SinoHub, Inc. (SIHI.OB) Gets Major Financial Vote Of Confidence
SinoHub, Inc., the growing China-based electronic supply chain management services company, today announced a dramatic vote of confidence from the financial market in the form of a $6.4 million bank line. The new line is being made available through the Shenzhen branch of the Hangzhou Bank, and is expected to be used for continued expansion of SinoHub’s electronic component procurement fulfillment and component sales business lines in China. Under the terms of the agreement, Hangzhou Bank will issue Letters of Credit (LC) to SinoHub Shenzhen, with a 20% cash deposit requirement on all LCs. The bank will issue LCs to…