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, 2014 through December 31, 2014.
In connection with the acquisition of LSM, Sino-Global appointed Africa Li as its new Chief Technology Officer.
Lei Cao, Chief Executive Officer of Sino-Global, said: “We are excited to enter into the ship management business and look forward to combining our experience managing shipping logistics and serving as a shipping agent with expertise of LSM in managing ships.
Our cooperation with Mr. Wang and his shipping-related companies in recent months has now allowed us to expand into serving commercial ships even more directly.
We look forward to Mr. Li joining our team and bringing to Sino-Global a career dedicated to shipping industry for more than thirty years.”