HONG KONG, July 22, 2013 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today updated its shareholders on its current rice harvest and Cambodian MOU.
As previously reported, the company leased (660 hectares) farmland in Huizhou, China where we planted our super rice and now have started harvesting. We anticipate Q3 sales of US$3.25 million and over US$1 million net profit.
Further, the Company has allowed the Memorandum of Understanding "MOU" to expire that was previously announced on April 11, 2013. The Company will pursue other potential joint venture rice growing opportunities in Cambodia and Thailand with other parties. Our team visited Cambodia in mid June to carry out site visits and take soil samples.
SFBE's super rice seeds are disease resistant, high yielding genetically improved rice with the hybridization rice grain length increased by 25% over normal rice. It produces lower chalky rice with a 23% weigh gain and 10% grain number increase. Further, with our seeds and organic fertilizer, three or four rice harvests are achievable per year instead of the usual two harvests per year using conventional rice seeds and up to 400% more productive using our complete system. The super seeds are produced in our HB laboratories.
SFBE is current reporting on the OTC Alternative Reporting Standard and management is now in preparation to file its second quarter results on or before August 15, 2013.
About Sino Bioenergy Corp.
Established in May 2005, Sino Bioenergy Corp. is a Nevada Corporation that trades on the OTC Pink (symbol: SFBE) and Bourse Berlin Exchange (symbol: 3SF). Please see our websites at: www.sinobioenergy.com. Total shares outstanding: 711,915,750 as of July 1, 2013.
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
CONTACT: Investor Relations: Dennis Burns Tel: 567-237-4132 firstname.lastname@example.org
Source:Sino Bioenergy Corp.