SAN CARLOS, Calif., July 11, 2011 (GLOBE NEWSWIRE) -- Sinobiomed Inc. (d/b/a Sitoa Global Inc.) (OTCQB:STOA) (the "Company" or "Sitoa"), an e-commerce facilitator, today announced that it has entered into a strategic partnership agreement with Soconison Technology Ventures ("Soconison"), permitting Soconison and its portfolio companies to utilize the Company's network and platform software technology to develop and host business-to-consumer ("B2C") e-commerce marketplaces.
Over the next 6 months, the Company will assist in developing and maintaining B2C marketplaces operated by Soconison and its portfolio companies, including ZBL Cybermarketing, Inc., Google's largest Search Engine Marketing (SEM) and Search Engine Optimization (SEO) provider in Northern China centered on the metropolitan area of Beijing, for integration and maintenance fees of at least $0.63 million.
Cal Lai, the Company's President and CEO, commented, "We believe that this is an important step for us in our bid to expand our e-commerce business and participate in the growth of online transactions in China. We expect that the revenues from this agreement will strengthen our financial position and support the execution of our business plan."
"Our portfolio companies have captured significant online user traffic with the growth in China," said James Wang, Managing Partner at Soconison Technology Ventures. "We believe that Sitoa's technology will allow us to monetize our online user communities through the building of e-commerce marketplaces."
ABOUT SINOBIOMED INC. (d/b/a SITOA GLOBAL INC.)
Sinobiomed Inc. (soon to be Sitoa Global Inc.) is an e-commerce facilitator that seeks to enable new advances in e-commerce by building and managing leading online marketplaces that match online sellers with targeted customer groups. The Company's efforts target the growth of e-commerce, online media, and social networking. Its goal is to provide infrastructure for online sellers designed to attract focused customer communities as part of a social marketplace, expanding retail selling channels without the risks of focus dilution, increased capital, and operating costs. As part of its revenue model, the Company shares in revenue generated by the marketplace sites, in addition to charging one-time integration and hosting fees.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the ability of the Company to perform under the agreement and that the revenues there from will strengthen the Company's financial position over the next 6 months; the continued growth of the e-commerce segment and of online transactions in China and the ability of the Company to continue its expansion into that segment; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.globenewswire.com/newsroom/ctr%3Fd=224559%26l=8%26u=http%253A%252F%252Fwww.sec.gov" target="_top" rel="nofollow">http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.