Sino Fibre Completes Its $600,000 Offering of Convertible Notes
Friday December 21, 7:00 am ET.
Sino Fibre Communications, Inc. (OTCBB:SFBE) announced that it completed a
private placement offering of 5% convertible notes due January 1, 2009 for an
aggregate principal amount of $600,000. The private placement was completed in
two tranches with the first tranche closing on December 11, 2007 for a principal
amount of $360,000 and the second tranche closing on December 19, 2007 for a
principal amount of $240,000.
The holders of convertible notes are entitled at their option to convert all or
any portion of the principal amount of their convertible note into units, with
each unit consisting of one share of common stock of Sino Fibre and one warrant
to purchase one share of common stock, at any time after 90 days from the
issuance of their convertible note and subject to other conditions. The
conversion price is $0.05 per unit. Upon conversion, the interest accrued or
accruing from the date of issuance to the date of conversion will be paid in
units calculated at $0.05 per unit and will constitute payment in full of any
such interest on the same terms as would otherwise apply to the conversion of
the principal amount. Each warrant entitles the holder to purchase one share of
common stock for up to two years from the date of issuance of the warrant with
an exercise price equal to $0.20 per share.
The proceeds of the convertible note offering will be used to pursue potential
business opportunities, including opportunities with Sino-Con Telecom Group Co.,
Ltd., and for general working capital.
About Sino Fibre:
Sino Fibre Communications, Inc. (``Sino Fibre'') is an open source company dedicated to provide international standard fiber optic backbone telecommunications transmission related sales and/or leasing services in China to all foreign telecommunications carriers and corporate users. Sino Fibre Communications is positioned to become China's premier provider of low cost fiber optical solutions to international telecommunication companies and large corporations that require Chinese intercity connectivity. Our low cost solutions range from the leasing of intercity dark fiber to providing co-location, broadband transport and IP-centric voice services.
The Sino Fibre Communications Corporation logo is available athttp://www.primenewswire.com/newsroom/prs/?pkgid=4102
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
CONTACT: Investor Relations