Sino Agro Food, Inc. announced that it has completed important legal due diligence and made meaningful progress toward the restructuring, carve-out and subsequent spin-off of the company's aquaculture operations into an independent, publicly traded company. The completion of this legal due diligence represents a significant milestone in the company's strategic plan, allowing it to move forward with the carve-out and spin-off of its aquaculture assets. The lead advisor for the planned IPO of the aquaculture business has accepted all legal opinions related to the below items. The operating company of Aqua Farm 1, Jiangmen City A Power Fishery Development Co. Ltd. ("JFD") has been registered as a Wholly Foreign Owned Enterprise ("WFOE") of Tri-way by the Authorities of PRC Business Registration. Thus, shareholders of Sino Agro Food, Inc. are legally eligible to own shares in Tri-way directly, both prior to and at the time of IPO, under Hong Kong foreign ownership laws. JFD has secured the requisite legal agreements needed to acquire all farm assets of Aquafarm 2 ("AF2"), Aquafarm 3 ("AF3"), Aquafarm 4 ("AF4"), as well as the authority to determine and hire contractors for Aquafarm 5 ("AF5"). This is a positive step toward creating an efficient and streamlined single entity, which holds all the Company's aquaculture operations, in preparation for the carve-out and spin-off of JFD's parent company, Tri-way. Today, JFD also owns and operates Aquafarm 1, a grow-out facility for fish, prawns and eels in the Guangdong Province in China. Furthermore, Sino Agro Food's wholly owned subsidiary, Capital Award Inc., has granted Tri-way a China Master License to develop and operate up to 20,000 units of its A Power Recirculating Aquaculture System ("APRAS" technology) over a 50-year period, at a combined Developer and Operator's license fee of $100,000 per APRAS. This will allow Tri-way to develop and operate additional aquaculture facilities using the APRAS technology, opening up long-term expansion opportunities in China. For a frame of reference, AF4 uses 144 APRAS modules and plans for AF5 call for 864 APRAS modules. The proprietary APRAS technology produces seafood using less water, less land, less feed, and is more bio-secure than other methods of aquaculture. Moreover, it produces a higher seafood yield and, due to its climate-controlled environment, ensures more reliable production all year round, compared with other farming methods (such as net-pen or pond culture).