GUANGZHOU, China, Feb. 10, 2011 (GLOBE NEWSWIRE) -- Sino Green Land Corporation (OTCBB:SGLA), a leading distributor of high end fruits and vegetables in China, today announced that it completed construction of the physical infrastructure of the second building within the Metro Green distribution hub. In connection with the project, the Company completed an $8.4 million private placement in which Sino Green Land issued 40 million shares of common stock at a price of $0.21 per share in exchange for construction costs covering the second 275,000 square foot metro green building.
Mr. Xiong Luo, CEO of Sino Green Land, commented, "Our decision to increase the size of our Green Food distribution hub from one building with two floors encompassing 220,000 square feet, to two buildings with three floors each and encompassing a total of approximately 605,000 square feet, was driven by demand from distributors and wholesalers we have spoken with over the past year. As a result of this transaction and completion of the construction phase of the project, we are now moving ahead with the esthetic details of the interior, including furnishing and decorating. We are extremely encouraged by the outlook for the new Green Food distribution hub as we seek to become the leading distributor of Green Foods nationwide."
Complete details of the private placement transaction are available on the Company's Form 8-K filed with the Securities Exchange Commission on February 4, 2011.
About Sino Green Land Corporation
Sino Green Land Corporation is a leading agricultural distributor of high end fruits and vegetables in the People's Republic of China. Since its inception in 2003, Sino Green Land has grown from a small distributor of various produce to become a large distributor of Fuji apples, emperor bananas and tangerine oranges. In the process, Sino Green Land has built a solid reputation, a sophisticated supply chain and a domestic distribution network primarily in Beijing and Guangzhou.
The Sino Green Land Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8334
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