Sino Fibre Closes Acquisition to Acquire Inner Mongolia Bio-Energy Company
HONG KONG , Oct. 15, 2010 (GLOBE NEWSWIRE) — Sino Fibre Communications, Inc. (OTCBB:SFBE) announced that it has closed an acquisition to acquire 50.1% of Europe-China Commercial Union Holdings Ltd “ECL” for US$100 million .
The consideration for the $100 million acquisition was 400 million SFBE shares ( $0.25 per share) representing 140 million SFBE newly issued shares (valued at US$35 million ) and a promissory note for 260 million SFBE shares (valued at US$65 million ). ECL indirectly holds a 70% interest in approximately 70 sq. kilometers of leased land in Inner Mongolia Province , China . The land rights expire on 31 December 2049 .
Daniel McKinney , CEO of Sino Fibre , commented on this new business; “This acquisition is a major turning point in the history of our company and propels us into the high growth arena of bio-energy, bio-diesel, wind and solar farms in China . With our large land resource in Inner Mongolia , the company can develop multiple streams of cash flows in this high growth, green sector.”
The company will be appointing new management and board of directors, as well as changing the company name to Sinobioenergy.com. Please see: www.sinobioenergy.com