Sunshine Agri-Tech Announces Completion of Asset Purchase and Sale Agreement
MAY 9, 2012 - 14:23 ET
FOR: SUNSHINE AGRI-TECH INC.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2012) - Sunshine Agri-Tech Inc. (the "Company") (TSX VENTURE:SAI) wishes to announce that, on September 28, 2010, it completed the acquisition of business assets from Sunscape Bio-Tech Co., Ltd. ("Sunscape") pursuant to the Asset Purchase and Sale Agreement dated September 28, 2010 (the "Agreement") with Sunscape. Pursuant to the Agreement, the Company purchased the business assets, including boiler, mixer, fermenter, mixer, air compressor, and other equipment, totalling 128 items (collectively the "Assets"), primarily used in the production of microbial feed additives, from Sunscape in consideration for the sum of RMB3.22 million Yuan paid to Sunscape. The Company obtained a valuation report from an independent valuation firm in China for the Assets before concluding the purchase of the Assets.
To correct the information contained in the Company's news release of September 28, 2010 relating to transaction, the Company advises that Mr. Boajun Zhang, who is the principal shareholder, director and Chief Executive Officer of the Company, is a 51% shareholder of Sunscape and not the sole shareholder of Sunscape. The other 49% interest of Sunscape is owned by a company in China named Dalian Detai Investment, Ltd.
The Company has submitted information relating to this transaction to the TSX Venture Exchange (the "Exchange") for their review and this transaction is still subject to the Exchange's approval.
About Sunshine Agri-Tech Inc.
Sunshine Agri-Tech operates in the animal feed industry and its line of products include microbial feed additives, bio-feed (which is a combination of traditional animal feed such as maize, wheat and soybean meal and Dalian Sunshine's microbial feed additives), and microbial fermented agents.
ON BEHALF OF THE BOARD OF DIRECTORS
Mr. Baojun Zhang, Chief Executive Officer
Mr. Baojun Zhang
Chief Executive Officer