VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Sunshine Agri-Tech Inc. (TSX VENTURE: SAI)
("Sunshine Agri-Tech" or the "Company") reports that on March the Company’s wholly owned
subsidiary in Hong Kong, Sunscape (Hong Kong) Limited, previously on March 23, 2018, entered into a binding letter of intent (the
“LOI”) with Nongpaike Bio-Tech (Dalian) Co., Ltd. (“Nongpaike”) for the sale of 100% of the share
capital of Dalian Sunshine Agri-Tech Co., Ltd. (“Dalian Sunshine”) to Nongpaike’s for the purchase price of
RMB4,900,000 Yuan. At the time of signing of the LOI, Dalian Sunshine was our wholly-owned subsidiary that carried out our
research and development of livestock feed additives in Dalian, China and operated the Company’s livestock feed production business
in Changchun, China through another subsidiary, Changchun Grain Biotech Co., Ltd., that is controlled by it. Dalian Sunshine
also owned 100% of Changchun Sunshine Bio-Feed Co., Ltd. (“Changchun Sunshine”), which owned certain land use
right that contains development obligations on the holder to begin development immediately. Changchun Sunshine did not
have sufficient capital resources to meet these development obligations.
However, the LOI was terminated on June 15, 2018. As a result, the Company sought alternative transactions
and entered into the agreements described in the Company’s news release issued on November 27, 2018.
The transactions described in the Company’s news release issued on November 27, 2018 are still subject to
regulatory approval, including the approval of the TSX Venture Exchange and the approval of the Company’s shareholders.
About Sunshine Agri-Tech Inc.:
Sunshine Agri-Tech Inc. (TSX VENTURE:SAI) is a public company listed on the TSX Venture exchange. The Company is
currently engaged in the research, development, production and sales of bio-feed, microbial feed additives and related products
that aim to improve the health and performance of animals. The Company's line of products include: (a) bio-feed; and, (b) microbial
feed additives. The Company currently sells its products throughout China and Japan, and is beginning expansion into Southeast
Asia. The Company is based in the city of Dalian in the Peoples Republic of China.
On Behalf of the Board of Directors
SUNSHINE AGRI-TECH INC.
Baojun Zhang, PhD
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Sunshine Agri-Tech Inc.
Xiaozhu Pang
Chief Financial Officer
Tel: 778.865.2296
