BEIJING, June 23 /PRNewswire-Asia/ -- Sino-Global Shipping America, Ltd. (Nasdaq: SINO) ("Sino-Global" or the "Company"), a leading, non-state-owned provider of shipping agency and forwarder services operating primarily in China, today announced the establishment of a new subsidiary in Shanghai, China. The subsidiary, Trans Pacific Logistics Shanghai, Ltd., increases
Sino-Global's presence to nine ports in mainland China and will enable the Company to provide a full range of shipping agency services as well as freight forwarder services. Sino-Global has contractual arrangements with local shipping agencies in all mainland Chinese ports in which it does not have a branch office.
"While the economic downturn has taken a toll on China's shipping industry, it also affords us the opportunity to expand into complementary areas of business while the cost of doing so is low," said Mr. Cao Lei, Sino-Global's chief executive officer. "Our new Shanghai subsidiary will allow us to provide our clients with the same level of integrated and high-quality shipping agency services while also providing non-asset-based logistics services for freight transport over water."
Located at the front edge of the Yangtze River Delta, the port of Shanghai lies in the middle of the 18,000-kilometer eastern coastline of mainland China. The port of Shanghai is one of the major hub ports in China's coastal area and plays an important role in China's integration with the global economy. The port's annual foreign trade cargo throughput accounts for about 20% of the total volume of China's coastal ports. In 2007, Shanghai was the busiest port worldwide in terms of cargo throughput and second busiest in terms of container throughput.
About Sino-Global Shipping America, Ltd.
Registered in the United States in 2001 and operating primarily in mainland China, Sino-Global is a leading, non-state-owned provider of
high-quality shipping agency and forwarder services. With local branches in nine of China's 76 ports and contractual arrangements in all those where it does not have branch offices, Sino-Global is able to offer efficient,
high-quality shipping agency services to shipping companies entering Chinese ports. With a subsidiary in Perth, Australia, where it has a contractual relationship with a local shipping agency, Sino-Global provides complete shipping agent services to companies involved in trades between Chinese and Australian ports. Sino-Global also operates a subsidiary in Hong Kong, China to provide comprehensive shipping agency services to vessels going to and from one of the world's busiest ports.
Sino-Global provides ship owners, operators and charters with comprehensive yet customized shipping agency services including intelligence, planning, real-time analysis and on-the-ground implementation and logistics support, as well as freight forwarder services. Sino-Global has achieved both ISO9001 and UKAS certifications.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Specifically, Sino-Global cannot guarantee that the new subsidiary discussed herein will result in any new business or produce any revenues or meet the prospects referenced herein. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For investor and media inquiries, please contact:
Ms. Apple Liang
Sino-Global, Beijing
Tel: +86-10-6439-1888
Email: ir@sino-global.net
Ms. Flora Tian
Ogilvy Financial, Beijing
Tel: +86-10-8520-6524
Email: flora.tian@ogilvy.com
