Sino-Global Shipping America buys Longhe Ship Management
In connection with the acquisition of LSM, Sino-Global appointed Africa Li, who has more than 30 years of experience in the shipping industry, as its new chief technology Officer.
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.
The agreement is expected to close in the near future, subject to certain conditions, including the obligation of Sino-Global to notify the NASDAQ Capital Market and, if necessary, request shareholder approval for such issuance prior to completion of the transaction. ■