Sino-Global Shipping(NASDAQ:SINO) ($1.58) – an international shipping agency and logistic services provider, today announced
that it has executed an agreement to acquire all of the equity of Longhe Ship Management (Hong Kong) Co., Limited (“LSM”), in a move to broaden Sino-Global’s service platform and gain expertise in the ship management business. In connection with the acquisition of LSM, Sino-Global appointed Mr. Africa Li, who has more than 30 years of experience in the shipping industry, as its new Chief Technology Officer.
Sino-Global’s agreement to acquire all of the equity of LSM from Mr. Deming Wang will result in the issuance of up to 200,000 shares of Sino-Global’s common stock to Mr. Wang as payment for LSM, depending on the net income of LSM from July 4, 2014 through December 31, 2014. The agreement is expected to close in the near future, subject to certain conditions, including the obligation of Sino-Global to notify the NASDAQ Capital Market and, if necessary, request shareholder approval for such issuance prior to completion of the transaction.
Sino-Global has also appointed Mr. Africa Li as its new Chief Technical Officer. Mr. Li served as the assistant to the president (Mr. Deming Wang) of Qingdao Zhenghe Shipping (Group) Co., Ltd. from May 2010 through present. Before that, from August 1982 through April 2010, Mr. Li was a shipbuilding supervision engineer and ship management technical supervisor for Qingdao Marine Shipping Company.
Quotes from management,
“We are excited to enter into the ship management business and look forward to combining our experience managing shipping logistics and serving as a shipping agent with expertise of LSM in managing ships. Our cooperation with Mr. Wang and his shipping-related companies in recent months has now allowed us to expand into serving commercial ships even more directly. We look forward to Mr. Li joining our team and bringing to Sino-Global a career dedicated to shipping industry for more than thirty years.”
“I am pleased to continue to strengthen Zhenghe’s and my relationship with Sino-Global, particularly as Sino-Global expands its footprint and service capabilities along the value chain of the shipping industry.”
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