308-9464
	 Email: sheenashen@sinogreenland.com

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