Sino Bioenergy Confirms Audit Review of Accounts
25 November 2013 - 1:00PM
Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today
confirmed that it conducted an independent audit review of its
accounts to run standard audit tests for the quarter ending
September 30, 2013.
The audit review was conducted at our prior to the release of
the quarterly filing by Weld Asia Associates, based in Kuala
Lumpur, Malaysia. (PCAOB registered firm)
The Audit Review Report stated: "We found the trial balances and
accounting records are well kept and maintained, and the system is
effective and efficient to facilitate our audit review and testing.
We found the sales items were transacted mostly on cash basis,
properly supported with sales invoice recorded in the general
ledger, the amounts were subsequently settled and properly
reflected in the financial report. We found the treatment of cost
of sales have been properly dealt with, recorded in the general
ledger and reflected in the financial report. We found that the
accounting vouchers are well kept and maintained, supported with
proper vouchers and receipts and proper approval by the General
Manager and other authorized officers."
Daniel Mckinney, CEO commented, "The Board of Directors was
pleased by the opinion of Weld about the quality and accuracy of
our accounting and reporting systems. We will continue to use Weld
for systems and accounting tests of our subsidiaries."
On November 14th, the Company reported nine months revenues of
US$6,044,539 with a net profit of US$201,427.
SFBE is current in its reporting under the OTC Alternative
Reporting Standard.
About Sino Bioenergy Corp.
Established in May 2005, Sino Bioenergy Corp. is a Nevada
Corporation that trades on the OTC Pink (symbol: SFBE) and Bourse
Berlin Exchange (symbol: 3SF). Please see our websites at:
www.sinobioenergy.com Fully diluted shares outstanding: 711,915,750
as of November 25, 2013.
This press release contains forward-looking statements based on
management's expectations and beliefs, and may involve known and
unknown risks and uncertainties and other factors that may cause
the actual results to be materially different from the results
implied herein. Readers are cautioned not to place undue reliance
on the forward-looking statements made in this press release.
CONTACT: Investor Relations:
Dennis Burns
Tel: 567-237-4132
nvestrain@gmail.com
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