VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 8, 2017) - Sunshine Agri-Tech Inc. (TSX VENTURE:SAI) ("Sunshine Agri-Tech" or the "Company") is pleased to announce it has received final approval from the TSX Venture Exchange of the sale of livestock feed production business by the Company's wholly owned subsidiary, Changchun Sunshine Bio-Feed Co., Ltd. ("Changchun Sunshine") to the Company's 51% subsidiary, Changchun Grain Biotech Co., Ltd. ("Changchun Grain"), including Changchun Sunshine's proprietary technology and know-hows, including formulas for concentrated feeds, full-price mix feeds and pre-mix feed additives, etc., as well as its customers and market information for the feed business for payment by Changchun Grain of RMB3,760,000 (approximately $770,491) to Changchun Sunshine (the "Transaction").
As previously reported, on September 30, 2016, the Company held its annual general and special meeting and at this meeting the Company received approval of the Transaction from the Company's shareholders. Shareholders holding 43,432,000 common shares, representing 100% of the votes cast, voted to approve the Transaction. If votes from management are excluded, the Transaction was approved by shareholders holding 3,299,500 common shares, also representing 100% of the votes cast thereon excluding those of Company's management.
About Sunshine Agri-Tech Inc.:
Sunshine Agri-Tech Inc. (TSX VENTURE:SAI) is a public company listed on the TSX Venture exchange. The Company is engaged in the research, development, production and sales of bio-feed, microbial feed additives and related products that aim to improve the health and performance of animals. The Company's line of products include: (a) bio-feed; and, (b) microbial feed additives. The Company currently sells its products throughout China and Japan, and is beginning expansion into Southeast Asia. The Company is based in the city of Dalian in the Peoples Republic of China.
On Behalf of the Board of Directors
SUNSHINE AGRI-TECH INC.
Baojun Zhang, PhD
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.