Sino-Global Shipping America, Ltd, a shipping agency, logistics and ship management services company today announced that it has entered into an Asset Purchase Agreement dated April 10, 2015 by and between Sino-Global and Rong Yao International Shipping Limited, a Hong Kong company, pursuant to which Sino-Global agreed to acquire, subject to a number of closing conditions, Rong Zhou, an 8,818 gross tonnage oil/chemical transportation tanker from the vessel seller; and in connection therewith, Sino-Global issued to the vessel seller 1.2 million shares of its restricted common stock representing $ 2,220,000 of the $ 10.5 million purchase price for the vessel.
Sino-Global and the vessel seller agreed that each of the 1.2 million shares issued to the vessel seller was valued at $ 1.85. In connection therewith, Sino-Global agreed to file a registration statement covering the offer and resale of the 1.2 million shares issued to the vessel seller. Although Sino-Global believes the acquisition of the vessel will close on or about June 30, 2015, no assurances can be given when such closing will occur.
About Sino-Global Shipping America, Ltd.
Founded in the United States of America in 2001, Sino-Global Shipping America, Ltd. is a shipping agency, logistics and ship management services company. Sino-Global headquartered in New York with offices in Mainland China, Australia, Canada and Hong Kong. Sino-Global current service offerings consist of shipping agency services, shipping and chartering services, inland transportation management services and ship management services.