News and Press Releases

Sino Agro Food, Inc. Announces 1st Quarter Results

May 23, 2011

GUANGZHOU, China--()--Sino Agro Food, Inc. (OTC Pink Sheets:SIAF), an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, is pleased to announce financial results for its 1st Quarter period ending March 31st, 2011.

First Quarter Summary

Sino Agro Food, Inc. reports revenue from continuing operations of $3.1M with net income of $1.3M. Net income attributable to Sino Agro Food, Inc. and subsidiaries was $910,913. Net income from discontinued operations was $19.9M with $11.1M attributable to Sino Agro Food, Inc. and subsidiaries.

Basic earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.20 per share. Diluted earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.18 per share.

Basic earnings per share from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.02 per share. Diluted earnings per share from continuing operations, attributable to Sino Agro Food, Inc. and subsidiaries common stockholders, amount to $0.01 per share.

On February 15th, 2011 and March 29th, 2011, the company disposed 100% equity interest in HYT group (including HYT and ZX) for $45,000,000.

The Company acquired land use rights during the first quarter period for $7,042,831 which consisted of 57.58 acres in the Guangdong Province, PRC and the leases expire in 2037.

The Company also applied to form Enping City Bi Tao A Power Fishery Development Co. Limited (EBAPFD) and Enping City Bi Tao A Power Prawn Culture Development Co. Limited (EBAPCD), both of which the Company would own 25% equity interest. The approvals of the formation of EBAPFD and EBAPCD by the relevant authorities of the PRC Government are pending.

The entire report for the first quarter ending 2011 can be found at the following link:

http://www.sec.gov/Archives/edgar/data/1488419/000114420411031379/v222526_10q.htm

ABOUT SINO AGRO FOOD, INC.

Sino Agro Food, Inc. (“SIAF”) (http://www.sinoagrofood.com) and (http://www.siafchina.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company intends to focus on meeting the increasing demand of China’s rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of dairy products, beef products, fish products, bio-organic fertilizer, stockfeed and hylocereus undatus plantations.

FORWARD LOOKING STATEMENTS

This release contains certain “forward-looking statements” relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes, expects” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF’s current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

Sino Agro Food, Inc.
CEO Mr. Solomon Lee
Phone: 86-20-22057860
info@siafchina.com
or
Investor Relations (US and Europe)
Mr. Chad Sykes
Chad.Sykes@sinoagrofood.com


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