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Sino Fibre Completes Strategic
Private Placement for Gross Proceeds of $212,483
June 10, 2008
Sino Fibre Communications, Inc. (OTCBB:SFBE), a broadband and value
added Internet services provider in China, announced that it has
completed a private placement of 685,428 units at a price of $0.31
per unit for gross proceeds of approximately $212,483, each unit
consisting of one share of common stock of Sino Fibre and one share
purchase warrant. Each warrant entitles the holder to purchase one
share of common stock for two years from the date of issuance of the
warrant with an exercise price equal to $0.31 per share. No
fractional shares of common stock will be issued on the exercise of
the warrants. The number of shares of common stock issuable shall be
rounded down to the nearest whole share of common stock. As of
today's date, the number of Sino Fibre common stock outstanding is
33,850,573 shares. The units were offered and sold to purchasers who
purchased as offshore investors in compliance with Regulation S
adopted under the Securities Act of 1933, as amended. The offering
of the Units was non-brokered and the shares are restricted. 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 dollars 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 4.5
million medium and small private business members to begin the
barter exchange and B to B business and will own the remaining 15%
of the joint venture.
About CASME
CASME (China Association of Small and Medium Enterprises) is an
organization under CRDC leadership, to provide government assistance
and support to the Chinese small and medium business enterprises.
Further information on CASME may be found at: www.ca-sme.org. CRDC
(China Reform and Development Commission), the central government's
administrative division, is responsible for the economic and
business development of China.
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is an open
source company dedicated to provide international standard fiber
optic backbone telecommunications transmission related sales and
leasing services in China to all foreign telecommunications carriers
and corporate users.
For more information about Sino Fibre Communications, Inc., please
visit www.sinofibre.com.
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