Guangzhou, China, Oct 16 - Sino Agro Food, Inc., an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, is pleased to announce Hang Sing Tai Agriculture Development, a 75% owned subsidiary of Sino Agro Foods, Inc., has expanded its production capabilities by installing additional dryer units.
Hang Sing Tai Agriculture Development operates a 490-acre Hylocereus Undatus (“HU”) flower plantation. HU flowers, also known as “dragon fruit”, are popular in China for their perceived medicinal benefits. The Company recently completed construction of 4 new additional dryer units. These new units will increase the amount of product that can be dried, which will result in less product spoilage, longer shelf life and expanded distribution during winter months.
The Company is also nearing completion on the construction of additional cooling rooms, as well as improvements to infrastructure such as roads, loading and discharging bays, open storage areas and drainage. An additional 50 acres are also expected to be added for the 2010 season. The Company expects total renovation and development costs to run approximately $2M U.S. dollars of which are being funded through retained earnings from ongoing operations and China Government subsidies.
Mr. Lee Solomon, Sino Agro Food, Inc. CEO, stated, “The new dryers are expected to increase our revenue by at least three times subject to dried flower prices between now and April 2010. It is however looking good so far, as information is indicating that overall supplies this year will be less than 2008, and 2008’s average was RMB46 / kg of dried flowers, and we are expecting over RMB50 averaged for 2009 crops.”
ABOUT SINO AGRO FOOD, INC.
Sino Agro Food, Inc. (“SIAF”) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company intends to focus on meeting the increasing demand of China’s rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of Bio-Organic Fertilizer and Stock-Feed, as well as, fisheries, dairies, and Hylocereus Undatus plantations. SIAF’s products are produced to meet the high organic quality standards of the United Kingdom. SIAF is owner of a patented process; the conversion of corn stalk into high quality feed for livestock and is the “Master Licensee” for China with exclusive right to a patented Bacterial used in converting food based agriculture produce wastes into nutritional feed products that are also applicable in the manufacturing of Bio-Organic fertilizer. The Company also holds the “Master License” for China on a modern re-circulating Aquaculture Technology “A Power RAS Technology” that has the capacity to commercially grow quality table fish and seafood free from chemical and pollution in enclosed modules on land in a system designed to promote economic sustainability and viability. Currently the Company has total employment of 520 persons of which 60 are skilled and experienced management staff.