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August 19, 2014
06:36 EDTSINOSino-Global acquires Longhe Ship Management
Sino-Global Shipping America announced that it has executed an agreement to acquire all of the equity of Longhe Ship Management, in a move to broaden Sino-Global's service platform and gain expertise in the ship management business. Sino-Global's agreement to acquire all of the equity of LSM from Deming Wang will result in the issuance of up to 200,000 shares of Sino-Global's common stock to Wang as payment for LSM, depending on the net income of LSM from July 4 through December 31. The agreement is expected to close in the near future.
News For SINO From The Last 14 Days
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August 25, 2015
07:31 EDTSINOSino-Global receives expected time charter payments
Sino-Global Shipping America updated shareholders on the status of its chartering business and addressed concerns about the anticipated impact of Chinese governmental policies affecting the value of the yuan or Renminbi. According to Lei Cao, Sino-Global's CEO, Sino-Global's previously-announced time charter agreement is proceeding according to plan. To date, Sino-Global has received a total of five payments from the charterer under the time charter agreement since it commenced on May 20, 2015. Since and including the first payment in June 2015, the time charter agreement has generated net profit to Sino-Global of approximately $300,000 on revenues of approximately $570,000. The recent devaluation of the yuan by the Chinese authorities has, to date, had a negligible impact on Sino-Global's business. Lei Cao, CEO of Sino-Global, explained, "Because our time charter arrangement is entirely US dollar-denominated, and because the vessel operates in a highly specialized trade, a slowdown in the Chinese economy and changes in the value of the yuan have, to date, not adversely affected this business. As for our shipping agency business, we are paid in US, Australian and Canadian dollars, so our foreign exchange risk is not tied solely to the yuan."

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