Today, Sino Green Land Corp. announced that it completed a private placement with a group of institutional investors, led by T Squared Investments LLC (”T Squared Partners”), in the upfront amount of $1 million. The private placement also includes investment rights and warrants to invest an additional $4.9 million into the company for growth capital purposes.
Mr. Anson Fong, Chairman of Sino Green Land, commented, “Since founding the company in 2003, we have experienced exceptional growth due to our highly scalable business model. In the last year alone, we achieved sales growth of over 70%, with revenue of $73.6 million and net income of $4.6 million for the twelve months ended December 31, 2008. We have established ourselves as a leading distributor of high end fruits and vegetables in China through our unique relationship with China’s Ministry of Agriculture and local municipal governments, which has allowed us to enter into favorable long-term cooperation agreements with local farmers.â€
He continued, â€œWe provide these farmers with tools to increase their productivity, including higher margin crops and technologies to increase their yield. In turn, these long-term cooperation agreements with local farmers throughout China provide us a steady supply of fruits and vegetables at stable prices. As a result, we have built a sustainable and high margin distribution model. We appreciate the support of T Squared and the other investors in this financing, as it provides us expansion capital to accelerate our growth plans.”
Mark Jensen, Co-Founder and Portfolio Manager of T Squared Partners, stated, “In considering our investment, we conducted extensive due diligence and are extremely impressed with the company’s operations in China. Since its founding in 2003, Sino Green Land has demonstrated a consistent track record of growth and increasing profitability. Sino Green Land has a unique opportunity to become one of the largest distributors of higher margin fruits and vegetables in China and we are pleased to support their efforts with this infusion of growth capital.”