Sino-Global Shipping America To Buy Longhe Ship Management - Quick Facts

(RTTNews) - Sino-Global Shipping America Ltd. (SINO) announced that it has executed an agreement to acquire all of the equity of Longhe Ship Management (Hong Kong) Co., Limited or "LSM".

Sino-Global's agreement to acquire all of the equity of LSM from Mr. Deming Wang will result in the issuance of up to 200,000 shares of Sino-Global's common stock to Mr. Wang as payment for LSM, depending on the net income of LSM from July 4, 2014 through December 31, 2014.

The agreement is expected to close in the near future, subject to certain conditions, including the obligation of Sino-Global to notify the NASDAQ Capital Market and, if necessary, request shareholder approval for such issuance prior to completion of the transaction.

In connection with the acquisition of LSM, Sino-Global appointed Africa Li, who has more than 30 years of experience in the shipping industry, as its new Chief Technology Officer.

Li served as the assistant to the president (Mr. Deming Wang) of Qingdao Zhenghe Shipping (Group) Co., Ltd. from May 2010 through present. Before that, from August 1982 through April 2010, Mr. Li was a shipbuilding supervision engineer and ship management technical supervisor for Qingdao Marine Shipping Company.