Sino Agro Food, Inc., an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, is pleased to announce its organic dairy product label, “Green and Natural” is appearing and selling on major retailer shelves in Beijing, China, while preparations are underway for its export to Malaysia and Singapore.
Currently the full line of “Green and Natural” certified organic dairy products are being sold through select Wal-Mart® and Hualian Supermarket locations in Beijing, China. The “Green and Natural” products are also selling through smaller independent retailers.
The Company is currently processing Country of Origin, Health Department and Quality Analysis Certifications with the proper authorities to begin exporting select lines of “Green and Natural” products to Malaysia and Singapore. The Company is also working to establish franchised buyer groups, marketing and distribution networks within Singapore for further distribution to the Middle East, Indonesia and Thailand.
Initial plans are to export up to 2,000 Metric Tons in 2010 with exports increasing to approximately 5,000 Metric Tons in 2011. This represents approximately 7% of total dairy production and 70% of total retail dairy sales for 2010.
Mr. Lee Solomon, Sino Agro Food, Inc. CEO, stated, “We are establishing exports in our name brand dairy products for two reasons. First, we anticipate an increase in name brand recognition for our “Green and Natural” product line globally. Second, by exporting our branded products globally, we expect broader acceptance of our products domestically in China where the dairy industry has experienced many setbacks. Combined, we anticipate these actions to increase overall sales and awareness of our branded lines of dairy products.”
The Company also would like to update shareholders on progress related to the filing of its Form 10 and previously announced dividend. The Company’s PCAOB auditor, Madsen and Associates, CPA has requested information pertaining to subsequent events, financial forecasts through 2013 and comments on both the HU and Dairy operations. Due to accelerated growth in both the Dairy and HU Plantation operations, delays have unfortunately been a part of the process. The Company is working diligently with its auditor to respond to questions as quickly as possible.
The Company is currently reviewing advice from its attorney on the most effective way to process the previously announced dividend. Current delays are due to the fact that over 3,000 shareholders of record are holding less than 5 shares due to a corporate re-organization prior to the Company’s reverse merger with Volcano Gold, Inc. The Company is seeking alternative distribution methods due to the cost to process a dividend to the shareholders holding less than 5 shares. The Company is currently completing the process of retiring approximately 4.6M shares. To date, the Company transfer agent has processed the retirement of approximately 1.5M shares.
“We continue to work closely with our auditor’s Hong Kong affiliate to complete the required audits for our Form 10 filing as diligently as possible. We are experiencing strong growth within the business and this is causing some delays throughout the entire process. We believe however, that in light of recent growth, once we have filed our Form 10 and provided the market with 4 years of audited financial statements, that the market should respond accordingly. I am also very pleased to state that the Secretary General of Qinghai Province has indicated his intent to visit Company operations. This is a great honor for us and we look forward to sharing this visit with our shareholders,” Mr. Lee Solomon, Sino Agro Food, Inc. CEO, further stated.
About Sino Agro Food, Inc.
Sino Agro Food, Inc. (http://www.sinoagrofood.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company intends to focus on meeting the increasing demand of China’s rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of Bio-Organic Fertilizer and Stock-Feed, as well as, fisheries, dairies, and Hylocereus Undatus plantations. SIAF’s products are produced to meet the high organic quality standards of the United Kingdom. SIAF is owner of a patented process; the conversion of corn stalk into high quality feed for livestock and is the “Master Licensee” for China with exclusive right to a patented Bacterial used in converting food based agriculture produce wastes into nutritional feed products that are also applicable in the manufacturing of Bio-Organic fertilizer. The Company also holds the “Master License” for China on a modern re-circulating Aquaculture Technology “A Power RAS Technology” that has the capacity to commercially grow quality table fish and seafood free from chemical and pollution in enclosed modules on land in a system designed to promote economic sustainability and viability. Currently the Company has total employment of 520 persons of which 60 are skilled and experienced management staff.