HONG KONG, May 9, 2011 (GLOBE NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE), announced today that it has executed a contract to acquire 100% of Champion Great Limited "CGL."
CGL owns 70% of Zhejiang Jin Hua Yi Xin Technology Co. Ltd ("ZJH"), which owns 100,000 sq. meters of land and is in the process of building a 50,000 sq. meter (538,195 sq feet) factory. The appraised value of Zhejiang Jin Hua is RMB350 million (USD 53 million). The construction of the factory will be based on the design of Hebei Fuhua Group and will apply its technology in waste treatment and conversion. Jin Hua City is located at central Zhejiang Province with a population of 4.6 million and an area of 10,918 sq. kilometres. Total waste collected is approximately 6000 tons a day for that city. ZJH has agreement with the city government to construct a waste treatment plant handling 1000 tons of waste each day in the initial stage. The acquisition price will be RMB140 million (USD 21.53 million) with shares of SFBE based at USD0.2/share, which is approximately 107.69 million shares.
Daniel McKinney, SFBE Chief Executive Officer, commented on this acquisition, "This deal is important to us as we can use the patented RDF technology acquired recently in our last acquisition and consolidate all the revenues into SFBE as we are purchasing 70% of ZJH."
The Company also confirmed that it has already retired 112 million of the 140 million shares back into the Company treasury issued pursuant to the terminated ECL acquisition. The remaining 28 million will be retired shortly.
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is a Nevada Corporation. Please see: www.sinobioenergy.com
The Sino Fibre Communications Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4102
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
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