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SinoHub Secures $6 Million Credit Line

May 7, 2009 (FinancialWire) — SinoHub, Inc. (OTCBB: SIHI) said its SinoHub SCM Shenzhen Ltd. unit has closed a new $6.4 million bank line with the Shenzhen branch of the Hangzhou Bank.

The full amount of the line, if available, may be used to obtain letters of credit and up to $1.46 million of the line may be used as a revolving cash line, according to SinoHub. There is a 20% cash deposit requirement on LCs.

According to the fine print, Hangzhou Bank will issue LCs to SinoHub SCM Shenzhen for terms up to 120 days. Interest on the cash line will be at least 1.1 times the base deposit interest rate as announced by the People’s Bank of China, which is currently 4.12%. The bank line expires on April 6, 2010.

The company said it will use the funds for continued expansion of its electronic component procurement-fulfillment and component sales business lines in China.

Santa Clara, California-based SinoHub provides supply chain management services in the electronic components supply chain in China.

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