Sino-Global signs one-year agreement with state-owned enterprise China Ocean Shipping Agency to jointly develop shipping agency business in China, abroad through cross-referral and collaboration arrangement
April 4, 2014
– Sino-Global Shipping America, Ltd. (SINO) ("Sino-Global" or the "Company"), an international shipping agency and logistic services provider, today announced that it has signed a strategic cooperation agreement (the "Agreement") with state-owned enterprise, China Ocean Shipping Agency ("PENAVICO") to jointly develop their shipping agency business both in China and overseas through a cross-referral and collaboration arrangement.
Under the terms of the Agreement, Sino-Global and PENAVICO will leverage each other's strengths at different ports to explore cross-referral and profit sharing opportunities among existing clients. The Agreement has a one-year term and will automatically renew for another year unless a written notice of termination is given by either party at least 30 days before the end of the term.
"We are thrilled to work with PENAVICO, an industry leader with over 60 years of rich history of providing international shipping agency, freight forwarding and logistics services to customers all over the world," commented Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global. "We believe both parties will benefit from the cross-selling and upselling opportunities that this Agreement is expected to generate."
About China Ocean Shipping Agency
For over 60 years, China Ocean Shipping Agency ("PENAVICO") has been a leading international shipping and transportation agency in China. Headquartered in Beijing, PENAVICO has a global service network that includes over 80 port offices and 300 service outlets in China as well as representative offices in the U.S., Europe, Japan, South Korea, Singapore, and Hong Kong. For more information, please visit www.penavico.com.cn.
About Sino-Global Shipping America, Ltd.
Founded in the United States of America ("U.S.") in 2001, Sino-Global Shipping America, Ltd. is a Virginia corporation with its primary U.S. operations in New York. We provide our customers with comprehensive yet customized shipping agency, shipping and chartering, and inland transportation management services. As a general shipping agent, the Company serves ships coming to and departing from a number of countries and regions, including China, Australia, South Africa, Brazil, Hong Kong, Canada, and the U.S.. For more information, please visit: www.sino-global.com.
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. 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 more information, please contact:
In the U.S.:
Mr. Anthony S. Chan, CPA
EVP & Acting CFO
Mr. Zhikang Huang
Chief Operating Officer