Sino Agro Food, Inc. (Pink Sheets: SIAF | PowerRating), an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, is pleased to announce its board of directors has declared a cash dividend on its common stock of $0.01 per share on July 15, 2010, payable on October 15, 2010 to all shareholders of record on August 31, 2010.
Mr. Lee Solomon, Sino Agro Food, Inc. CEO, stated, "We are very pleased to offer to our shareholders our first dividend. Based on our unaudited net earnings of $0.13 per share the dividend represents approximately 7.7% of our net earnings for 2009. This is in line with the decision of the board of directors to provide an annual cash dividend of up to 8% of net earnings. With our audited numbers for 2009 expected to be in line with previously published unaudited net earnings of $0.13 per share and book value of $1.09, we currently believe our share price to be quite undervalued given our industry and expected growth."
About Sino Agro Food, Inc.:
Sino Agro Food, Inc. ("SIAF") is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the PeoplesRepublic 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.
Forward-Looking Statements This release contains certain "forward-looking statements" relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.