Sino Agro Food, Inc. Reports Q1 2015 Results
-- Revenue increases 27% to $115.5M
-- Gross Profit Increases 25% to $35.6M
-- Net Income of $23.8M; EPS of $1.33
-- KPMG to Perform Due Diligence and Advisory Services
GUANGZHOU, China, May 18, 2015 /PRNewswire/ -- Sino Agro Food, Inc. (OTCQB: SIAF) (also referred to herein as "SIAF" or the "Company") posted revenue of $115.5M for its consolidated first quarter 2015 results, ending March 31, 2015, attaining a new high for the seventh consecutive quarter.
In the first quarter, stockholders' equity increased by $31.4M or $1.76 per share, based on the weighted average number of outstanding shares in the quarter. As of March 31, 2015, the Company had unrestricted cash and cash equivalents of $10.9M and working capital of $254.5M.
As of May 12, the number of common shares outstanding has increased by 129,789 to 18,199,201 from 18,069,412 at the end of Q1 2015.
The Company achieved the following quarterly results, comparing 2015 to 2014:
| Consolidated Financial Summary: Q1, 2015 vs. Q1, 2014 |
|||
| Q1 2015 |
Q1 2014 |
Change |
|
| Revenue |
$115,476,450 |
$90,927,789 |
27% |
| Gross Profit |
$35,578,451 |
$28,559,848 |
25% |
| Net Income (to SIAF and Subs) |
$23,754,841 |
$20,787,919 |
14% |
| Diluted EPS |
$1.33 |
$1.38 |
-4% |
| Stockholders' Equity |
$431,089,735 |
$317,433,893 |
36% |
| Operating Cash Flow |
$27,545,084 |
$20,725,513 |
33% |
Highlights
Total revenue from the sale of goods increased 9% to $85.6M ($78.3M) in the first quarter. Declines in the Fishery, Plantation and Organic Fertilizer section were offset by strong growth in the Company's cattle businesses. Due to seasonal factors, the sale of eels declined by $10.5M, partially offset by an increase of $6.6M in prawns. This seasonal variation alone created a net decline of $2.4M in gross profits versus Q1 2014, or 11%; in the sale of goods, a decline of $3.9M from eels offset by an increase of $1.6M from prawns.
During the quarter, the Company substantially increased deboning of imported beef, contributing revenue of $9.4M.
Revenue from Consulting and Services Project Development more than doubled to $29.9M ($12.7M), attributable mainly to the Zhongshan New Prawn Project ("ZSNP"), contributing an increase of $7.1M in overall gross profit.
Commentary from Solomon Lee, President and CEO
SIAF CEO Solomon Lee summarized first quarter results. "The Company met its internal projections for the first quarter of 2015. We are an agriculture company, so seasonal variations in product mix and wholesale prices will produce changes from quarter to quarter.
"As we commence our second five-year plan, the main growth factors are in place. Consistent with our longer-term vision to become a concentrated advanced aquaculture company, we continue to invest in the Zhongshan New Prawn Project. Also, we are investing in our other subsidiaries to reach a critical mass toward optimizing full or partial divestitures of non-aquaculture subsidiaries. Particularly, in the first quarter, we have invested in Sanjiang A Power Agriculture Co. Ltd. ("SJAP"), where added capacity facilitates our strategic plans, and in Hunan Shenghua A Power Agriculture Company Ltd. ("HSA"), where product demand is high and we will benefit from economies of scale.
"We look forward to the second quarter results also producing to plan, with the Shanghai Distribution Center coming on line to demonstrate its results, and first sections of tanks at the Zhongshan New Prawn Project becoming operational, while the next section of tanks are constructed to add capacity."
Consolidated Financial Results
Revenue
Total revenue for Q1 2015 was comprised of:
- Sale of goods of $85,572,543, a 9% increase over Q1 2014 revenue of $78,272,309, and
- Consulting and Services Project Development revenue of $29,903,907, a 136% increase over Q1 2014 revenue of $12,655,480.
Revenue from sale of goods amounted to 74% of total revenue, with Consulting and Services Project Development accounting for the remaining 26%.
| Category |
Q1 2015 |
Q1 2014 |
Change ($) |
Change (%) |
| Fishery (CA) |
$ 53,336,774 |
$43,764,265 |
$9,572,509 |
22% |
| - Sale of Goods |
$27,218,843 |
$31,108,785 |
$3,889,942 |
-13% |
| - Consulting |
$26,117,933 |
$12,655,480 |
$13,462,453 |
106% |
| Plantation (JHST) |
$ 760,052 |
($ 760,052) |
||
| Organic Fertilizer (SJAP/HSA) |
$ 40,376,589 |
$28,975,083 |
$11,401,506 |
39% |
| Cattle Farm (MEIJI) |
$ 8,289,986 |
$7,544,591 |
$ 745,395 |
10% |
| Corporate (SIAF) |
$13,473,011 |
$9,883,798 |
$3,589,222 |
36% |
| - Sale of Goods |
$9,687,127 |
$9,883,798 |
-$196,671 |
- |
| - Consulting |
$3,785,974 |
$3,785,974 |
- |
|
| Total |
$115,476,450 |
$90,927,789 |
$ 24,548,661 |
27% |
Cost of Goods
Cost of goods totaled $79,897,999 in Q1 2015: $63,289,988 for sale of goods and $16,608,011 for consulting and services.
Corresponding numbers in Q1 2014 were $62,367,941 (total), $55,864,529 (from sale of goods), and $6,503,412 (consulting and services).
Gross Profit
Total gross profit increased by $7,018,603 or 25% to $35,578,451 for Q1 2015 from $28,559,848 for Q1 2014.
Gross profit from sale of goods decreased by $125,225 to $22,282,555 in Q1 2015 from $22,407,780 in Q1 2014. Gross profit from consulting services increased by $7,143,828 or 116% to $13,295,896 in Q1 2015 from $6,152,068 in Q1 2014.
Division Operation Performance and Developments
Fishery Division
Revenue from the fishery division totaled $53,336,774 for Q1 2015, 47% of total revenue and an increase of 22% over Q1 2014.
Sale of goods amounted to $27,218,842, or 51% of the division total, a decrease of $3,889,943 or 12.5% from the corresponding 2014 quarter. Due to the seasonal factors affecting the availability and supply of captured seafood from quarter to quarter, the sale of eels decreased by $10.5M, while the sale of prawns increased by $6.6M.
Revenue from consulting, services, and management fees increased by $13,462,453, or 106%, from $12,655,480 in Q1 2014 to $26,117,933 in Q1 2015. The increase is mainly due to the unprecedented scale of the Zhongshan New Prawn Project ("ZSNP").
The first phase of ZSNP remains on plan, with the first section of tanks designed for a capacity of 3,000 metric tons scheduled to begin sales in August. The Company's 11th generation of its APM technology will improve production efficiency and enhance environmentally friendly conditions for prawn sustainability.
Plantation Division
Typically, the vast majority of plantation division revenue is booked in the third and fourth quarters, as there is a limited harvest season. There was no revenue in the first quarter of 2015 versus $760,052 in Q1 2014, which mainly resulted from the unharvested crops at year-end 2013 being collected and sold during Q1 2014. Bad weather at year end 2014 precluded such collection and sale during Q1 2015.
Organic Fertilizer Division
For purposes of segment reporting, the Company consolidates the results from Qinghai Sanjiang A Power Agriculture Co., Ltd. ("SJAP") and Hunan Shenghua A Power Agriculture Company Ltd. ("HSA"), including sales of beef.
Revenue from this division increased by $11,401,506 or 39% from $28,975,083 for Q1 2014 to $40,376,589 for Q1 2015. Revenue (with changes Q1 2015 vs. Q1 2014) breaks down as follows:
| HSA |
||
| 1) Organic Fertilizer |
$ 771,320 |
(-22%) |
| 2) Organic Mixed Fertilizer |
$ 3,411,120 |
(-11%) |
| HSA Total |
$ 4,182,440 |
(-13%) |
| SJAP |
||
| 1) Fertilizer |
$ 589,517 |
(-80%) |
| 2) Bulk Livestock Feed |
$ 2,080,669 |
(55%) |
| 3) Concentrated Livestock Feed |
$ 4,296,880 |
(24%) |
| 4) Live Cattle |
$ 17,071,207 |
(4%) |
| Sub-Total |
$ 24,038,273 |
(3%) |
| QZH |
||
| 1) Slaughter and deboning |
$ 189,916 |
(vs. 0) |
| 2) Deboning (local) |
$ 2,581,866 |
(vs. 0) |
| 3) Deboning (imported) |
$ 9,384,094 |
(vs. 0) |
| QZH Sub-Total |
$ 12,155,876 |
(vs. 0) |
| SJAP Total |
$ 36,194,149 |
(50%) |
| Total |
$ 40,376,589 |
(39%) |
Gross profit from the division increased by $2,532,892 or 24% from $10,717,899 in Q1 2014 to $13,250,791 in Q1 2015.
SJAP sold 5,032 head of live cattle in Q1 2015, an increase of 1,317, or 35% over Q1 2014 sales of 3,715 head. SJAP slaughtered 500 head of cattle, and deboned 1,227 metric tons of beef in Q1 2015, equating to 3,665 head of cattle. Deboning of quarter cut imported beef totaled 1,037 metric tons, contributing quarterly revenue of $9.4M, and on track for full year 2015 projections of 4,000 to 6,000 metric tons.
These changes are consistent with the Company's refocused plans for SJAP to dramatically increase import of Australian beef and transition from its local Angus and Simmental cattle to higher margin Wagyu cattle.
Cattle Farm Division
Revenue from the cattle farm division increased by $745,395 or 10% from $7,544,591 for Q1 2014 to $8,289,986 for Q1 2015. Jiangmen City Hang Mei Cattle Farm Development Co. Ltd. ("JHMC" or "Cattle Farm 1") sold 2,935 head of live cattle (aromatic) in Q1 2015, an increase of 263 or 10% from 2,672 head in Q1 2014.
Corporate Division (Marketing and Trading)
Revenue in the corporate division increased by $3,589,222 or 36% from $9,883,798 for Q1 2014 to $13,473,011 for Q1 2015. The increase was primarily due to marketing more imported seafood and newly developed imported beef. Revenue from sale of goods (import/trading) totaled $9,687,127: $6,248,780 from seafood and $3,438,347 from beef. Revenue from consulting services accounted for the remaining $3,785,974.
The Shanghai Distribution Center commenced operation on May 5, 2015, and will begin reporting incremental revenue and returns in the second quarter. Invitations were sent to 30 wholesalers and distributors for a grand opening event. Due to word of mouth and keen interest, 80 had attended. The Center's small shop at the Shanghai wholesale meat market in the PoDong District opened the same day. By May 7, the entire inventory of 25 metric tons of grain fed Angus had been sold out.
There is a big difference in the prices and quality of meat between "grain fed Angus" and normal pasture fed cattle. Imported grain fed Angus beef from Australia commands a premium price, selling for over RMB 80 RMB per kilogram, and is in higher overall demand in Chinese cities. "Normal" imported beef meat sell for approximately RMB 40/KG. For reference, the Company's own Xining grain fed meat sells for approximately RMB 60/KG.
Corporate Developments
- The Company secured two drawdown loan facilities with two third parties totaling $25M with attractive interest rates. During the quarter, the Company obtained net loan amounts of $4,797,232 (loan principal) that were secured by 753,304 newly issued shares of the Company, according to terms of the agreements. At maturity and after the Company will have paid back said loan principal plus all interest payments, the said 753,304 shares will be returned to the Company, retired, and no longer included in the outstanding share count. However in the interim, they will be counted toward the total outstanding shares (basic and diluted) of the Company.
- Arctic Securities has been working diligently to prepare the Company to satisfy all requirements necessary for listing on the Oslo Stock Exchange, including legal due diligence work, etc.
- In this respect, the Company has also engaged KPMG Norway and KPMG China to jointly carry out Company-wide financial due diligence, and other advisory services. The Company expects KPMG to enhance financial presentations to stakeholders.
- By October, SIAF anticipates KPMG to be the official auditor of "Zhongshan City A Power Agriculture Development Co. Ltd., China," a Sino Foreign Joint Venture Company and the developer and owner of the Zhongshan New Prawn Farm Project
- The Xining Government has recommended that SJAP participate in the acquisition of two beef subsidiaries of a state owned enterprise. Also, consistent with refocused plans for SJAP, the Company has teamed with Burnham Securities to explore the opportunity.
Burnham Securities, SJAP, and the Sanjiang Group ("SG") are currently in discussions on the next steps to create a joint venture between SJAP and two of SG's subsidiaries. Both subsidiaries are profitable segments of SG's multi-billion dollar corporation, and both would complement and enhance SJAP operations very well. - The Company appointed Mr. Peter Rosta Director and Board Chairman for the Company's subsidiary, "A Power Agriculture Development Co. Ltd. (Macau)," the holding company of SJAP.
Please take the time to read our latest 10-Q filing and visit our website, both of which have additional information describing the Company's businesses.
Earnings Call Information
The Company will host an earnings call on Friday, May 22, 2015 at 10:00 AM EDT/4:00 PM CET to discuss financial results for Q1 2015, with questions and answers. To participate in the conference call please use the following information:
| SIAF 2015 First Quarter Results Call Information |
|
| Date: May 22, 2015 |
Time: 10:00 AM, EDT/4:00 PM CET |
| Participant Dialing Instructions: |
|
| SE: +46 85 66 42 700 NO: +47 23 50 02 52 US: + 1 (855) 753-2235
|
UK: +44 20 342 814 13 CN: +86 40 061 212 62 |
| Conference Pincode (China Only; otherwise, not needed): 681266# The earnings call will also be available over the web. To access, click the following link: Sino Agro Q1 2015 Earnings Call |
|
A webcast will be made available in the Investor Relations section of the Company's website.
Financial Tables
| SINO AGRO FOOD, INC. |
||||||||||
| CONSOLIDATED BALANCE SHEETS |
||||||||||
| March 31, |
December 31, |
|||||||||
| 2015 |
2014 |
|||||||||
| (Unaudited) |
(Audited) |
|||||||||
| ASSETS |
||||||||||
| Current assets |
||||||||||
| Cash and cash equivalents |
$ |
10,932,661 |
$ |
3,031,447 |
||||||
| Inventories |
49,227,718 |
45,967,993 |
||||||||
| Cost and estimated earnings in excess of billings on uncompleted contracts |
1,306,885 |
- |
||||||||
| Deposits and prepaid expenses |
76,791,239 |
75,951,591 |
||||||||
| Accounts receivable, net of allowance for doubtful accounts |
103,774,371 |
104,503,071 |
||||||||
| Other receivables |
60,944,553 |
52,305,260 |
||||||||
| Total current assets |
302,977,427 |
281,759,362 |
||||||||
| Property and equipment |
||||||||||
| Property and equipment, net of accumulated depreciation |
64,750,441 |
64,352,975 |
||||||||
| Construction in progress |
87,710,314 |
69,120,277 |
||||||||
| Land use rights, net of accumulated amortization |
62,763,167 |
63,322,202 |
||||||||
| Total property and equipment |
215,223,922 |
196,795,454 |
||||||||
| Other assets |
||||||||||
| Goodwill |
724,940 |
724,940 |
||||||||
| Proprietary technologies, net of accumulated amortization |
11,327,787 |
11,480,298 |
||||||||
| Long term investment |
814,067 |
817,127 |
||||||||
| Temporary deposits paid to entities for investments in Sino joint ventures companies |
41,109,708 |
41,109,708 |
||||||||
| Total other assets |
53,976,502 |
54,132,073 |
||||||||
| Total assets |
$ |
572,177,851 |
$ |
532,686,889 |
||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
| Current liabilities |
||||||||||
| Accounts payable and accrued expenses |
$ |
23,127,256 |
$ |
22,138,835 |
||||||
| Billings in excess of costs and estimated earnings on uncompleted contracts |
4,034,158 |
8,060,580 |
||||||||
| Due to a director |
1,008,000 |
1,172,059 |
||||||||
| Series F Non-convertible preferred stock redemption payable |
3,146,063 |
3,146,063 |
||||||||
| Other payables |
11,084,679 |
11,695,982 |
||||||||
| Short term bank loan |
4,394,210 |
4,410,727 |
||||||||
| Bonds payable |
1,725,000 |
1,725,000 |
||||||||
| 48,519,366 |
52,349,246 |
|||||||||
| Non-current liabilities |
||||||||||
| Other payables |
4,797,332 |
- |
||||||||
| Long term debts |
2,297,421 |
2,306,057 |
||||||||
| Convertible bond payables |
16,286,754 |
15,803,928 |
||||||||
| 23,381,507 |
18,109,985 |
|||||||||
| Commitments and contingencies |
- |
- |
||||||||
| Stockholders' equity |
||||||||||
| Preferred stock: $0.001 par value |
||||||||||
| (10,000,000 shares authorized, 7,000,100 issued and outstanding as of March 31, 2015 and |
||||||||||
| Series A preferred stock: $0.001 par value |
- |
- |
||||||||
| (100 shares designated, 100 shares issued and outstanding as of March 31, 2015 and December |
||||||||||
| Series B convertible preferred stock: $0.001 par value) |
7,000 |
7,000 |
||||||||
| (10,000,000 shares designated, 7,000,000 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively) |
||||||||||
| Series F Non-convertible preferred stock: $0.001 par value) |
- |
- |
||||||||
| (1,000,000 shares designated, 0 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively) |
||||||||||
| Common stock: $0.001 par value |
18,069 |
17,162 |
||||||||
| (22,727,272 shares authorized 18,069,412 and 17,062,716 shares issued as of March 31, 2015 and December 31, 2014, respectively) |
||||||||||
| Additional paid - in capital |
128,862,006 |
121,158,996 |
||||||||
| Retained earnings |
297,015,949 |
273,261,108 |
||||||||
| Accumulated other comprehensive income |
6,436,710 |
6,452,816 |
||||||||
| Treasury stock |
(1,250,000) |
(1,250,000) |
||||||||
| Total Sino Agro Food, Inc. and subsidiaries stockholders' equity |
431,089,734 |
399,647,082 |
||||||||
| Non - controlling interest |
69,187,244 |
62,580,576 |
||||||||
| Total stockholders' equity |
500,276,978 |
462,227,658 |
||||||||
| Total liabilities and stockholders' equity |
$ |
572,177,851 |
$ |
532,686,889 |
||||||
| SINO AGRO FOOD, INC. |
||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME AS OF MARCH 31, 2015 AND 2014 (UNAUDITED) |
||||||||||||||
| Three months ended |
Three months ended |
|||||||||||||
| March 31, 2015 |
March 31, 2014 |
|||||||||||||
| Revenue |
||||||||||||||
| - Sale of goods |
$ |
85,572,543 |
$ |
78,272,309 |
||||||||||
| - Consulting and service income from development contracts |
29,369,839 |
12,243,202 |
||||||||||||
| - Commission and management fee |
534,068 |
412,278 |
||||||||||||
| 115,476,450 |
90,927,789 |
|||||||||||||
| Cost of goods sold |
(63,289,988) |
(55,864,529) |
||||||||||||
| Cost of services |
(16,608,011) |
(6,503,412) |
||||||||||||
| Gross profit |
35,578,451 |
28,559,848 |
||||||||||||
| General and administrative expenses |
(4,565,907) |
(2,668,394) |
||||||||||||
| Net income from operations |
31,012,544 |
25,891,454 |
||||||||||||
| Other income (expenses) |
||||||||||||||
| Government grant |
83,180 |
113,232 |
||||||||||||
| Other income |
62,646 |
3,258 |
||||||||||||
| Gain of extinguishment of debts |
- |
43,020 |
||||||||||||
| Interest expense |
(783,606) |
(109,107) |
||||||||||||
| Net income (expenses) |
(637,780) |
50,403 |
||||||||||||
| Net income before income taxes |
30,374,764 |
25,941,857 |
||||||||||||
| Provision for income taxes |
- |
- |
||||||||||||
| Net income |
30,374,764 |
25,941,857 |
||||||||||||
| Less: Net (income) loss attributable to the non - controlling interest |
(6,619,923) |
(5,153,938) |
||||||||||||
| Net income from continuing operations attributable to the Sino Agro Food, Inc. and |
23,754,841 |
20,787,919 |
||||||||||||
| Other comprehensive (loss) income |
||||||||||||||
| Foreign currency translation loss |
(29,361) |
(707,636) |
||||||||||||
| Comprehensive income |
23,725,480 |
20,080,283 |
||||||||||||
| Less: other comprehensive (income) loss attributable to the non - controlling interest |
13,255 |
113,521 |
||||||||||||
| Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries |
$ |
23,738,736 |
$ |
20,193,804 |
||||||||||
| Earnings (loss) per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: |
||||||||||||||
| Basic |
$ |
1.39 |
$ |
1.45 |
||||||||||
| Diluted |
$ |
1.33 |
$ |
1.38 |
||||||||||
| Weighted average number of shares outstanding: |
||||||||||||||
| Basic |
17,114,989 |
14,308,910 |
||||||||||||
| Diluted |
17,822,059 |
15,015,980 |
||||||||||||
| SINO AGRO FOOD, INC. |
||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014 (UNAUDITED) |
||||||||||||||
| Three months |
Three months |
|||||||||||||
| ended |
ended |
|||||||||||||
| March 31, 2015 |
March 31, 2014 |
|||||||||||||
| Cash flows from operating activities |
||||||||||||||
| Net income for the period |
$ |
30,374,764 |
$ |
25,941,857 |
||||||||||
| Adjustments to reconcile net income from operations to net cash from operations: |
||||||||||||||
| Depreciation |
802,338 |
534,803 |
||||||||||||
| Amortization |
514,121 |
509,080 |
||||||||||||
| Gain on extinguishment of debts |
- |
(43,020) |
||||||||||||
| Common stock issued for services |
630,033 |
33,436 |
||||||||||||
| Other amortized cost |
809,868 |
50,000 |
||||||||||||
| Changes in operating assets and liabilities: |
||||||||||||||
| Increase in inventories |
(3,259,725) |
(11,593,523) |
||||||||||||
| Increase in costs and estimated earnings in excess of billings on uncompleted contacts |
(1,306,885) |
(4,528) |
||||||||||||
| (Increase) decrease in deposits and prepaid expenses |
(597,390) |
6,600,205 |
||||||||||||
| Increase (decrease) in due to a director |
6,340,525 |
(892,415) |
||||||||||||
| Increase in accounts payable and accrued expenses |
988,421 |
7,587,849 |
||||||||||||
| Increase in other payables |
4,186,029 |
4,967,306 |
||||||||||||
| Decrease (increase) in accounts receivable |
728,700 |
(10,700,017) |
||||||||||||
| (Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts |
(4,026,422) |
476,053 |
||||||||||||
| Increase in other receivables |
(8,639,293) |
(2,741,573) |
||||||||||||
| Net cash provided by operating activities |
27,545,084 |
20,725,513 |
||||||||||||
| Cash flows from investing activities |
||||||||||||||
| Purchases of property and equipment |
(1,451,880) |
(907,666) |
||||||||||||
| Payment for construction in progress |
(18,845,219) |
(5,248,183) |
||||||||||||
| Net cash used in investing activities |
(20,297,099) |
(6,155,849) |
||||||||||||
| Cash flows from financing activities |
||||||||||||||
| Proceeds from long term debts |
- |
2,438,192 |
||||||||||||
| Net cash provided by financing activities |
- |
2,438,192 |
||||||||||||
| Effects on exchange rate changes on cash |
653,229 |
431,747 |
||||||||||||
| Increase in cash and cash equivalents |
7,901,214 |
17,439,603 |
||||||||||||
| Cash and cash equivalents, beginning of period |
3,031,447 |
1,327,274 |
||||||||||||
| Cash and cash equivalents, end of period |
$ |
10,932,661 |
$ |
18,766,877 |
||||||||||
| Supplementary disclosures of cash flow information: |
||||||||||||||
| Cash paid for interest |
$ |
119,181 |
$ |
109,107 |
||||||||||
| Cash paid for income taxes |
$ |
- |
$ |
- |
||||||||||
| Non - cash transactions |
||||||||||||||
| Common stock issued for settlement of debts |
$ |
- |
$ |
5,976,105 |
||||||||||
| Common stock issued |
$ |
7,703,917 |
$ |
- |
||||||||||
| Common stock issued for services and employee compensation |
$ |
- |
$ |
133,744 |
||||||||||
| Transfer to property and equipment from construction in progress |
$ |
- |
$ |
1,784,678 |
||||||||||
About Sino Agro Food, Inc.
Sino Agro Food, Inc. is an agriculture technology and natural food holding company with principal operations in the People's Republic of China. The Company acquires and maintains equity stakes in a cohesive portfolio of companies that SIAF forms according to its core mission to produce, distribute, market and sell natural, sustainable protein food and produce, primarily seafood and cattle, to the rapidly growing middle class in China. SIAF provides financial oversight and strategic direction for each company, and for the interoperation between companies. The Company owns or licenses patents, proprietary methods, and other intellectual properties in its areas of expertise. SIAF provides consulting and services to joint venture partners to construct and operate food businesses, primarily producing wholesale protein foods. Further joint ventures market and distribute the wholesale products as part of an overall "farm to table" concept and business strategy.
News and updates about Sino Agro Food, Inc., including key information, are published on the Company's website (http://www.sinoagrofood.com) and the Company's Facebook page (www.facebook.com/SinoAgroFoodInc)
Forward Looking Statements
This release may contain forward-looking statements relating to the business of SIAF and its subsidiary companies. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There is no assurance that future developments affecting SIAF will be those anticipated by SIAF. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a Financial Advisor, nor does it hold itself out to be a Registered Broker/Dealer or Financial Advisor. All material presented in this press release, on the Company's website or other media is not to be regarded as investment advice and is only for informative purposes. Readers should verify all claims and conduct their own due diligence before investing in Sino Agro Food, Inc. Investing in small-cap, micro cap and penny stock securities is speculative and carries a high degree of risk.
No Offer of Securities
None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.
| Contacts |
|
| Peter Grossman |
Tomas Oqvist |
| Investor Relations |
Investor Relations – Nordic Countries |
| +1 (775) 901-0344 |
+46 70 797 9793 |
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