updated 6/13/2011 7:16:16 AM ET 2011-06-13T11:16:16

SAN CARLOS, Calif., June 13, 2011 (GLOBE NEWSWIRE) -- Sitoa Global Inc. (d/b/a Sinobiomed, Inc.) (OTCQB:STOA) (the "Company"), an e-commerce facilitator, today announced that it has formed a strategic partnership with Chunjie365 to launch the Company's first social e-commerce marketplace in China. Sitoa will use its network and platform software technology for building and managing highly effective e-commerce sites to leverage the local relationships and skill set of the Chunjie365 team in order to establish a China business and launch additional marketplaces in China over the next five years.

Chunjie365, which means "Chinese New Year 365 days per year," will be a specialty gift e-commerce site focused on consumer and corporate online customers looking to purchase both U.S. specialty products and Chinese gift items that are rare and unique, such as gift items (e.g. scarves, jewelry, clothing) that include the licensed works of nationally known Chinese artists, hand made glass and ceramic goods, customized semi-precious metals based jewelry and accessories and American and European made gifts and office items that are not sold in China. The site will also allow for the setup of gift registries, a feature that is relatively new in China where gift registries are not yet a common custom. As part of the agreement, Sitoa shares in revenues generated by the marketplace site in addition to charging one-time integration and hosting fees.

Cal Lai, President and CEO of Sitoa Global, advised, "When we formed Sitoa Global, we knew we wanted to quickly start penetrating some of the most important e-commerce marketplaces in the world. Our partnership with Chunjie365 allows us to debut our e-commerce social networking offering in the very significant Chinese market, where the amount being spent online each year is growing astronomically. We are thrilled to have Chunjie365 as our partner in this effort to bring Chinese retailers and consumers together and offer them a convenient, highly successful focused shopping experience that will even provide opportunities not typically seen in the Chinese marketplace, including online gift registries, which represent a huge retail outlet in other parts of the world." 

Diana Wang, Executive Director of Chunjie365, commented, "I am extremely pleased to be part of the launch of Sitoa's first China marketplace and firmly believe the market opportunity in China is immense. We are seeing an unrivaled growth phase of the e-commerce market here and Chunjie365 should scale along with it. The Sitoa platform should enable us to offer something unique and attractive to online shoppers, in a highly secure environment and keep them as long-term customers."

China has the world's largest number of internet users at 500 million and has experienced dramatic growth in e-commerce and social networking site uptake, with e-commerce sales soaring to $340 billion in the first half of 2010. In fact, the current market leader in e-commerce, Taobao.com, owned by Alibaba, launched Taobao Mall in November 2010 which now hosts nearly four million stores, 800 million products and had a record daily sales amount of $141 million shortly after launching.

ABOUT SITOA GLOBAL INC.

Sitoa Global Inc. is an e-commerce facilitator that seeks to enable the next big thing in e-commerce by building and managing leading online marketplaces that integrate online retailers with targeted customers groups interested in their product offerings. The Company's efforts target the growth of e-commerce, media and social networking through strategic transactions. Sitoa Global's goal is to provide infrastructure that builds online "e-malls" for retailers designed to attract focused customer communities as part of a social marketplace that expands retail sales channels without the risks of focus dilution and increased capital and operating costs.  As part of its revenue model, Sitoa shares in revenues generated by the marketplace sites in addition to charging one-time integration and hosting fees.

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 successfully provide the integration and hosting services for online market sites, and share in the revenues generated by such sites; 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 ( 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.

CONTACT: Christian Kirsebom
         Tel (925) 927-6666

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.93%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.13%
17.11%
Source: Bankrate.com