Sino Fibre Completes Strategic Private Placement To Establish
Chinese Barter Exchange
Sino Fibre
Communications (OTCBB:SFBE), an internet services provider in China,
announced that it has completed a private placement of 1,671,416
units at a price of $0.31 per unit for gross proceeds of
approximately $518,140, each unit consisting of one share of common
stock of Sino Fibre and one share purchase warrant.
The proceeds of
the unit offering will be used to complete Sino Fibre�s joint
venture with CASME as previously announced.
The joint
venture with CASME is to establish an official Chinese
government-sanctioned barter exchange platform to process business
to business (B-to-B) transactions among the 4.5 million medium and
small private business enterprises currently under the membership of
CASME and with the international barter exchange floor.
Sino Fibre is
to invest $6 million (subject to financing) to own 85% and will
manage the joint venture company business, CASME is to bring in
Chinese central government sanction, assistance and support, as well
as its business members and will own the remaining 15% of the joint
venture.
According to
Mr. Gao Guang Yu, the president of China Business Online Co. (Sino
Fibre�s joint venture company with CASME), �By leveraging the strong
government support and having the 4.5 million business members in
our initial customer pool, Sino Fibre aims to build out the barter
exchange platform and become one of the top B-to-B and barter
business provider in China and in the world.�
Daniel Mckinney,
CEO of Sino Fibre, said, �This is an amazing historical opportunity
for us to partner directly with the Chinese government in developing
and maximizing the potential of their internal trading and commerce,
as well as to the rest of the world. To give our shareholders a
point of reference of the value we are creating, Alibaba (internet
services provider) raised $1.5 billion in their November 2007 IPO,
and has 27 million (C-to-C and B-to-C) registered members
worldwide.�
For more
information about Sino Fibre Communications go to
www.sinofibre.com.