US-based Sino Fibre Communications has acquired a 60% interest in China-based Dalian Xinbao Biomass Co which is emphasizing on research and design of biomass energy.
The company is issuing 230,681,000 shares at a price of $0.22 per share, to reflect the $50.75m acquisition.
Sino Fibre CEO Daniel McKinney said that the acquisition will provide a strong foundation for the future development of RDF-7 for Sino Fibre.
"It also creates a cutting edge direction for our biomass energy and business opportunity," McKinney said.