HONG KONG, May 31, 2011 (GLOBE NEWSWIRE) -- Sino Fibre Communications, Inc. (Pink Sheets:SFBE), announced today that it has closed an acquisition to acquire 60% of Dalian Xinbao Biomass Co. Limited for US$50.75 million.
SFBE is issuing 230,681,000 shares at a share price of $0.22 a share, to reflect the US$50.75 million acquisition.
Dalian Xinbao Biomass Co Ltd is a high-tech company emphasizing on research and design of biomass energy. The company has over ten senior engineers and 100 employees. Under the leadership of Mr. Zhang Jian Chao, the company has received numerous awards in China including, High-tech Enterprise Certification, National Key New Product Certificate, ISO9001 Certificate, ISO14001 Certificate and over 10 unique patents. Among the patents, 3 patents are related to the anaerobic combustion of RDF7 and 6 patents employ new designs for combustion equipment and biomass energy equipment. All the certificates and patents will be utilized by SFBE in the Asian market, with China as the priority. Dalian Xinbao Biomass Co. Ltd, has assets which include 5000 Mu of land (333 hectares) located at Xiao Hei Shi, and offices located at No. 45 Gu Xiu Shan Lu, Gan Jing Zi, Dalian, and industrial land and a factory at Jiangsu with a value of RMB550 million (US$84.61 million). SFBE's 60% of Dalian Xinbao will be acquired by SFBE for RMB330 million (US$50.75 million), Dalian Xinbao will be issued 230,681,000 shares at US$0.22 per share.
Mr. Zhang Jian Chao, a preeminent Chinese scientist and inventor has numerous patents, which are registered in China and Europe
Daniel McKinney, CEO of Sino Fibre, commented on this acquisition; "This acquisition will provide a strong foundation for the future development of RDF-7 for SFBE. It also creates a cutting edge direction for our biomass energy and business opportunity. SFBE welcomes Mr. Zhang into our team and will invite him to become the Chairman of Board for SFBE."
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