In my opinion, this product is best avoided. While it might contain some bacteria, you really have no way of knowing what kind of condition the bacteria is in. Improper storage, or shipping could have killed a lot of it off. Other factors could limit how well it works. For example, aerobic bacteria films that develop all over the tank, live rock and everything else, tend to be in areas of high oxygen and flow. You are not going to get that in a sandbed.
Cycle the tank by traditional methods, using the deli shrimp method mentioned by PSU4ME and you know you'll get good results. Reef systems take time and effort to obtain good results. You can not rush things.