NEW YORK and SHANGHAI, September 2, 2011 /PRNewswire-Asia/ -- SinoCubate, Inc. (OTCBB: SBAT) ("SinoCubate" or the "Company"), today announced that the Company has ceased to be a shell company and commenced operations as an incubator of and investor in privately held companies, mainly in P.R. China.
In conjunction therewith Dr. Wei Wei Zhang, a seasoned Chinese-American entrepreneur with more than 20 years of business experiences from successful fund raising, IPOs, start-ups and launch of several companies joined SinoCubate as a director and part of the senior management team. Dr. Zhang has founded and co-founded 8 biotechnology companies and has 16 patents either issued or pending.
Business incubation is a business support process that traditionally accelerates the successful development of early stage companies by providing entrepreneurs with resources and services. Successful completion of a business incubation program is believed to increase the likelihood that a start-up company will stay in business for the long term.
SinoCubate's main goal is to assist Chinese entrepreneurs to produce successful companies that will qualify to become publicly listed companies, mainly in the United States. These incubator graduates have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies in China and the United States.
Tom Simeo, Chairman of SinoCubate says: "We are very pleased that Dr. Zhang, a forceful talent, with excellent credentials and extensive experience from Sino-American businesses joined our company."
Mr. Simeo continued: "Our initial capitalization of SinoCubate is approximately US $5 million comprising publicly listed stock. In accordance with our investment objective, we seek to invest in Chinese-based, non-public-listed companies with an equity value of less than $50 million. SinoCubate's investment objective is to maximize its value through the portfolio companies' capital appreciation, thereby generating capital gains through liquidation of the equity investments in such companies. We may also make investments in already publicly listed Chinese-based companies that we believe are undervalued and thereby suitable investment targets."
Safe Harbor Statement
This press release contains certain statements that may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's beliefs, assumptions and expectations of the Company's future operations and financial performance, taking into account the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known that may cause actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition expressed or implied in any forward-looking statements. These forward-looking statements are based on current plans and expectations and are subject to a number of uncertainties including, but not limited to, the Company's ability to manage expansion of its operations effectively, and other factors detailed in the Company's annual report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein.