ROSLYN, N.Y., Nov. 29, 2017 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company" or "we"), a non-asset based global shipping and freight logistics integrated solution provider, today announces the signing of a Strategic Collaboration Agreement with Sichuan Metals and Minerals IMP. & EXP. CORP. ("SCMMC"), a subsidiary of Sichuan Foreign Trade Group Co Ltd., a leading state-owned importer/exporter in the Sichuan province in China.
Pursuant to the Strategic Collaboration Agreement, Sino-Global will serve as the exclusive purchasing agent and logistics service provider of sulfur products in the United States for SCMMC. The collaboration is in alignment with the Company's ongoing effort towards the containerization of imported commodities, shipped from the United States to China. This agreement will also mark the beginning of SCMMC's switch to containerization from the traditional bulk shipment of its products by exclusively using Sino-Global's innovative and cost-effective door to door container solution for the transport of its sulfur products. SCMMC has begun placing orders with Sino-Global for the purchase of approximately 2,400 metric ton or 120 containers of sulfur. Sino-Global expects to generate approximately $360,000 of revenue from these initial orders, with the Company expecting additional sales contracts to be finalized in the coming months.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, "We are excited to enter into this agreement with SCMMC. With this agreement, we are able to leverage our long-term relationship with China COSCO, China's largest integrated shipping company, to secure these containers at a discounted price while offering SCMMC a cost-effective solution for the materials they traditionally ship via break bulk. We are confident that containerization offers key advantages over bulk shipments, and given the ongoing increase in Chinese demand we intend to capitalize on the opportunity that containerization provides. By partnering with one of the leading state-owned import companies in China, we increase the Company's exposure as global logistics service provider which we believe will lead to additional contracts and increase sales over the long term. We intend to continue to seek additional customers and strategic partnerships that will further supplement our end to end global logistics services in the future and drive value for our shareholders."
About Sichuan Metals and Minerals IMP. & EXP. CORP.
SCMMC is a subsidiary company of Sichuan Foreign Trade Group Co Ltd, China's largest in size enterprise with SCMMC being one of the top ten exporters in Sichuan province. Established in 1980, SCMMC became the first professional foreign trade company to pass the ISO9002, an industry standard created by the International Organization for Standardization and a model for quality assurance in production, installation and servicing. The company produces a variety of non-ferrous metal, ferrous metal, ferroalloy, nonmetal minerals, and chemically treated raw material. The company also manufactures machine tooling and accessories, measurements and cutting tools, construction hardware, sanitary hardware, furniture hardware, kitchen hardware as well as an array of educational instrument products.
About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related business services. Headquartered in New York, Sino-Global has offices in Los Angeles, mainland China, Australia, Canada and Hong Kong. The Company's current service offerings consist of inland transportation management, freight logistics and container trucking services. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com. The Company routinely posts important information on its website.
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 except as required by applicable securities regulations or rules.
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