SINO AGRO FOOD, INC. (OTCMKTS:SIAF) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On August 29, 2014, Sino Agro Food, Inc. (the “Company”) issued a Promissory Note (the “ECAB Note”) to Euro China Capital AB (“ECAB”) in the principal face amount of $33,300,000, as subsequently amended by a Restructuring Agreement executed in July of 2017 (as so amended, the “New Note”).
We received a notice of default (the “Notice”) from ECAB on December 12, 2018 contending that the New Note was in default because (i) SIAF has not made repayments on the New Note in the manner prescribed by its terms, and (ii) of certain other unspecified events of default. While ECAB stated in the Notice that it has not elected to accelerate the right to repayment of the entire principal amount, including accrued but unpaid interest on the ECAB Note, it reserves the right to do so.
Prior to receipt of the Notice from ECAB, the Company was attempting to reach a negotiated settlement with ECAB. Notwithstanding receipt of the Notice, the Company hopes to continue to work with ECAB to settle its obligations under the ECAB Note. The Company intends to vigorously defend its position should a mutually amicable resolution prove unattainable.
About SINO AGRO FOOD, INC. (OTCMKTS:SIAF)
Sino Agro Food, Inc. is an agriculture technology and natural food holding company. The Company acquires and maintains equity stakes in a portfolio of companies to produce, distribute, market and sell protein food, and produce, primarily seafood and cattle. It provides consulting and services to joint venture partners to construct and operate food businesses, producing wholesale fish and cattle. It operates in five segments: Fishery Development Division operated by Capital Award, Inc. and Jiang Men City A Power Fishery Development Co., Limited; HU Plantation Division operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited; Organic Fertilizer and Bread Grass Division operated by Qinghai Sanjiang A Power Agriculture Co., Limited and Qinghai Zhong He Meat Products Co., Limited, among others; Cattle Farm Development Division operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited and Macau Eiji Company Limited, and Corporate and Others Division.