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STP - Suntech Announces BIPV Supply Contract with Canadian Distributor
2006-12-06 08:00 ET - News Release
WUXI, China, Dec. 6 /Xinhua-PRNewswire/ -- Suntech Power Holdings , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, has announced that its subsidiary, MSK Corporation, has reached an agreement with ARISE Technologies Corporation , to distribute the MSK Just Roof(TM) system in Canada. Just Roof, one of MSK's several unique Building Integrated Photovoltaic (BIPV) systems, functions as a fully self-contained watertight roof structure, eliminating the need for traditional roofing materials below the panels. The Just Roof product, which can be seamlessly integrated into home design, is ideally suited for new construction projects, but can just as easily be retrofitted to existing roof tops.
''The Just Roof(TM) BIPV system offers individual homeowners a practical means of integrating solar energy generation systems into a building's structure,'' said Dr. Zhengrong Shi, Suntech's chairman and CEO. ''MSK's BIPV systems are already seeing substantial sales penetration in Japan where they are even being offered as a standard feature by some of our home builder customers. We look forward to encouraging the adoption of this exciting solar technology in North America and Europe.''
Consumer demand for solar products in Canada is expected to be driven by recent initiatives promoting the use of renewable energy. Under Ontario's Standard Offer Program, the Ontario government will pay approximately $0.37/kWh for power generated by solar energy over a period of 20 years. To promote this new policy, the Canadian government recently partnered with ARISE and MSK to install North America's first Just Roof(TM) system on a demo home in Waterloo, Ontario.
Since MSK Just Roof(TM) was first introduced, more than 4,000 systems have been installed in Japan. ARISE will begin marketing the MSK Just Roof(TM) system early next year.
About ARISE
ARISE Technologies is dedicated to accelerating the use of solar energy in mainstream North American markets. The Company's shares are listed on the TSX Venture Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at http://www.arisetech.com and http://www.sedar.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of Japan's largest PV manufacturers and one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, Japan, China and the United States. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as ''will,'' ''expects,'' ''anticipates,'' ''future,'' ''intends,'' ''plans,'' ''believes,'' ''estimates'' and similar statements. Among other things, Suntech's expectations with respect to the adoption of MSK's Just Roof BIPV system in North America and Europe and the increasing consumer demand for solar products in Canada as a result of recent initiatives promoting the use of renewable energy contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For additional information, please contact:
Steven Chan
VP of Business Development
Suntech Power Holdings Co., Ltd.
Tel: +86-510-8531-8910
Email: ir@suntech-power.com
Rory Macpherson
Senior Associate
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
Suntech Power Holdings Co., Ltd.
CONTACT: Steven Chan, VP of Business Development of Suntech Power Holdings
Co., Ltd., +86-510-8531-8910, or ir@suntech-power.com; or Rory Macpherson,
Senior Associate of Ogilvy Public Relations Worldwide, +86-10-8520-6553, or
rory.macpherson@ogilvy.com, for Suntech Power Holdings Co., Ltd.
Web site: http://www.suntech-power.com/
Baidu Appoints Dr. William I. Chang as Chief Scientist
2006-12-06 08:00 ET - News Release
BEIJING, Dec. 6 /Xinhua-PRNewswire/ -- Baidu.com, Inc. , the leading Chinese language Internet search provider, announced today that Dr. William I. Chang, 43, has been appointed Chief Scientist, effective January 2007. A recognized leader in search technology, online community, and advertising business models, Dr. Chang will lead Baidu's unceasing efforts to enhance user and customer satisfaction for existing and new services.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041011/BAIDULOGO )
"William has been, and still is, a pioneer in the field of search," said Robin Li, Baidu Chairman and CEO. "Technological superiority is vital to expanding our command of the Internet search market and I am delighted to welcome an expert of William's calibre to our team."
Dr. Chang created the highly successful Infoseek natural language search engine for both the Web and enterprise applications (Ultraseek), and was the CTO of Infoseek and VP of Strategy of Go Network, when Disney acquired the company.
"I am very excited to join an incredibly talented organization, and one of the most dynamic and promising companies not only in China but in the world. I look forward to the challenge and opportunity of guiding further innovation at Baidu," Dr. Chang commented on his new position.
Dr. Chang earned an undergraduate degree in mathematics from Harvard and a PhD in computer science from the University of California, Berkeley for his breakthrough work in text search. At the renowned Cold Spring Harbor Laboratory, Dr. Chang mapped a genome and invented a protein sequence search methodology. More recently, he created a contextual advertising product at Sentius Corporation, and founded Affini, Inc.
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Market under the symbol ''BIDU''.
For investor inquiries please contact:
Lesley Zhang
Baidu.com, Inc.
Tel: +86-10-8262-1188 x8239
Email: ir@baidu.com
For investor and media inquiries please contact:
China
Rory Macpherson
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
US
Thomas Smith
Ogilvy Public Relations Worldwide (New York)
Tel: +1-212-880-5269
Email: thomas.smith@ogilvypr.com
Baidu.com, Inc.
CONTACT: Investors - Lesley Zhang of Baidu.com, Inc., +86-10-8262-1188
x8239 or ir@baidu.com; Investors and media in China - Rory Macpherson of
Ogilvy Public Relations Worldwide (Beijing), +86-10-8520-6553 or
rory.macpherson@ogilvy.com; US - Thomas Smith of Ogilvy Public Relations
Worldwide (New York), +1-212-880-5269, or thomas.smith@ogilvypr.com
Web site: http://www.baidu.com/
EXPE - Henrik Kjellberg to Succeed Barney Harford as President, Expedia Asia Pacific
2006-12-06 08:00 ET - News Release
Also News Release (U-EXPE) EXPEDIA INC
BELLEVUE, Wash., Dec. 6 /PRNewswire-FirstCall/ -- Expedia, Inc. today announced that Henrik Kjellberg has been appointed president of Expedia(R) Asia Pacific, succeeding Barney Harford, who has held the role since 2004. The carefully planned transition provides for Harford's continued involvement with Expedia(R) Asia Pacific activities as a director of eLong, Inc. , in which Expedia(R) holds a controlling 52 percent interest. Expedia today also announced the establishment of its new Asia Pacific regional headquarters in Hong Kong.
"With Expedia's launches into the three largest markets in the Asia Pacific region successfully accomplished, and after almost eight years with Expedia, I feel it is the right time for me to pursue a long held dream -- to spend a year exploring the world's greatest ski and surf locations," said Barney Harford. "Having worked alongside Henrik for over five years, I am confident he will do a fantastic job developing and expanding Expedia's businesses in the region."
"Barney has played many critical roles at Expedia and has been instrumental in our success. We're sad to see him go, but we look forward to his continued contributions on the eLong board and to following his upcoming travels around the world over the coming year," said Dara Khosrowshahi, president and CEO of Expedia, Inc. "Henrik has played a major role in building Expedia's European business over the last five years, and with his track record of spirited leadership and extensive international experience, he is the natural choice to lead the next stage of Expedia's Asia Pacific expansion."
Kjellberg will relocate to Hong Kong to establish the Expedia regional headquarters, the latest in a series of developments that mark Expedia's focus on the rapidly growing Asia Pacific markets. Expedia last week announced the launch of its new Japanese Web site, Expedia.co.jp (http://www.expedia.co.jp ). In December 2005, Expedia launched its Australian Web site, Expedia.com.au(TM) (http://www.expedia.com.au ). In July 2004, Expedia announced its initial investment in eLong(TM) (http://www.eLong.com ), the second largest online travel company in China. Japan represents the second largest travel market in the world, while China is expected to represent the third largest travel market in the world by 2016, according to the World Travel & Tourism Council (WTTC). Japan, China and Australia represent the three largest travel markets in the Asia Pacific region.
Kjellberg joined Expedia in June 2001 and led the launch of Expedia in Holland and Italy and the European roll out of WWTE(R), Expedia's private label business. In October 2002, he assumed responsibility for the Expedia(R) Europe lodging team and led the development of the merchant car and destination services businesses in Europe. In January 2006, Kjellberg was promoted to senior vice president of international lodging and destination services within Expedia(R) Partner Services Group. Prior to joining Expedia, Kjellberg worked for Procter & Gamble and Spray, a Scandinavian Internet portal. Kjellberg holds a master of science in economics from the Stockholm School of Economics. Kjellberg has been a member of the eLong board of directors since October 2005.
Harford joined Expedia in March 1999. He served in various roles as product planner, director of investor relations, and director of strategic planning and corporate development before becoming vice president of new channel development in 2002. In 2003, he was named senior vice president of air, car and private label and became president of Expedia(R) Asia Pacific in July 2004. Prior to joining Expedia, Harford worked as a strategy consultant for The Kalchas Group. He holds an MBA from INSEAD and a master of arts in natural sciences from Clare College, Cambridge University.
About Expedia, Inc.
Expedia, Inc. is the world's leading online travel company, empowering business and leisure travelers with the tools and information they need to easily research, plan, book, and experience travel. Expedia, Inc.'s portfolio of brands includes: Expedia.com(R), hotels.com(R), Hotwire(R), Expedia(R) Corporate Travel, TripAdvisor(R) and Classic Vacations(R). Expedia, Inc.'s companies also operate internationally with sites in Japan, Canada, the United Kingdom, Germany, France, Italy, the Netherlands, Australia, and China, through its investment in eLong(TM). For more information, visit http://www.expediainc.com.
NOTE: Expedia and Expedia.com are either registered trademarks or trademarks of Expedia, Inc. in the U.S. and/or other countries. Classic Vacations is either a trademark or registered trademark in the U.S. and/or other countries of Classic Vacations, LLC. hotels.com is either a trademark or registered trademark in the U.S. and/or other countries of hotels.com, L.P. a subsidiary of hotels.com. Hotwire is either a trademark or registered trademark in the U.S. and/or other countries of Hotwire, Inc. TripAdvisor is either a trademark or registered trademark in the U.S. and/or other countries of TripAdvisor LLC. Other logos or product and company names mentioned herein may be the property of their respective owners.
CST: 2029030-40
Expedia, Inc.
CONTACT: David Dennis of Expedia, Inc., +1-425-679-4317, or
press@expedia.com
Web site: http://www.expedia.com//
:)
Yes you are welcome.
The second part can taken in many ways - one, you could be giving your good wishes or two, you have a good dead pig (which could mean that the last pinksheet stock you bought was a bust). Isn't pinyin fun.
FEEC - Far East Energy Corporation Says ISS Report Recommends Not Giving Sofaer Group Control of Company
2006-12-05 21:51 ET - News Release
HOUSTON, Dec. 5 /PRNewswire-FirstCall/ -- Far East Energy Corporation said today that a report from Institutional Shareholder Services (ISS), a leading proxy advisory service, recommends that stockholders withhold votes for two of the dissident nominees for the Annual Meeting of Stockholders scheduled for December 15, 2006.
"We are pleased that ISS today has determined that stockholders should withhold votes for two of the dissident nominees," said Michael R. McElwrath, President and Chief Executive Officer. "While we are disappointed that ISS did not recommend for our Board of Director nominees, nevertheless, by urging stockholders to withhold votes on two of the four dissident nominees, they have sent a clear message that the Sofaer Group should not be allowed to gain control of the Company.
We are also extremely gratified to have been granted our first Corporate Governance Quotient rating (CGQ) by ISS, which is widely regarded as the leading indicator of good corporate governance. We are pleased to report that we outperformed 93.9% of the companies in ISS' CGQ ratings composite."
ISS provides proxy advisory services to institutional investors, mutual funds, and other fiduciaries worldwide. According to the ISS report, ISS calculate governance ratings for more than 8,000 companies worldwide based on 63 corporate governance variables.
Far East Energy Corporation stockholders should sign, date and return the WHITE proxy card FOR Far East Energy Corporation's nominees at the upcoming Annual Meeting of Stockholders on December 15, 2006. If you have any questions, or would like assistance in voting your shares, please contact the company that is helping us with this most important election, Innisfree M&A Incorporated, at 1.877.456.3442 or for international calls + 412.232.3651.
Far East Energy Corporation encourages all stockholders to visit their Web site www.votefareastenergy.com to learn more about Far East Energy Corporation's nominees and their plan to build stockholder value.
About Far East Energy
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on the acquisition of, and exploration for, coalbed methane in China through its agreements with ConocoPhillips and China United Coalbed Methane Corp. Ltd. (CUCBM).
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10- K, Quarterly Reports filed on Form 10-Q, and subsequent filings with the Securities and Exchange Commission.
Far East Energy Corporation
CONTACT: Bill Conboy, Vice President of CTA Integrated Communications,
+1-303-665-4200, or Bill@ctaintegrated.com
Web site: http://www.votefareastenergy.com/
CPHI on the watchlist. Q3 results:
"Revenues for the third quarter 2006 were $5.0 million, an increase of 92.8% from $2.6 million in the third quarter of 2005, and up 26.2% from $4.0 million in the previous quarter. Operating income for the quarter increased to $2.1 million, up 198.6% from $0.7 million in the third quarter 2005 and up 53.3% from $1.4 million in the second quarter of 2006. Net income increased 231.4% to $1.7 million from $0.5 million in the same quarter a year ago and declined 6.8% from $1.8 million in the second quarter of 2006. Fully diluted earnings per share for the quarter was $0.05 compared to $0.11 for the third quarter of 2005 and $0.05 for the second quarter of 2006. Earnings per share in fiscal 2006 reflect an increase in China Pharma's weighted average shares outstanding from 4.7 million in the third quarter of 2005 to 34.7 million in the third quarter of 2006."
China Pharma Holdings, Inc. Reports Record Third Quarter 2006 Results
Record Revenues Increased Year-over-year 92% to $5 Million; Gross Margin Increased to 50% HAIKOU CITY, Hainan Province, China, Nov 14, 2006 /PRNewswire via COMTEX/ -- Record Revenues Increased Year-over-year 92% to $5 Million;
Gross Margin Increased to 50%
HAIKOU CITY, Hainan Province, China, Nov. 14 /Xinhua-PRNewswire-FirstCall/ -- China Pharma Holdings, Inc. (''China Pharma'') (OTC Bulletin Board: CPHI) today announced its operating results for the third quarter ended September 30, 2006.
Q3 Highlights
-- Revenues increased 92% year-over-year to $5 million
-- Gross margin increased to 50% from 37.8% in the third quarter 2005
-- Net income increased 231% year-over-year to $1.7 million
Revenues for the third quarter 2006 were $5.0 million, an increase of 92.8% from $2.6 million in the third quarter of 2005, and up 26.2% from $4.0 million in the previous quarter. Operating income for the quarter increased to $2.1 million, up 198.6% from $0.7 million in the third quarter 2005 and up 53.3% from $1.4 million in the second quarter of 2006. Net income increased 231.4% to $1.7 million from $0.5 million in the same quarter a year ago and declined 6.8% from $1.8 million in the second quarter of 2006. Fully diluted earnings per share for the quarter was $0.05 compared to $0.11 for the third quarter of 2005 and $0.05 for the second quarter of 2006. Earnings per share in fiscal 2006 reflect an increase in China Pharma's weighted average shares outstanding from 4.7 million in the third quarter of 2005 to 34.7 million in the third quarter of 2006.
''We are pleased with the record revenues and strong net income growth we achieved in the third quarter. We have made some significant strides this year in expanding our portfolio, with approvals for four new products. We have already started manufacturing and selling ozagrel sodium injection and gastrodin injection, both of which have contributed to our top line growth as well as the significant increase in gross margin to 50%,'' commented Ms. Zhi-Lin Li, China Pharma's President and CEO.
Revenue growth in the third quarter was driven by increased sales of China Pharma's PuSenOK, the Company's first OTC drug and anti-flu medicine, which represented about 18% of revenue for the quarter. The Company's revenue growth was also positively impacted from the newly launched ozagrel sodium injection, a prescription anti-coagulant drug, and gastrodin injection, a prescription drug used to treat the central nervous system. Gastrodin injection is now the company's fifth largest revenue generator with year-to-date revenue of $1.3 million. Sales of roxithromycin and rhaAFGA continued to do well, as each represented about 15% of total revenue for the quarter.
Gross profit for the third quarter 2006 was $2.5 million, up 153.5% from gross profit in the third quarter 2005 of $1.0 million, and up 33.3% from gross profit in the previous quarter of $1.9 million. Gross profit was favorably impacted by increased sales of higher margin products such as PuSenOK, hepatocyte growth-promoting factor and ozagrel, each of which have gross margins greater than 50%. Gross margin was 49.7% for the quarter, up from 37.8% from the same quarter a year ago and 47.0% from the previous quarter.
Selling expenses were $42,966 in the third quarter of 2006 compared to $43,098 in the third quarter of 2005 and down from $82,133 in the second of quarter 2006.
Research and development expenses were $125,000 in the third quarter of 2006. Research and development expenses were added as a separate line item on the income statement this quarter which represents payment for clinical trials for R&D performed at other institutes.
For the quarter, general and administrative (G&A) expenses were $100,650, or 2.0% of revenue, compared to $77,346 in the third quarter of 2005, or 3.0% of revenue. China Pharma intends to keep G&A expenses under $1.0 million in fiscal 2006.
Operating income for the third quarter of 2006 increased to $2.1 million, up 198.6% from $0.7 million in the third quarter of 2005 and up 53.3% from $1.4 million in the previous quarter. Operating margin for the quarter was 41.3%, up from 26.7% in the third quarter 2005 and up from 34.0% in the second quarter of 2006. Operating margin was favorably impacted by the increase in gross margin and the decrease in operating expenses.
Net income for the quarter increased to $1.7 million for an increase of 231.4% from net income of $0.5 million in the third quarter 2005 and down 6.8% from the second quarter 2006. The decrease in sequential net income for the quarter is attributed to the recognition of bad debt recovery of $627,861, which favorably impacted results in the second quarter of 2006.
Revenue for the first nine months of 2006 was $13.7 million, gross profit was $6.6 million and net income was $5.1 million.
Financial Condition
As of September 30, 2006, China Pharma had $193,390 in cash and cash equivalents, $14.1 million in working capital and total debt of $8.4 million. Inventories increased by $1.8 million from $6.8 million as of June 30, 2006 to $8.6 million in advance of anticipated brisk fourth quarter sales. Days sales outstanding (DSO) were 207 during the third quarter 2006, a modest reduction from 209 days at the end of the second quarter of 2006. The Company has targeted reducing DSOs to 180 days in 2007. Shareholder equity stood at $17.1 million, up from $11.7 million at year-end 2005.
Business Outlook
The fourth quarter historically is the strongest quarter for China Pharma. The Company expects to see continued increased demand based on seasonality of several of its drugs and increased market penetration for drugs introduced earlier in 2006. In addition to ozagrel sodium injection and gastrodin injection, the Company launched hepatocyte growth promoting factor, a prescription drug for the treatment of hepatitis, earlier this year and is experiencing solid demand. China Pharma is maintaining its guidance for year-end revenue of $20.0 million and net income of $8.0 million.
Ms. Li concluded, ''We anticipate a strong year-end as the fourth quarter is typically the strongest selling season for many of our pharmaceutical products. We are also now seeing traction in the market from drugs launched in the fist half of 2006 -- hepatocyte growth promoting factor, gastrodin injection and ozagrel sodium -- all of which generate attractive gross margins. We are continuing to focus on expanding our portfolio with high margin therapeutics which provide diverse revenue base and minimize overall portfolio risk.''
Conference Call
China Pharma will host a conference call on Tuesday, November 14th at 10:00 am ET to discuss results for the third quarter of 2006. Joining Ms. Zhilin Li, President and CEO of China Pharma, will be Mr. Xinhua Wu, Chief Financial Officer, and Mr. Donald Xu, Vice President, Strategic Planning and Business Development. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time (888) 419.5570. International callers should dial (617) 896.9871. The conference passcode is 66962583.
If you are unable to participate in the call at this time, a replay will be available on Tuesday, November 14 at 12:00 am EST, through Tuesday, November 21 at 12:00 am EST. To access the replay, dial (888) 286-8010. International callers should dial (617) 801-6888. The conference passcode is 84660865.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://phx.corporate- ir.net/playerlink.zhtml?c=145098&s=wm&e=1414793 . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.
Comparative Period Results
Onny Investment Limited ("Onny") was incorporated in the British Virgin Islands on January 12, 2005. On June 16, 2005, Onny acquired all of the outstanding shares of Hainan Helpson Medical & Biotechnology Co., Ltd ("Helpson"). On October 19, 2005, Onny was reorganized as a wholly-owned subsidiary of China Pharma. The reorganization was accomplished through a share exchange between Onny and China Pharma, plus China Pharma's commitment to issue additional shares upon amending its articles of incorporation. The reorganization of Onny into China Pharma was recognized as a stock split of the common stock of Onny and the effective issuance by Onny of approximately 2.5 million shares of common stock to the China Pharma's pre-reorganization shareholders and the assumption of certain liabilities. The reverse acquisition of the Company was recognized as a non-monetary exchange. China Pharma was formerly known as TS Electronics, Inc. On May 4, 2006, TS Electronics, Inc. filed an 8-K with the Securities and Exchange Commission, reporting its name change to ''China Pharma Holdings, Inc.'' For more information, refer to the company's filings with the Securities and Exchange Commission.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. develops, manufactures, and markets generic and brand bio-pharmaceutical products in China that treat a wide range of conditions, including infections, hepatitis, vascular, CNS and other prevailing diseases. Helpson Bio-pharmaceutical Co., Ltd (Helpson), a specialty bio-pharmaceutical company headquartered in Haikou City, Hainan province in China, is a wholly owned subsidiary of China Pharma Holdings.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand, increased competition, failure to obtain or maintain intellectual property protection, downturns in the Chinese economy, uncompetitive levels of research and development, failure to obtain regulatory approvals, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission.
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the period
For the from January 12,
nine 2005 (Date of
For the three months months Inception)
ended September 30, ended through
September September 30,
30,
2006 2005 2006 2005
Revenue 5,015,272 2,601,294 13,721,587 3,093,824
Cost of revenue 2,521,205 1,617,399 7,151,898 1,942,393
Gross profit 2,494,067 983,895 6,569,689 1,151,431
Operating expenses:
Selling expenses 42,966 43,098 213,350 47,588
Research and development 125,359 -- 124,715 --
General and administrative 100,650 77,346 333,654 35,772
Bad debt expense
(recovery) 152,142 169,229 (28,349) 230,881
Total operating expenses 421,117 289,673 643,370 314,241
Income from operations 2,072,950 694,222 5,926,319 837,190
Non-operating income
(expenses):
Interest income 408 266 588 266
Interest expense (39,872) (124,734) (87,690) (153,629)
Total non-operating income
(expense) (39,464) (124,468) (87,102) (153,363)
Income before taxes 2,033,486 569,754 5,839,217 683,827
Income tax expense (326,621) (54,726) (730,560) (64,247)
Net income 1,706,865 515,028 5,108,657 619,580
Comprehensive income -
Foreign currency
Translation adjustments 25,307 -- 137,964 --
Comprehensive income 1,732,172 515,028 5,246,621 619,580
Basic and diluted earnings
per common share $0.05 $0.11 $0.15 $0.07
Weighted-average common
shares outstanding 34,723,056 4,731,413 34,723,056 9,377,713
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
September 30, December 31,
2006 2005
ASSETS (unaudited)
Current assets
Cash and cash equivalents 193,390 461,220
Trade accounts receivables 11,297,389 5,709,762
Other non-trade receivables 494,473 385,957
Advances to suppliers 2,011,603 2,123,729
Inventory 8,552,037 5,785,196
Total current assets 22,548,892 14,465,864
Property and equipment, net of accumulated
depreciation 2,771,944 2,808,342
Intangible assets, net of accumulated
amortization 70,104 96,406
Deferred tax asset 124,908 130,458
Total non-current assets 2,966,956 3,035,206
Total assets $25,515,848 $17,501,070
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable 1,051,080 679,104
Accrued expenses 347,371 15,625
Taxes payable 376,174 565,236
Other accounts payable 69,158 250,317
Advances from customers 83,749 50,755
Dividend payable 4,209,889
Short-term notes payable 2,147,335 --
Short-term notes payable to former
shareholders 4,304,371
Total current liabilities $8,379,238 $5,770,926
Long-term liability
Research and development commitment 31,578 30,966
Total liabilities 8,410,816 5,801,892
Shareholders' equity
Common shares, 1.00 ($0.12) par value;
23,000,000, 23,000,000, 28,000,000
shares authorized, issued and
outstanding 34,722 34,723
Additional paid-in capital 7,764,979 7,764,979
Statutory reserves 397,124 99,926
Retained earnings 8,908,207 3,799,550
Total shareholders' equity 17,105,032 11,699,178
Total liabilities and shareholders' equity $25,515,848 $17,501,070
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the period
from January 12,
2005 (Date of
For the nine Inception)
months ended through
September 30, September 30,
2006 2005
Cash Flows from Operating
Activities:
Net income $5,108,657 $619,580
Depreciation and amortization 288,142 77,841
Loss on disposal of property and
equipment -- --
Accretion of discount on notes
payable -- 86,505
Deferred tax assets 8,029 (12,721)
Changes in assets and liabilities:
Trade accounts receivable (5,405,382) (1,523,777)
Non-trade receivables (99,868) (433,383)
Advances to suppliers 152,181 1,148,183
Inventory (2,618,835) (1,433,501)
Trade accounts payable 354,002 1,725,177
Accounts payable related parties -- 109,959
Accrued expenses 11,071 55,912
Taxes payable (197,707) 28,751
Other payables 144,450 (475,013)
Advances from customers 31,586 14,933
Net Cash Used in Operating
Activities (2,223,674) (11,554)
Cash Flows from Investing
Activities:
Capital expenditures (169,508) (14,597)
Net cash received in purchase of
Subsidiary -- 132,016
Proceeds from note receivable -- 11,336
Net Cash (Used) Provided by (169,508) 128,755
Investing
Activities
Cash Flows from Financing
Activities:
Payment of dividend payable -- (65,818)
Proceeds from notes payable 2,120,150 --
Proceeds from issuance of common
stock -- 3,509,698
Net Cash Proceeds from Financing
Activities 2,120,150 3,443,880
Effect of Exchange Rate Changes in
Cash 5,199 --
Net Change in Cash (267,833) 3,561,081
Cash and Cash Equivalents at 461,220 1
Beginning of
Period
Cash and Cash Equivalents at End of
Period $193,387 $3,561,082
Supplemental Cash Flow Disclosures:
Cash paid for interest $87,690 --
Cash paid for income taxes $851,335 --
Non-cash Financing Activities:
Interest accrued on dividends
payable $11,212 --
For more information, please contact:
Crocker Coulson, President
Leslie Richardson, Financial Writer
CCG Elite
Tel: +1-310-231-8600 x103
Email: crocker.coulson@ccgir.com
Donald Xu
Vice President, Strategic Planning and Business Development
China Pharma Holdings, Inc.
Tel: +1-858-776-8880
Email: dxu@chinapharmaholdings.com
SOURCE China Pharma Holdings, Inc.
CONTACT: Crocker Coulson, President/Leslie Richardson, Financial Writer, CCG Elite,
+1-310-231-8600 x103, or crocker.coulson@ccgir.com, for China Pharma; or Donald
Xu,Vice President, Strategic Planning and Business Development, China Pharma
Holdings, Inc., +1-858-776-8880, or dxu@chinapharmaholdings.com
URL: http://www.prnewswire.com
www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved
-0-
KEYWORD: China
INDUSTRY KEYWORD: HEA
MTC
OTC
SUBJECT CODE: CCA
ERN
Xie Xie
PACT - Holiday Inn Macau Casino Selects PacificNet Games Multi-Player Electronic Gaming Machines
2006-12-05 11:00 ET - News Release
BEIJING, Dec. 5 /Xinhua-PRNewswire/ -- PacificNet Inc. , a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China, reported today that its PacificNet Games Limited (PacGames) subsidiary has been selected by Holiday Inn Macau Casino to provide multi-player electronic gaming machines. Terms of the agreement were not disclosed due to competitive reasons.
Located at 82-86 Rua de Pequim, The Holiday Inn is right in the heart of Macau's casino district, with the Casino Lisboa to the west and the Vegas- style Sands casino and the Fisherman's Wharf entertainment area to the east. To the north is old Macau, where Largo do Senado (Senado Sq), the Ruins of St Paul's, Macau Museum and the canyon-like lanes remind you that Macau is different to anywhere else in Asia, and on earth.
"The selection of PacificNet Game's electronic gaming machines by the leading hotel-casinos in Macau marks the beginning of PacificNet's transition away from the low-margin telecom business into the new high-margin gaming business," said Tony Tong, Chairman and CEO of PacificNet. "In recent board and management meetings, we evaluated the early success of our gaming technology operation and were satisfied with the rapid progress and financial performance of the gaming operation. The management team and the board of directors have approved our new strategy to focus on the rapidly growing gaming market in greater China, Macau, and Asia. We have excellent existing relationships in Macau and we will continue to very actively pursue this area. After some early success, we believe that we are well positioned to expand our sales of gaming products to the hotel-casino operators in Macau and rest of Asia."
In September, PacificNet opened an office in Macau to focus on the rapidly expanding gaming and entertainment industries in that region. The Macau office is located in the First International Commercial Centre, Macau Special Administrative Region, China, is adjacent to the new Galaxy StarWorld Hotel and is walking distance from both the Wynn and Sands Casinos.
"Macau has become the fastest growing part of China and we are very excited to be moving forward in our pursuit of the Macau gaming technology business," said Victor Tong, President of PacificNet. "The opening of our Macau office will facilitate our rapid launch into this market. We feel that the Asian gaming technology market has near-term growth potential and are very happy to enter this exciting high growth market. We recognize Macau's remarkable growth potential and have opened an office in this location as a first step in entering this market. The bulk of Macau's current gaming revenue comes from VIP rooms and high-roller table games. As the market matures, it is predicted that lower stakes, electronic versions of these popular table games played by the masses will exceed the revenue of the table games, as in Las Vegas. This trend is already visible. PacificNet plans to aggressively pursue this mass market of electronic gaming machines with the goal of being a leading provider of electronic adaptations of popular Asian casino table games."
According to recent statistics provided by the Macau government, Macau is one of the fastest-growing gaming markets in the world and is predicted to surpass Las Vegas in total revenues by 2007. In 2005, Macau's gaming revenues reached US$5.8 billion, second only to Las Vegas gaming revenues of US$6 billion. Macao's casinos offer the largest variety of casino games anywhere in the world, combining both established western favorites with popular eastern games such as blackjack, baccarat, pai kao, roulette, boulette, boule, "Big and small" fantan and pacapio. A vast assortment of slot machines and a growing number of electronic table games are also available, often computer- linked for progressive jackpot payouts. The number of hotel-casinos in operation and in development in Macau continues to grow, including well-known Chinese names such as Galaxy and Melco, and famous Las Vegas names such as the Sands, the Venetian, and the newly opened Wynn Resort, which celebrated its grand opening on September 6. With the disposable income of the average Chinese on the rise, Macau's gaming and entertainment market is expected to grow for years to come. Macau is the only area in China where gambling is legal.
About Holiday Inn Macau
Holiday Inn Macau (www.macau.holiday-inn.com) is strategically situated in the heart of the new business district. Only three minutes to and from the Macau-Hong Kong Ferry Terminal and the city centre and located eight kilometers from the airport, the hotel is accessible by public transportation. The hotel offers 324 comfortably furnished guest rooms on 16 floors including 23 rooms and suites on the Executive Club floor, which has been specially designed to suit business travelers.
About PacificNet
PacificNet, Inc. (http://www.PacificNet.com) is a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China. PacificNet's clients include the leading telecom companies, banks, insurance, travel, marketing, and business services companies, and telecom consumers, in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, and Hong Kong Government. PacificNet employs over 1400 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China and is headquartered in Beijing and Hong Kong.
PacificNet Games Limited (PacGames), is a leading provider of Asian multi- player electronic gaming machines, gaming technology solutions, gaming related maintenance, IT and distribution services for the leading hotel, casino and slot hall operators based in Macau, China and other Asian gaming markets. PacGames is a leading developer of electronic versions of popular table games which are less expensive to run resulting in higher casino profits with great appeal to the mass market players. The growing market in Macau is for Asian table games such as Baccarat, Roulette, Fan Tan, Fish-Prawn-Crab and Sic-Bo Cussec as these games have wider acceptance in the Asian market than Western games such as poker or slots. We believe that the development, manufacturing, maintenance, and service of electronic Asian table games are underserved areas which are predicted to grow considerably as Macau's gaming market matures. PacGames products include multi-play electronic gaming machines such as Baccarat, Fish-Prawn-Crab, Sib-Bo Cussec, Roulette, and Video Lottery Terminals (VLT) such as Keno and Bingo, as well as other traditional slot machines.
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
investor@pacificnet.com
PacificNet Inc.
CONTACT: PacificNet USA office: Jacob Lakhany, +1-605-229-6678; or
PacificNet Beijing office: Ada Yu, +86-10-59225000, investor@pacificnet.com
Web site: http://www.PacificNet.com/
Thank you and may your fortune come true.
PUDC - Puda Coal, Inc. Adds to Record Year With Fourth New Customer
2006-12-05 10:06 ET - News Release
TAIYUAN CITY, CHINA -- (MARKET WIRE) -- 12/05/06
Puda Coal, Inc. ("Puda" or the "Company") (OTCBB: PUDC), a leading supplier of China's highest grade metallurgical coking coal -- which is used to make coke for steel manufacturing, announced today that it has achieved sales of cleaned coking coal to Gengyang Coal ("Genyang"). Puda launched the relationship with Gengyang in Q3 '06 and delivered approximately 25,000 metric tons (MT) for the quarter. Puda expects to deliver approximately 25,000 MT to Gengyang in Q4 '06, or approximately 50,000 MT on the year.
The Gengyang relationship is just one more addition to Puda's already record year. The Company believes that it will process and sell approximately 1.7 million MT of cleaned coking coal on the year, a 151% increase over total 2005 sales.
About Puda Coal, Inc.
Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning company in terms of capacity in Shanxi Province, China. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward looking statements if they comply with the requirements of the Act.
CONTACTS:
Justin K. Davis
After Market Support, LLC
Toll Free: +1 (888) 850-PUDC (7832)
jd@aftermarketsupport.com
APYM - Asia Payments Expands Prepaid Business
2006-12-05 08:00 ET - News Release
HONG KONG -- (MARKET WIRE) -- 12/05/06
Asia Payment Systems, Inc. (OTCBB: APYM) ("Asia Payments") today announced that it has signed a business alliance agreement with SMS Biz Sdn. Bhd. ("SMSBIZ") and its shareholders ("SMSBIZ Shareholders"). SMSBIZ is an established provider of prepaid telecommunications services and products in Malaysia. The alliance with SMSBIZ will enable Asia Payments to more rapidly penetrate the Asian prepaid markets.
The business alliance agreement calls for: (i) Asia Payments to become the primary distributor for SMSBIZ; and, (ii) the SMSBIZ Shareholders to grant Asia Payments a 3-year option to acquire 100% of their shareholdings in SMSBIZ for a consideration of 5 million restricted common shares issued by Asia Payments; and, conditional upon certain events and undertakings, an additional 2 million restricted common shares upon exercise of the option. The distribution of SMSBIZ products will have an immediate impact on Asia Payments' revenues and will also provide greater synergies arising within Asia Payments' payment processing systems.
Based in Kuala Lumpur, Malaysia, SMSBIZ issues prepaid long distance calling cards under various brands, namely, SuperWorld, Camaron and Bangladesh Special for individual users, and SuperTalk for home and corporate users. It is licensed by the Malaysian Communications and Multimedia Commission ("MCMC") and has annual sales revenue of about US$ 3 million currently, with continued rapid growth expected. SMSBIZ additionally has an affiliate in Indonesia and plans to expand its prepaid businesses to other countries in Asia, particularly China. The business alliance agreement with Asia Payments will underpin this expansion.
Mr. KK Ng, President and CEO of Asia Payments said: "Payment Business Solutions Sdn. Bhd., a wholly owned subsidiary of Asia Payments in Malaysia, will be appointed as the primary distributor of SMSBIZ products from December 7th, 2006, and is expecting to achieve sales revenue of US$ 150,000 in the first month, growing quickly to US$ 200,000 per month in the following months. It will also use Asia Payments' E-Top Dealers Network as a key channel for selling all of SMSBIZ's branded prepaid products to individual users. These synergies will help both Payment Business Solutions and E-Top Malaysia to achieve higher sales revenues."
Mr. Anthony Yap, Founder and Managing Director of SMSBIZ added: "The strategic alliance with Asia Payments provides additional channels to sell our products in Malaysia and other countries in Asia, and it will allow us to tap into Asia Payments' systems capabilities to improve our margins."
"The business alliance has further boosted our confidence in achieving our target sales revenues of no less than US$ 3 million for 2007, and will contribute significantly to the expansion of our Prepaid Business in Asia," added Mr. Ng.
ABOUT ASIA PAYMENT SYSTEMS, INC.
Asia Payment Systems, Inc. ("Asia Payments") is a fully reporting US public company with its principal office in Hong Kong and business activities keenly focused within the payments and loyalty-rewards industries in China and throughout Asia. Asia Payments' recently formed wholly owned foreign enterprise in Shanghai serves as its business development vehicle in China. Following recent acquisitions, Asia Payments now owns assets and operates in multiple locations across Asia. In line with its long-term growth strategy, Asia Payments now has three distinct yet synergistic business units: Processing Business, Cards Business and Prepaid Business. For more information please visit Asia Payments' corporate website (www.asiapayinc.com).
Contact:
Asia Payment Systems, Inc.
KK Ng, President & CEO
(206)-447-1379
Email Contact
News - China Medical Forms Strategic Partnership with Itochu's Subsidiary, Century Medical, to Develop HIFU Distribution in Japan
2006-12-05 07:30 ET - News Release
Company Website: http://www.chinameditech.com
BEIJING -- (Business Wire)
China Medical Technologies, Inc. (the “Company”) (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets high intensity focused ultrasound (“HIFU”) products and advanced in-vitro diagnostic systems, today announced that it has entered into an exclusive distribution agreement with Century Medical, Inc., a leading Japan-based medical device distributor wholly owned by Itochu Corporation (“Itochu”) (TSE: 8001), to distribute HIFU tumor therapy systems in Japan.
According to the terms of the agreement, China Medical’s HIFU tumor therapy systems will be exclusively marketed and distributed by Century Medical in Japan after the designated marketing authorization approval, or “shonin,” is obtained. Century Medical will work together with China Medical to obtain the shonin from the Japanese Ministry of Health, Labor and Welfare (the “MHLW”). China Medical intends to use the data from the clinical trials to be conducted in the U.S. to apply for the shonin and will bear all relevant costs.
Itochu is a major trading and investment conglomerate in Japan that was founded in 1858. Its wholly owned subsidiary, Century Medical, has over 30 years of experience in the distribution of advanced medical devices, including extensive experience in import licensing, importation, inventory support, sales and marketing, and customer service. Century Medical’s product offering includes surgical products, interventional peripheral and neuron-radiology, cardiology and cardiovascular devices.
"We are very pleased to appoint Century Medical as the exclusive distributor of our HIFU tumor therapy system in Japan upon obtaining the shonin," commented Mr. Xiaodong Wu, Chairman and CEO of China Medical. “We believe this partnership marks an important milestone for China Medical as it takes advantage of the strengths of both companies and sets a foundation to support the long term growth of our business by expanding into one of the world’s largest medical device markets. In addition, we will continue to explore other cooperation opportunities with Century Medical for medical device distribution in Japan.”
“The forming of our strategic partnership with China Medical is based on a series of detailed and thorough evaluations. We look forward to working closely with China Medical to pave the way for our execution of a comprehensive marketing and distribution plan for the HIFU tumor therapy system in Japan. We believe China Medical’s HIFU tumor therapy system will bring Japanese patients substantial benefits given its non-invasive characteristics,” stated Mr. Toshio Konishi, President and CEO of Century Medical.
About China Medical Technologies
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets products using high intensity focused ultrasound for the treatment of solid cancers and benign tumors and advanced in-vitro diagnostics products using enhanced chemiluminescence technology, to detect and monitor various diseases and disorders. For more information, please visit our website at www.chinameditech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates” and similar statements. Among other things, the Company’s expectation to obtain the shonin approval and to sell its HIFU tumor therapy system in Japan through Century Medical contains forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in China Medical’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. China Medical does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contacts:
China Medical Technologies, Inc.
Ms. Winnie Fan, (86) 10 6530 8833
IR@chinameditech.com
or
Christensen
Mr. Tip Fleming, (1) 917-412-3333
tfleming@ChristensenIR.com
Source: China Medical Technologies, Inc.
CMED - China Medical Forms Strategic Partnership with Itochu's Subsidiary, Century Medical, to Develop HIFU Distribution in Japan
2006-12-05 07:30 ET - News Release
Company Website: http://www.chinameditech.com
BEIJING -- (Business Wire)
China Medical Technologies, Inc. (the “Company”) (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets high intensity focused ultrasound (“HIFU”) products and advanced in-vitro diagnostic systems, today announced that it has entered into an exclusive distribution agreement with Century Medical, Inc., a leading Japan-based medical device distributor wholly owned by Itochu Corporation (“Itochu”) (TSE: 8001), to distribute HIFU tumor therapy systems in Japan.
According to the terms of the agreement, China Medical’s HIFU tumor therapy systems will be exclusively marketed and distributed by Century Medical in Japan after the designated marketing authorization approval, or “shonin,” is obtained. Century Medical will work together with China Medical to obtain the shonin from the Japanese Ministry of Health, Labor and Welfare (the “MHLW”). China Medical intends to use the data from the clinical trials to be conducted in the U.S. to apply for the shonin and will bear all relevant costs.
Itochu is a major trading and investment conglomerate in Japan that was founded in 1858. Its wholly owned subsidiary, Century Medical, has over 30 years of experience in the distribution of advanced medical devices, including extensive experience in import licensing, importation, inventory support, sales and marketing, and customer service. Century Medical’s product offering includes surgical products, interventional peripheral and neuron-radiology, cardiology and cardiovascular devices.
"We are very pleased to appoint Century Medical as the exclusive distributor of our HIFU tumor therapy system in Japan upon obtaining the shonin," commented Mr. Xiaodong Wu, Chairman and CEO of China Medical. “We believe this partnership marks an important milestone for China Medical as it takes advantage of the strengths of both companies and sets a foundation to support the long term growth of our business by expanding into one of the world’s largest medical device markets. In addition, we will continue to explore other cooperation opportunities with Century Medical for medical device distribution in Japan.”
“The forming of our strategic partnership with China Medical is based on a series of detailed and thorough evaluations. We look forward to working closely with China Medical to pave the way for our execution of a comprehensive marketing and distribution plan for the HIFU tumor therapy system in Japan. We believe China Medical’s HIFU tumor therapy system will bring Japanese patients substantial benefits given its non-invasive characteristics,” stated Mr. Toshio Konishi, President and CEO of Century Medical.
About China Medical Technologies
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets products using high intensity focused ultrasound for the treatment of solid cancers and benign tumors and advanced in-vitro diagnostics products using enhanced chemiluminescence technology, to detect and monitor various diseases and disorders. For more information, please visit our website at www.chinameditech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates” and similar statements. Among other things, the Company’s expectation to obtain the shonin approval and to sell its HIFU tumor therapy system in Japan through Century Medical contains forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in China Medical’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. China Medical does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contacts:
China Medical Technologies, Inc.
Ms. Winnie Fan, (86) 10 6530 8833
IR@chinameditech.com
or
Christensen
Mr. Tip Fleming, (1) 917-412-3333
tfleming@ChristensenIR.com
Source: China Medical Technologies, Inc.
HRCT - Hartcourt Announces Closing Private Placement of USD 252,372
2006-12-05 06:30 ET - News Release
SHANGHAI, CHINA -- (MARKET WIRE) -- 12/05/06
The Hartcourt Companies, Inc. (OTCBB: HRCT) (FRANKFURT: 900009) today announced that it ("the Company") has closed a non-brokered private placement with several accredited investors. This placement consists of 3,709,118 shares of the Company's common stock at a purchase price of USD 0.068 per share for total gross proceeds of USD 252,372. No finder's fee or commission is payable for this private placement. All proceeds of the private placement will be used for general working capital.
The new shares issued have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and have been offered to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Contact:
Ms Tingting Ni
Tel: + 86 21 51521577
Fax: + 86 21 51521579
Email: Email Contact
LTON - Linktone to Partner With China Health Media for Wireless Interactive Programming
2006-12-05 05:30 ET - News Release
SHANGHAI, China, Dec. 5 /Xinhua-PRNewswire/ -- Linktone Ltd. , a leading provider of wireless interactive entertainment products and services to consumers in China, announced today that on October 23, 2006, the Company signed an exclusive partnership with China Health Media (CHM), an out- of-home advertising provider. China Health Media exclusively operates a network of audiovisual television displays in to Chinese health care facilities, such as hospitals and medical clinics. Under the terms of the agreement, Linktone will be the exclusive operator of short-messaging-service (SMS) and interactive voice response (IVR) voting platforms for China Health Media's interactive trivia questions and games.
(Logo: http://www.xprn.com.cn:9080/xprn/sa/20061101171222-64.jpg )
Chief Executive Officer Michael Li commented, ''We are extremely pleased to partner with China Health Media, an advertising company in China with extensive reach and strong penetration in the health care industry. More than 1,000 hospitals in China use China Health Media's advertising network with total daily traffic surpassing 5 million viewers. As the exclusive provider of wireless value added services for China Health Media's interactive programming, Linktone hopes to identify more opportunities to work closely with companies like China Health Media in the future.''
Zhao Song Qing, Chairman of China Health Media said, ''We are committed to exploring new media initiatives, and we believe, that through our core competencies and synergies, Linktone is a perfect partner for us. We are more than pleased to work with such a strong brand name in China.''
About Linktone Ltd.
Linktone Ltd. is a leading provider of wireless interactive entertainment products and services in China. Linktone provides a diverse portfolio of services to wireless consumers, with a particular focus on media, entertainment and communications. These services are promoted through the Company's own marketing channels and through the networks of the mobile operators in China Through in-house development and alliances with international and local branded content partners, the Company develops, aggregates, and distributes innovative and engaging products to maximize the breadth, quality and diversity of its offerings. Linktone categorizes China's wireless services landscape as ''MAGIC'' -- Music, Advanced Gaming, Graphics, Instant Messaging and Community.
About China Health Media
Founded in 2004, China Health Media (CHM) is the largest and most comprehensive advertising network of audiovisual television displays in to Chinese health care facilities, such as hospitals and medical clinics. CHM is a wholly owned subsidiary of Beijing Yan Huang Health Care Network. CHM's present network coverage includes more than 1,000 hospitals with over 6,000 LCD screens throughout 35 provinces in China providing daily medical and health care information. In September of 2006, CHM successfully raised a round of equity financing with Softbank as the lead investor. CHM expects to ramp up coverage in the near future, boasting more than 6,000 hospitals with 80,000 LCD screens located throughout 60 cities in China by 2008.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: current or future changes in the policies of the PRC Ministry of Information Industry and the mobile operators in China or in the manner in which the operators enforce such policies; the risk that other changes in Chinese laws and regulations, or in application thereof by other relevant PRC governmental authorities, could adversely affect Linktone's financial condition and results of operations; the risk that Linktone will not be able to compete effectively in the wireless value-added services market in China for whatever reason, including competition from other service providers or penalties or suspensions for violations of the policies of the mobile operators in China; the risk that Linktone will not be able to develop and effectively market innovative services; the risk that Linktone will not be able to effectively control its operating expenses in future periods or make expenditures that effectively differentiate Linktone's services and brand; and the risks outlined in Linktone's filings with the Securities and Exchange Commission, including its registration statement on Form F-1 and annual report on Form 20-F. Linktone does not undertake any obligation to update this forward-looking information, except as required under applicable law.
For more information, please contact:
Investor Relations
Edward Liu
Linktone Ltd.
Tel: +86-21-6361-1583
Email: edward.liu@linktone.com
Brandi Piacente
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: brandi@thepiacentegroup.com
Linktone Ltd.
CONTACT: Investor Relations - Edward Liu of Linktone Ltd.,
+86-21-6361-1583, or edward.liu@linktone.com; or Brandi Piacente of The
Piacente Group, Inc., +1-212-481-2050, or brandi@thepiacentegroup.com
FEEC - Far East Energy Corporation Posts Letter to All Stockholders
2006-12-04 22:36 ET - News Release
HOUSTON, Dec. 4 /PRNewswire-FirstCall/ -- Far East Energy Corporation announced today that it has posted a letter to all stockholders on the Company's Web site www.VoteFarEastEnergy.com urging stockholders to vote for the Company's highly qualified director nominees. In the letter, President and Chief Executive Officer Mike McElwrath cautions stockholders to not be swayed by the Sofaer Group's "vague generalities" or misleading statements on their nominees' qualifications and experience in coalbed methane gas production.
To find out more please visit www.VoteFarEastEnergy.com.
The full text of the posting follows:
December 4, 2006
Dear Valued Stockholder:
Your vote at our rapidly approaching December 15, 2006 Annual Meeting is extremely important because the Sofaer Group is trying to seize control of your Board and Company, even though it owns less than 15% of our Company's stock. Unlike Sofaer's hand-picked slate of persons having very little senior management experience and virtually no hands-on energy experience -- management, operational, or otherwise -- our nominees have what it takes to build real, long-term stockholder value: the right plan, honed by our actual experiences on the ground; lifelong experience in the energy business; and the necessary government and industry relationships in China.
We encourage you to vote FOR your Company's Board of Director nominees by
signing, dating and returning the WHITE proxy card TODAY.
Our Nominees: The Right Plan, The Right Experience, The Right Relationships
in China
Sofaer's Nominees: Mere Vague Generalities, Platitudes and Naiveté
As our previous letters and presentations have detailed, your current Board is deeply engaged in creating stockholder value by implementing a well-conceived and complex drilling, production and gas marketing program designed to capitalize on what we believe is the discovery of an area of high gas content coupled with high permeability. More details of our program are available in the presentations on our Web site at: www.VoteFarEastEnergy.com. We urge you to review those materials to gain a better understanding of our program to create stockholder value.
You may have recently received a mailing from the Sofaer Group that claims its nominees would be "implementing a new plan for the company without delay." What new plan? You will see they offer no concrete suggestions, just the vague generalities to be expected from a group with little actual oil and gas or managerial experience and insufficient understanding of the realities of a coalbed methane project. In our view, Sofaer is only operating as a self-interested hedge fund attempting to seize control of your company without paying you for it.
To turn over control of your Company to Sofaer's hand picked nominees we
believe would not be in the best interest of all stockholders and could only
serve to enrich Sofaer at your expense.
As more fully described in our prior letters and on our Web site, our nominees have decades of senior management experience, real hands-on experience in delivering scores of major oil and gas projects, and four of our six nominees have extensive relationships with the Chinese government and in the energy industry. And they are hands-on managers, as the Directors with operations backgrounds attend many of the weekly operations meetings as well as special technical team meetings. The current independent directors also attend frequent meetings of the independent committees including the Audit, Compensation and the Nominating and Corporate Governance Committees. This is especially the case with John Mihm, who also serves as the non-executive Chairman of your Board.
We believe that Sofaer's various communications demonstrate a dangerous naivete about coalbed methane gas production in general and doing business in China in particular. As you may know, business relationships in China are intricate and heavily based on personal relationships. We are extremely fortunate that many of our nominees, particularly our independent Chairman John Mihm, C.P. Chiang, and the independent Chairman of our Nominating and Corporate Governance Committee, Don Juckett, have long standing personal relationships with key figures in the government and the energy industry in China. John Mihm, was on the first Phillips Petroleum project team to enter China in 1982 and has long-established friendships with many of the most senior executives of PetroChina, Sinopec, and CNOOC -- the three major Chinese oil companies. Don Juckett was the U.S. Department of Energy liaison to China for oil and gas operational issues and policy implementation. C.P. Chiang was the Country Manager for Burlington Resources in China and has lifelong Chinese relationships. You can read more about our nominees at www.VoteFarEastEnergy.com. The Sofaer nominees, with the exception of one, have no apparent similar experience in China.
Our Nominees: Long Standing Commitment to Good Corporate Governance
Our nominees have long been committed to good corporate governance as an important element in their efforts to build stockholder value. We believe that the essential component of good corporate governance is a well-informed, qualified, independent Board. As described above, our nominees are well informed and qualified. They are also independent -- five of our six nominees have no relationship to the company and our Chairman of the Board is separate from our Chief Executive Officer.
The Sofaer Group has recently announced its alleged commitment to stockholder value. In evaluating their commitment to corporate governance, we urge you to consider the following:
* Sofaer's nominee, Tim Whyte, could have raised any element of Sofaer's
recently announced corporate governance program with his fellow Board
members during his two-year tenure as a Far East Director. He did not.
* It took Sofaer almost three weeks after it issued its proxy statement to
disclose the details of its corporate governance suggested changes.
This could have been easily done during Mr. Whyte's tenure as a Far East
Director. We ask -- why now? Is it because Sofaer is masquerading as
interested in corporate governance, while really trying to take over the
company with no premium to you, the stockholder?
* Three of Sofaer's four nominees would not be considered independent
under the standards of the American Stock Exchange, the exchange
previously chosen by the Company in accordance with SEC reporting
requirements, due to their direct or indirect receipt of payments from
Far East. It is independence, within the meaning of a recognized
exchange's listing standards, which is the hallmark of good corporate
governance.
* None of Sofaer's nominees are qualified to serve as the audit committee
financial expert as defined in SEC regulations.
* Perhaps most revealing of all, Sofaer recently disclosed that it spent
many months screening a list of potential Board nominees. During all of
this time, Sofaer was obviously planning a takeover of the Board, yet
Mr. Whyte never so much as made a single proposal to modify operational
oversight, corporate governance, or any of the other matters mentioned
in Sofaer's proxy materials.
* The first notice that your Board had of these "complaints" was in the
form of Sofaer's September 15, 2006 Notice of Intent to Nominate Persons
for Election as Directors. We believe that if Sofaer and its backers
had any real respect for corporate governance and for the welfare of
stockholders, that it would have raised these concerns in formal
proposals to your Board, rather than launching -- with no discussion
whatsoever -- an extremely costly and distracting proxy contest.
Tim Whyte, Sofaer's nominee and a current Board member, participated in only 67% of the Board's meetings through August of this year. Mr. Whyte just recently advocated that the Board meet monthly, rather than the current bi-monthly schedule. We believe that actually attending Board meetings is most effective in creating stockholder value over the long term.
Even though we view Sofaer's apparently new-found commitment to good corporate governance with skepticism, we are always open to good ideas, whatever the motivation behind them. The members of our Nominating and Corporate Governance Committee, if they are elected by the stockholders at the Annual Meeting, will consider Sofaer's corporate governance proposals and will recommend approval of those elements they determine will promote, on a cost effective basis, further accountability and creation of stockholder value.
Sofaer Continues Their Attempts To Mislead You About Their
Death Spiral Financing
Sofaer has told you that your Chairman John Mihm thanked the Sofaer Group at a Board meeting for providing the funding structures we have described as death spiral financing. Mr. Mihm did indeed thank Tim Whyte, Sofaer's Board representative, but only out of courtesy to a fellow Board member. What Sofaer didn't tell you was what Mr. Whyte's fellow Board members also said at the same Board meeting.
* Mr. Keys described the proposal as a complete non-starter.
* Mr. Mihm expressed his concerns regarding the high cost of the debt
facility and also questioned Mr. Whyte as to the reason for the
potentially highly dilutive convertible feature included in the
proposal.
* Mr. Williams expressed his concern regarding the high level of fees in
the proposal.
Based upon the information provided in our previous letters, you can judge for yourselves whether the term "death spiral" is applicable.
Your Board urges you not to be misled by Sofaer.
We are making major progress in what we believe is an area of high gas content coupled with unusually high permeability. This rare combination is exciting and we believe the effort to dewater can potentially result in higher sustainable gas production. This is a project of significant potential, and it will demand complex reservoir engineering, complex drilling and complex production practices. The guidance and oversight of our very experienced Board is of immense importance.
The Current Board And Management Team Are On The Right Track To
Deliver Results
We Encourage You to Reject Sofaer's Nominees and Vote FOR Your Company's
Director Nominees by Submitting the WHITE Proxy Card TODAY.
Even if you have already returned a gold proxy card, you have every right to change your mind. Please vote the WHITE proxy card FOR all of your Board's nominees.
If you have any questions or require any assistance voting your shares, please contact our proxy solicitor, Innisfree M&A Incorporated, toll-free at 1.877.456.3442 or for international calls + 412.232.3651.
Thank you again for your continued support.
Sincerely,
Michael R. McElwrath
President and Chief Executive Officer
China Acreage Overview
The Shouyang and Qinnan Blocks are part of the 4,280 square kilometer (1,057,650 acres) coalbed methane (CBM) project in Shanxi Province that Far East holds under farmouts from ConocoPhillips. Including its 1,073 square kilometer (264,970 acres) project in the Yunnan Province, the total coalbed methane concessions of Far East Energy are approximately 1.3 million acres, a landmass slightly larger than the State of Delaware.
About Far East Energy
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on the acquisition of, and exploration for, coalbed methane in China through its agreements with ConocoPhillips and China United Coalbed Methane Corp. Ltd. (CUCBM).
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K, Quarterly Reports filed on Form 10-Q, and subsequent filings with the Securities and Exchange Commission.
Contact: Bill Conboy/ Vice President
Bill@ctaintegrated.com
Warren Laird/ Senior Account Executive
Warren@ctaintegrated.com
CTA Integrated Communications
303-665-4200
Release No. 2006-16
Far East Energy Corporation
CONTACT: Bill Conboy, Vice President, Bill@ctaintegrated.com, or Warren
Laird, Senior Account Executive, Warren@ctaintegrated.com, both of CTA
Integrated Communications, +1-303-665-4200, for Far East Energy Corporation
Web site: http://www.VoteFarEastEnergy.com/
CHHH - China Health Holding Executed Letter of Intent to Acquire Xi'an Chunhui Pharmaceuticals
2006-12-04 18:33 ET - News Release
LAS VEGAS -- (Business Wire)
China Health Holding (OTCBB: CHHH), a developer, manufacturer, marketer and distributor of pharmaceutical products and dietary supplements in China and worldwide, announced today that it has executed a binding acquisition letter of intent to acquire 51% or more ownership of Xi’an Chunhui Pharmaceuticals Co. Ltd., based in the People’s Republic of China.
The letter gives China Health first refusal and exclusive rights to complete the acquisition of Xi’an Chunhui Pharmaceuticals within 12 months of the execution date (that is, until November 27, 2007). The completion of the acquisition is subject to negotiation and execution of a definitive acquisition agreement, as well as full legal and financial due diligence. The latter includes the determination of the valuation of Xi’an Chunhui Pharmaceuticals and the completion and delivery of audited financial statements of Xi’an Chunhui Pharmaceuticals according to US General Accepted Accounting Principles ("US GAAP").
Julianna Lu, Founder/CEO of China Health Holdings, commented: “The acquisition contemplated by the letter of intent with Xi’an Chunhui Pharmaceuticals is the latest in a series of recent steps China Health has taken to execute its comprehensive growth strategy. Through this and other transactions, we are in the process of building a powerful network of established China-SFDA-certified pharmaceutical drug manufacturing facilities along with extensive hospital and drugstore distribution channels in China. We will also have an enhanced pipeline of hundreds of China-SFDA certified pharmaceutical drugs.”
In addition to the pending Xi’an Chunhui Pharmaceuticals, China Health has announced several other pending or completed acquisitions of China-based pharmaceutical firms in recent months. It has executed letters of intent to acquire 51% or more of Beijing Boran Pharmaceutical Co. Ltd., Shaanxi Wanan Pharmaceuticals Co. Ltd.; and Henan Tiankang Pharmaceuticals Co. Ltd and all letters give China Health legal first refusal and exclusive rights. It has executed “Acquisition Definitive Agreements” for acquiring 100% of Shaanxi MeiChen Pharmaceuticals, Ltd. and 60% of Henan Furen Huaiqingtang Pharmaceuticals Co. Ltd. Also, it has signed a letter of intent with WangJing Hospital and the WangJing Hospital of China Academy of Chinese Medical Sciences, in the People’s Republic of China, to develop the China International University of Traditional Chinese Medicine and the University Hospital for Traditional Chinese Medical Sciences.
In the next 12 to 24 months, China Health plans to complete further acquisitions and transactions with major pharmaceutical companies in the People’s Republic of China, bringing its total assets to approximately US$100 million. At the end of this process, it projects annual gross revenue of approximately US$100 million, with annual net income of approximately US$10 million to US$15 million.
About Xi’an Chunhui Pharmaceuticals
Xi’an Chunhui Pharmaceuticals, based in Shaanxi Province, is a drug manufacturer, developer and distributor with good manufacturing practices (GMP) certification from the China State Food and Drug Administration (China-SFDA). It distributes a total of 50 China-SFDA certified herbal drugs to China-SFDA Licensed Hospitals and drugstores across Shaanxi province and the People’s Republic of China. It also owns three China-SFDA certified pharmaceutical facilities and two China-SFDA certified pharmaceutical herbal/raw materials cultivation bases with unique advanced technologies.
Xi’an Chunhui Pharmaceuticals’ herbal-based pharmaceutical drugs are used in treatment of cancers (such as liver and stomach cancer), viral infections, high blood pressure and cardiovascular disease.
If you would like to be added to China Health's investor email lists or have additional questions, please contact Haris Tajyar with Investor Relations International at htajyar@irintl.com, or/and info@chinahealthholding.com.
About China Health Holding
China Health Holding, Inc. is a developer, manufacturer and marketer of natural medicinal products and pharmaceutical drugs in China and worldwide, with extensive expertise in the field of traditional Chinese medicine and the Chinese pharmaceutical industry. Its immediate goal is the profitable penetration of the growing global and China pharmaceutical industry and market through acquisitions of major pharmaceutical companies in the People’s Republic of China and worldwide. Its long-term plans include the development of a pharmaceutical drug pipeline and technology based on its knowledge of traditional Chinese medicine and the pharmaceutical industry in the People’s Republic of China.
The company has two wholly-owned subsidiaries. One is China Health World Pharmaceutical Corporation, which will develop, manufacture and commercialize natural medications for diseases and conditions related to diabetes, cardiovascular disease and neurological disorders. The other subsidiary, China Health World Trade Corporation, will be developing China Health’s retail/franchise infrastructure along with worldwide branding, multimedia marketing and multi-channel distribution to global customers and markets.
China Health controls or owns exclusive worldwide ownership or rights for a total of 134 proprietary natural herbal medicinal products/formulas in two natural herbal medicinal product lines: King of Herbs and Taoist Medicinal. Please feel free to visit www.chinahealthholding.com for the Company’s profile.
Safe Harbor Statement: To the extent that statements in the press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward looking, all forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements, which may accompany the forward-looking statements, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. In addition, the company disclaims any obligation to update or correct any forward-looking statements in all of the Company's press releases to reflect events or circumstances after the date hereof.
Contacts:
China Health Holding, Inc. (Las Vegas)
Yu, XiaoFei
Vice President/Corporate Development
Tel: 1-778-893-8909
Tel: 1-604-608-6788
info@chinahealthholding.com
www.chinahealthholding.com
or
Investor Relations International (Los Angeles)
Haris Tajyar, Managing Partner
1-818-382-9702
htajyar@irintl.com
Source: China Health Holding
CMDA - China Media1 Corp.: Installation Status for Chengdu and Xian
2006-12-04 16:05 ET - News Release
IRVINE, CALIFORNIA -- (MARKET WIRE) -- 12/04/06
China Media1 Corp. (OTCBB: CMDA) is pleased to announce the following contract and manufacturing updates for both the Chengdu Shuangliu International Airport (www.cd-airport.com) and the Xian Xianyang International Airport.
Chengdu Shuangliu International Airport - The Phase 2 signs designated for the Arrivals level are now complete and are undergoing final quality assurance testing at our manufacturer. China Media1 has a 10 year contract to provide a total of 32 illuminated outdoor scrolling poster signs of various sizes of which 8 are totally complete and installed with contracts. This airport can generate approximately US $9 million in re-occurring annual revenue to China Media1. Chengdu Airport is the 6th largest airport in China in the largest city in Southwestern China (Sichuan province) with a population that exceeds 10 million. It is the hub of manufacturing, commercial and financial activities in the region.
Xian Xianyang International Airport - The Phase 1 signs designated for the Xian Airport are now also being manufactured and we expect completion shortly. China Media1 has an 8 year contract to provide a total of 30 illuminated outdoor scrolling poster signs of various sizes. This contract can generate up to US $6.5 million in re-occurring annual revenue to China Media1. Xian is the old capital of China with heavy tourist traffic.
China Media1 is now fully engaged in the sales, manufacturing and installation process with 3 major Chinese airports and expects 2007 to be a very significant year as we expect sales from International and Domestic 4A Advertising firms that we are working with. The company wishes to thank all of its loyal shareholders and employees and fully expects the true value of its business to be reflected accordingly in the near future.
About China Media1 Corp.:
China Media1 Corp. has obtained rights to premiere advertising media assets throughout China. Its affiliate, Guangzhou Chuangrun Advertising Co. Ltd., operates the advertising space and advertising contracts with top-tier brand names and multi-national corporations as well as large advertising agencies. China Media1 has focused on providing its clients superior advertising locations based on viewer ship, exclusivity, and uniqueness through the use of its illuminated scrolling poster signs. China Media1's advertising locations include Airports in Shenzhen, Chengdu, Haikou and Xian, and the Guangzhou MTR (12 Subway Stations). China Media1's website is www.chinamedia1corp.com
Forward Looking Statements:
Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertain-ties including, but not limited to, economic and political factors, technological developments, regulatory matters and increased competition. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to the forward-looking statements contained herein to reflect future events or developments.
Contacts:
China Media1 Corp.
Investor Relations
1-866-889-4905
Email: investor@chinamedia1corp.com
Website: www.chinamedia1corp.com
News - China Media1 Corp.: Installation Status for Chengdu and Xian
2006-12-04 16:05 ET - News Release
IRVINE, CALIFORNIA -- (MARKET WIRE) -- 12/04/06
China Media1 Corp. (OTCBB: CMDA) is pleased to announce the following contract and manufacturing updates for both the Chengdu Shuangliu International Airport (www.cd-airport.com) and the Xian Xianyang International Airport.
Chengdu Shuangliu International Airport - The Phase 2 signs designated for the Arrivals level are now complete and are undergoing final quality assurance testing at our manufacturer. China Media1 has a 10 year contract to provide a total of 32 illuminated outdoor scrolling poster signs of various sizes of which 8 are totally complete and installed with contracts. This airport can generate approximately US $9 million in re-occurring annual revenue to China Media1. Chengdu Airport is the 6th largest airport in China in the largest city in Southwestern China (Sichuan province) with a population that exceeds 10 million. It is the hub of manufacturing, commercial and financial activities in the region.
Xian Xianyang International Airport - The Phase 1 signs designated for the Xian Airport are now also being manufactured and we expect completion shortly. China Media1 has an 8 year contract to provide a total of 30 illuminated outdoor scrolling poster signs of various sizes. This contract can generate up to US $6.5 million in re-occurring annual revenue to China Media1. Xian is the old capital of China with heavy tourist traffic.
China Media1 is now fully engaged in the sales, manufacturing and installation process with 3 major Chinese airports and expects 2007 to be a very significant year as we expect sales from International and Domestic 4A Advertising firms that we are working with. The company wishes to thank all of its loyal shareholders and employees and fully expects the true value of its business to be reflected accordingly in the near future.
About China Media1 Corp.:
China Media1 Corp. has obtained rights to premiere advertising media assets throughout China. Its affiliate, Guangzhou Chuangrun Advertising Co. Ltd., operates the advertising space and advertising contracts with top-tier brand names and multi-national corporations as well as large advertising agencies. China Media1 has focused on providing its clients superior advertising locations based on viewer ship, exclusivity, and uniqueness through the use of its illuminated scrolling poster signs. China Media1's advertising locations include Airports in Shenzhen, Chengdu, Haikou and Xian, and the Guangzhou MTR (12 Subway Stations). China Media1's website is www.chinamedia1corp.com
Forward Looking Statements:
Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertain-ties including, but not limited to, economic and political factors, technological developments, regulatory matters and increased competition. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to the forward-looking statements contained herein to reflect future events or developments.
Contacts:
China Media1 Corp.
Investor Relations
1-866-889-4905
Email: investor@chinamedia1corp.com
Website: www.chinamedia1corp.com
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CAGC China Agritech, Inc. Comm 2.75 0.00 900 0.00%
CBPC China Biopharma Inc 0.44 0.00 0.00%
CHBP China Biopharmaceuticals Hld 0.85 0.00 0.00%
CHID China Digital Communication Group C 0.27 0.01 529009 3.88%
CHDW China Digital Wireless, Inc. Comm 0.20 0.00 0.00%
CHND China Direct Inc Com Par $.001 5.00 0.00 0.00%
JRJC China Finance Online Co. Limited - 4.25 -0.07 14261 -1.69%
CHDT China Direct Trading Corporation Co 0.04 -0.00 1491468 -1.79%
CHNG China Nat Gas Inc 3.14 -0.04 33292 -1.26%
CSSTF China Security & Surveillance 9.99 0.00 0.00%
CWLC China Wireless Communications, Inc. 0.02 0.00 195400 2.63%
COGO Comtech Group, Inc. 17.41 1.41 808251 8.81%
CBAK Creative Bakeries 7.15 0.09 77029 1.27%
DSWL Deswell Industries, Inc. - Common S 10.89 0.04 24006 0.37%
DGNG Diguang Intl Development Co 4.15 0.00 0.00%
CLWT Euro Tech Holdings Company Limited 3.35 0.06 113838 1.93%
FEEC Far East Energy Corp Comm 0.95 0.02 29995 2.15%
GSHO General Steel Holdings, Inc. Comm 1.20 0.00 4000 0.00%
GCIH Great China International Holdings 3.20 -0.05 2000 -1.54%
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HRAY Hurray! Holding Co., Ltd. - America 8.12 0.39 124924 5.06%
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ZNH - China Southern Reaches Airbus Milestone with 100th Aircraft
2006-12-04 13:23 ET - News Release
Delivery Today Symbolizes Birth of 'New Era'
GUANGZHOU, China -- (Business Wire)
China Southern Airlines (NYSE:ZNH)(HKSE:1055)(SHA:600029) - www.cs-air.com/en - with the largest and most technically advanced aircraft fleet in The People's Republic of China, has taken delivery of its 100th Airbus aircraft.
“The arrival of China Southern’s 100th Airbus aircraft - a brand new Airbus A320 - symbolizes the long-term cooperation between our two companies as it enters a new era,” said Mr. Liu Shao Yong, Chairman, China Southern Airlines.
Operating 292 modern jet aircraft, China Southern is the largest operator of the A320 in China … also offering customers four A330 aircraft with flat-bed, mini-pod Premium Business Class seating.
The airline also operates the A319, A321 and A300 aircraft.
Future deliveries to China Southern include the Airbus A380, marking the first airline in China to operate the superjumbo aircraft.
The largest airline in The People’s Republic of China for the past 27 years, China Southern Airlines - www.cs-air.com/en - connects more than 80 cities around the globe. Major business and vacation destinations served in China include: Beijing, Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai, Shenzhen and Wuhan and as well as International service, including: Amsterdam, Bangkok, Dubai, Fukuoka, Hanoi, Ho Chi Minh City, Islamabad, Kuala Lumpur, Jakarta, Lagos, Los Angeles, Manila, Melbourne, Moscow, Osaka, Paris, Penang, Phnom Penh, Seoul, Singapore, Sydney and Tokyo.
For China Southern Airlines reservations and information, please contact your local travel agent.
Contacts:
China Southern Airlines
Jeff Ruffolo, Senior Advisor, +1-714-532-2054
Ruffolopr@hotmail.com
Skype: JeffRuffolo
Source: China Southern Airlines
CXTI - China Expert Technology Signs New $25.5 Million e-Government Contract in China
2006-12-04 09:50 ET - News Release
HONG KONG, Dec. 4 /Xinhua-PRNewswire-FirstCall/ -- China Expert Technology, Inc. , an emerging leader in providing large scale network infrastructure construction mainly for e-government projects for communities and municipal governments in China, today announced the Company has been awarded an e-government contract worth $25.5 million to construct an e-government system for the Minqing County of Fuzhou City located in the Fujian Province. The net contract sum after excluding hardware purchases on behalf of the customer and PRC Value Added business tax is $22.3 million. A consultant who facilitated this project is due a cash fee of approximately $1.3 million, payable within ten business days from the signing date of the contract
Under the terms of the contract, construction will begin in October 2007 with an expected complete date of September 2010. China Expert Technology will be responsible for design and implementation of the following systems:
* e-Government Planning
* Hardware Platform Integration
* Security Platform
* Application Platform
* Portal Website
* Unified Administration Approval System
* Coordinated Office System
* Calling Center
* Geographical Information System
* Emergency Commanding System
* Auxiliary Decision System
* Social Medical Security Information System
* Smart Card System
* Information Database
Mr. Huang Tao, Chairman of the Board of Directors of China Expert, stated, "We are pleased to win another significant, multi-faceted contract within the Fujian Province. This contract is further evidence of the large, addressable opportunity within this region. Our significant backlog provides the basis for incremental growth in 2007 and beyond."
About the e-government project:
The e-government project is aimed at establishing a national electronic government system, in which existing and expected government networks and applied systems can be combined to form united technology standards and regulations and consequently a united national government service platform. The term e-government is a process in which the government is able to take advantage of modern information and communication technologies to integrate the management and service of government functions on the Internet, optimize and reform the government structures and working processes, and provide good and standard international administration and service to the society without time and space limitation.
About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. ("CXTI") is a company listed on the OTC Bulletin Board in the USA , with its subsidiaries (collectively the "Group") situated in Hong Kong and China. The group is specialized in providing large-scale network infrastructure construction (mainly e-government projects) for communities and municipal governments in China. The Group also utilizes its network with experts from various universities in China to deploy business and IT consultancy services to corporations in Hong Kong and China. The Group's existing major clients includes municipal governments, government authorities and other technology firms in China. Its income is derived mainly from four areas, e-government, technology achievement appraisal, expert consultation and project database. Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results directly and indirectly related to this contract with the Minqing County of Fuzhou City, the regulatory and approval processes for this and other signed and pending contracts, the impact of competitive products on pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
For more information, please contact:
For the Company: Investors:
Phoebe Lam Mathew Hayden
China Expert Technology, Inc. Hayden Communications, Inc.
Tel: +852-2802-1555 Tel: +858-704-5065
Fax: +852-2583-9222 E-mail: Matt@haydenir.com
Email: phoebe@chinaexpertnet.com
China Expert Technology, Inc.
CONTACT: Phoebe Lam, China Expert Technology, Inc., +852-2802-1555, Fax -
+852-2583-9222, phoebe@chinaexpertnet.com; Investors, Mathew Hayden, Hayden
Communications, Inc., +858-704-5065, Matt@haydenir.com
China Medicine Reports Third Quarter Results
2006-12-04 09:00 ET - News Release
GUANGZHOU, China, Dec. 4 /PRNewswire-FirstCall/ -- China Medicine Corporation , a leading distributor of medical products, traditional pharmaceutical and Chinese medicines, herbs and dietary supplements today is reporting third quarter financial results for the period ending September 30, 2006.
Key Financial Indicators
(All numbers in thousands, except per share amounts in USD)
Q3 2006 Q3 2005 Percentage Change
Revenues $ 6,367 $ 2,576 147.2%
Cost of goods sold $ 4,490 $ 1,716 161.6%
Gross Profit $ 1,877 $ 859 118.3%
Total Operating
Expenses $ 217 $ 217 0.3%
Operating Income $ 2,890 $ 1,095 163.8%
Net Income $ 2,277 $ 1,506 51.3%
Fully Diluted EPS $ 0.29 $ 0.23 26.1%
Financial Results
For the third quarter ended September 30, 2006, the Company reported revenue of $6.4 million as compared to $2.6 million during the third quarter last year, representing a 147.2 percent increase. Revenue growth was driven by a substantial increase in product sales, specifically related to the acquisition of distribution rights for three new products acquired in the second half of 2005 and an overall increase in the number of new distribution customers. Gross profit was $1.9 million as compared to $0.9 million during the third quarter last year, representing an increase of 118.3 percent. Gross margins for the quarter were 29.5 percent as compared to 33.3 percent last year with the year over year decrease primarily related to lower medicine prices on certain products as mandated by the Chinese government beginning in early 2006.
Operating income increased 163.8 percent to $2.9 million for the third quarter 2006 as compared to operating income of $1.1 million for the same period last year resulting in a 2.9 percent increase in operating margins to 45.4 percent. Included in operating income for the third quarter 2006 was $1.3 million in other non operating income as compared to $0.5 million last year which represent proceeds from the sale of certain pharmaceutical technology and know-how to certain non-affiliated drug manufactures.
"During the third quarter we generated higher overall revenues as a result of our expanded product portfolio and increasing customer count," commented Mr. Senshan Yang chairman and CEO of China Medicine Corporation. "The secular trend towards increased domestic consumption of pharmaceutical products continues as growing numbers of Chinese citizens become more health conscious and have more disposable income to treat their ailments. Based on our diversified product portfolio we believe we are fairly well positioned to participate in this future growth."
Net income for the third quarter increased 51.3 percent to approximately $2.3 million, or $0.29 per weighted average fully diluted share as compared to $0.23 in the year ago period. The Company incurred taxes at a rate of 17.3 percent as compared to no tax expense in the third quarter 2005. In calculating fully diluted earnings per share, the Company utilized 7.7 million weighted average fully diluted outstanding shares as compared to 6.5 million in the same period a year ago. Including all warrants and shares outstanding the fully diluted share for the Company is 19.5 million.
"We are actively looking to expand our proprietary product offering to complement our existing distribution business and take advantage of a growing push towards the use of Chinese based herbal remedies in the market," commented Ms. Huizhen Yu Chief Financial Officer of China Medicine Corporation. "We believe our own internally developed products address large and growing market opportunities with the increase in this business having favorable long-term margin implications for the Company. As we progress toward 2007 our goal is to have a larger contribution of proprietary products as a percentage of our overall revenue."
For the nine months ending September 30, 2006 revenues increased 68.9 percent to $13.9 million. Gross profit increased 81.5 percent to $4.0 million resulting in gross margins of 28.5 percent as compared to 33.5 percent last year. Gross margins on a comparable basis were impacted by the aforementioned price reductions on certain products as mandated by the Chinese government. Operating income for the period totaled $3.3 million, or an 11.0 percent decrease as compared to $3.7 million in the comparable period last year. During the first nine months of 2006 the Company incurred approximately $0.9 million in additional costs related to being a US publicly traded company as compared to no such expense last year. In each case operating income benefited from $1.6 million in other operating income respectively for each period. Net income decreased 41.5 percent to $2.4 as a result of lower gross margins, higher public company costs and taxes of $0.7 million. Weighted average fully diluted earnings per share were $0.31 versus $0.62 in the year ago period as the Company utilized 7.6 million and 6.5 million shares respectively.
The Company maintained working capital of $9.8 million as of the end of the third quarter 2006. Cash used in operations for the nine months period of this year was $0.7 million which was primarily impacted by an increase in total receivables. Total receivables at the end of the third quarter were $5.7 million and management believes these receivables are in good standing based on current customer quality. Shareholder's equity increased 143.5 percent to $11.6 million as compared to the end of 2005.
About China Medicine Corporation:
China Medicine is a distributor of medical products, traditional pharmaceutical medicines, traditional Chinese medicines, Chinese herbs and dietary supplements to over 28 provinces and 2,500 customers within China. The Company sells more than 1,100 products and is actively building a pipeline of proprietary traditional and Chinese herbal remedy products targeting oncology, high blood pressure and the removal of Aflatoxins from food and animal feed. For more information visit the Company's website at http://www.chinamedicinecorp.com.
Safe Harbor Statement:
This press release contains forward-looking statements concerning China Medicine Corporation's business and products. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.
CHINA MEDICINE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
3 months ended Fiscal year end
CURRENT ASSETS September 30, 2006 December 31, 2005
Cash $642,023 $ 91,964
Accounts receivable, trade,
net of allowance for doubtful
accounts 5,569,669 2,410,824
Investment 784,920
Inventories 1,510,141 1,382,929
Other receivables 167,362 38,301
Advances to suppliers 2,447,416 1,075,546
Total Current Assets 11,121,531 4,999,564
EQUIPMENT, NET 1,731,527 330,015
TOTAL ASSETS $12,853,058 $5,329,579
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable, trade $176,081 $170,196
Short-term loans 95,480
Other payables and accrued liabilities 101,945 97,449
Customer deposits 34,307 37,292
Taxes payable 907,000 170,456
Total Current Liabilities 1,219,333 570,873
OTHER LIABILITIES:
Contingent liabilities 44,003
TOTAL LIABILITIES 1,263,336 570,873
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value;
10,000,000 shares authorized,
3,120,000 shares issued and
outstanding 312
Common stock, $0.0001 par value;
$90,000,000 shares authorized,
7,380,000 shares issued and
outstanding 738 653
Paid-in capital 4,375,517 120,347
Statutory reserves 722,909 722,909
Retained earnings 6,189,274 3,813,665
Accumulated other comprehensive income 300,972 101,132
Total shareholders' equity 11,589,722 4,758,706
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 12,853,058 $ 5,329,579
CHINA MEDICINE CORPORATION AND SUBSIDIARY
(FORMERLY KNOWN AS LOUNSBERRY HOLDINGS III, INC.)
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
For the For the
For the three For the nine
three months nine months
months ended ended months ended ended
Sep 30, Sep 30, Sep 30, Sep 30,
2006 2005 2006 2005
REVENUES $6,366,619 $2,575,896 $13,856,558 $8,206,063
COST OF GOOD SOLD 4,490,055 1,716,375 9,910,331 5,459,973
GROSS PROFIT 1,876,564 859,521 3,946,227 2,746,090
OTHER OPERATING INCOME 1,229,912 452,024 1,589,136 1,555,693
OPERATING EXPENSES
Research and
development expenses 31,361 109,606 270,702 314,580
Selling, general and
administrative
expenses 185,517 106,649 1,084,194 336,411
Reverse acquisition
expense - - 931,270 -
Total Operating
Expenses 216,878 216,255 2,286,166 650,991
INCOME FROM OPERATIONS 2,889,598 1,095,290 3,249,197 3,650,792
OTHER INCOME (EXPENSES) 136,645 410,203 143,757 410,175
INCOME BEFORE INCOME
TAXES 2,752,953 1,505,493 3,105,440 4,060,967
PROVISION FOR INCOME
TAXES 475,574 - 729,831 -
NET INCOME 2,277,379 1,505,493 2,375,609 4,060,967
OTHER COMPREHENSIVE
INCOME
Foreign currency
translation gains 128,142 47,849 199,840 47,849
COMPREHENSIVE INCOME $2,405,521 1,553,342 $2,575,449 $4,108,816
Earning per share-basic $0.31 0.23 $0.33 $0.62
Earning per share-diluted $0.29 0.23 $0.31 $0.62
Weighted average number
of shares 7,380,000 6,530,000 7,250,926 6,530,000
outstanding-basic
Weighted average number
of shares 7,749,000 6,530,000 7,563,893 6,530,000
outstanding-diluted
China Medicine Corporation
CONTACT: Lin Li of China Medicine Corporation, +1-732-438-8866,
lin.li@chinamedicinecorp.com; or Investors: Matt Hayden of Hayden
Communications, +1-858-704-5065, matt@haydenir.com, for China Medicine
Corporation/ /First Call Contact: jennifer@haydenir.com
Web site: http://www.chinamedicinecorp.com/
UTSI - UTStarcom, Tzero to Demonstrate Next-Generation IPTV Set-top Boxes With Integrated Ultra Wideband Technology at ITU Telecom World 2006
2006-12-04 08:01 ET - News Release
Tzero Provides Advanced High-Speed Video Technology
HONG KONG -- (Business Wire)
At the ITU Telecom World 2006 show in Hong Kong this week, UTStarcom, Inc. (Nasdaq:UTSI), a global leader in IP-based, end-to-end networking solutions and services, teamed up with Tzero Technologies to demonstrate a new generation of IPTV set-top boxes with integrated ultra wideband (UWB) technology. New offerings like the UTStarcom product will enable service providers to distribute high-definition video streams wirelessly within a home and dramatically reduce their installation and equipment costs.
"UTStarcom prides itself on empowering customers to quickly deploy revenue-generating access services with one ultimate objective: cost-efficient, end-to-end IP networks," said Brian Caskey, vice president of worldwide marketing at UTStarcom. "Connecting consumer electronics throughout a home via ultra wideband, and specifically Tzero, will allow service providers to deliver a range of advanced services, including IPTV, wirelessly, while slicing costs in the process."
Tzero is the leading supplier of UWB solutions including those for high-definition video applications. The company's advanced technology can connect a range of A/V components – displays, set-top boxes, digital video recorders, media center PCs, residential gateways and more. Unlike proprietary offerings, Tzero’s platform is based on standards from the WiMedia Alliance and is guaranteed to coexist with other WiMedia-compliant devices.
“The combination of UTStarcom and Tzero technology can provide an exceptional value in the marketplace,” said Mike Gulett, president and CEO of Tzero. “UTStarcom can easily bring video into the home, and Tzero can handle the distribution of that video throughout the home without the need for any new wires. Service providers that adopt this solution will be able to quickly differentiate themselves, gain consumer mindshare and market share.”
For more information about other Tzero offerings, visit www.tzerotech.com or call (408) 328-5000.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. Founded in 1991 and headquartered in Alameda, California, the company has research and design operations in the United States, Canada, China, Korea and India. UTStarcom is a FORTUNE 1000 company.
For more information about UTStarcom, visit the company's Web site at www.utstar.com.
About Tzero Technologies, Inc.
Tzero Technologies is the leader in wireless video. The company's advanced ultra wideband technology can connect a range of A/V components -- displays, set-top boxes, digital video recorders and more -- without cabling throughout the home. Founded in 2003, Tzero is backed by tier-one venture partners, including August Capital, Lightspeed Venture Partners, Miven Venture Partners, OVP, USVP and VentureTech Alliance. Tzero is headquartered in Sunnyvale, California. For more information, visit Tzero online at www.tzerotech.com.
Contacts:
Eastwick Communications
Denise Vardakas, 650-480-4059
denise@eastwick.com
Source: Tzero Technologies, Inc.
SEAA - S.E. Asia Trading Company, Inc. Reports Quarterly Profits Exceed $1.4 Million; Revenues Increase of 100 Percent From Comparable Period in Previous Year
2006-12-04 07:00 ET - News Release
BEIJING, Dec. 4, 2006 (PRIME NEWSWIRE) -- S.E. Asia Trading Company, Inc. (OTCBB:SEAA) released its 3rd quarter earnings report, for the period ended September 30, 2006. In S.E. Asia's unaudited 10-QSB filing, for the three months ended September 30, 2006, the Beijing pharmaceutical company reported net revenues of $8.7 million and profits exceeding $1.4 million. SEAA has applied for a name and symbol change so as to more accurately convey the activities and brands of the operating company, Lotus Pharmaceuticals.
In assessing S.E. Asia's year-on-year performance, for the same period in 2005, the unaudited financials showed 3rd quarter earnings of $3.5 million, with a loss of about $100,000. For the nine months ended September 30, 2006, S.E. Asia reported net revenues of $24 million and profits of $4.3 million, as compared to the nine months ended September 30, 2005, which reported net revenues of $12 million and profits exceeding $1.4 million.
Dr. Liu Zhongyi, S.E. Asia's CEO and Chairman, commented from his Beijing headquarters: "We are gratified by the performance and growth of our Company. We are increasingly confident that S.E. Asia will become an important national leader in China, and, perhaps in the future, we may consider an international strategy. In December, we should hold our first Board of Directors meeting, and plans for expansion and acquisition will be on the agenda.
"In earlier developments, on August 4, 2006, S.E. Asia's operating subsidiary obtained SFDA (the Chinese Food & Drug Administration) approval for its newly invented drug Nicergoline for Injection State New Drug: State Approval Drug Number: H20067427. The Company submitted the application to SFDA in June 2005. This drug is an effective cure for diseases caused by the shortage of the blood supply in the brain blood vessels. S.E. Asia is among the few pharmaceutical companies to manufacture and market this drug in China. This drug has a large demand in the Chinese market. In addition to previous projections, S.E. Asia forecasts that this drug could generate $5 million in sales with a profit exceeding $750,000 for the Company in 2007.
"Additionally, to meet the increasing market demand for drug products in a pill form, the Company has commissioned a new pill production line making a total of seven production lines, enabling us to manufacture all the major drug types. This new production line in currently under the GMP certification by SFDA and is expected to be granted the GMP certificate as soon as next month to formally start the production," concluded Dr. Liu.
About S.E. Asia Trading Company, Inc.
S.E. Asia Trading Company, Inc. operates through its wholly-owned subsidiary, Lotus Pharmaceuticals International, Inc. ("Lotus"). Lotus has agreements with Liang Fang Pharmaceutical, Ltd. ("Liang") and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe"), two Chinese pharmaceutical companies located in Beijing, to manage all of their businesses and to control Liang and En Zhe. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess one of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Liang and/or En Zhe (together, "Lotus East"), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a warehouse of 1,000 square meters. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines. For more information, visit http://www.LotusEast.com.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
CONTACT: Lotus Pharmaceuticals, Inc.
S.E. Asia Trading Company, Inc.
(954) 208-0154
Fax: (561) 988-9890
info@LotusEast.com
XSNX - XsunX: Exhibit Schedule Released
2006-12-04 06:43 ET - News Release
ALISO VIEJO, Calif., Dec. 4, 2006 (PRIME NEWSWIRE) -- XsunX, Inc. (OTCBB:XSNX), developer of advanced manufacturing systems and cell structures for the solar industry, has released a schedule of international renewable energy trade shows it is planning to exhibit at in 2007. These shows represent most of the large and established solar industry events worldwide, and are an integral part of the global sales and marketing program instituted by XsunX earlier this year.
January 24-25, Clean Energy Power; Berlin, Germany
February 11-14, Middle East Electricity; Dubai, UAE
March 6-8, Power-Gen Renewable Energy and Fuels; Last Vegas, United
States
April 4-6, Newgrace China International Solar Energy and
Photovoltaics; Shanghai, China
June 6-9, China Eco Expo; Beijing, China
July 7-12, Solar 2007; Cleveland, United States
September 3-7, 22nd European Photovoltaic Solar Conference and
Exhibition; Fiera Milano, Italy
September 24-27, Solar Power 2007; Long Beach, California, United
States
According to Kurt Richard Laetz, VP Global Sales & Marketing, interest in XsunX and the company's thin film solar solutions has never been higher in its key market areas, which include existing solar manufacturers looking to upgrade, and current energy producers and solar product integrators who are interested in taking control of their own solar cell manufacturing.
"The shows we attended in the fall of 2006 were extremely fruitful; allowing us to meet those interested in thin film photovoltaics and present them with solutions suited for their needs," Laetz said. "We anticipate even greater responses in 2007."
Along with key management, sales and marketing personnel will be on hand to discuss the value of lower cost per watt alternatives to crystalline solar cells with manufacturers interested in exploring or augmenting solar capabilities, general consumers attending the show, investors, and, of course, the press.
About XsunX
Based in Aliso Viejo, Calif., XsunX is developing and commercializing innovative new thin film photovoltaic (TFPV) solar cell technologies and manufacturing processes to service expanding global energy demands. The Company has focused its efforts on lowering the cost per watt of solar power and making solar cell technology easier to use in a wide variety of applications. XsunX provides new manufacturing techniques that can significantly lower production costs and allow for easier additions to production capacities and technology upgrades to manufacturers without their having to re-build and re-tool. Together, XsunX design and production innovations offer manufacturers of solar products exciting new application opportunities and reductions to the cost per watt of solar power. More information can be found at the Company's website: http://www.XsunX.com.
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
CONTACT: XsunX, Inc.
Investor Relations
(888) 797-4527
BIDU - Baidu to Enter Japanese Search Market in 2007
2006-12-04 04:44 ET - News Release
BEIJING, Dec. 4 /Xinhua-PRNewswire/ -- Baidu.com, Inc. , the leading Chinese language internet search provider, today announced its intention to enter the Japanese search market in 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041011/BAIDULOGO )
''Since our successful listing on Nasdaq in 2005, we have been committed to delivering the best user search experience in Chinese language search and creating exceptional value for our shareholders,'' said Robin Li, Baidu's Chairman and CEO. ''We believe that our proven strength in non-English language search, the high internet penetration in Japan, as well as similarities between the Chinese and Japanese languages make this market an ideal next step for Baidu.''
Mr. Li noted that Baidu has conducted more than six months of extensive research into the development of Japanese language search technology.
''We are confident that Japan's search engine users will appreciate Baidu's powerful Japanese language search technology that will offer a user- friendly alternative to existing search engines,'' added Mr. Li.
According to independent surveys, Baidu currently commands more than 60% of the Internet search market in China(1) and is the fourth most trafficked website in the world(2).
(1) The market share information is derived from CNNIC: 2006 China Search Engine Market Survey
(2) The traffic information is derived from Alexa.com, based on a three- month average as of May 12, 2006
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Market under the symbol ''BIDU''.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," ''confident'' and similar statements. Among other things, expectations about the Japanese search market and quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward- looking statements. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. All information provided in this press release is as of December 4, 2006, and Baidu undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
Investors:
Lesley Zhang
Baidu.com, Inc.
Tel: +86-10-8262-1188 x8239
Email: ir@baidu.com
Investors and media:
China
Rory Macpherson
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
US
Thomas Smith
Ogilvy Public Relations Worldwide (New York)
Tel: +1-212-880-5269
Email: thomas.smith@ogilvypr.com
Baidu.com, Inc.
CONTACT: Investors - Lesley Zhang of Baidu.com, Inc., +86-10-8262-1188
x8239 or ir@baidu.com; Investors and media in China - Rory Macpherson of
Ogilvy Public Relations Worldwide (Beijing), +86-10-8520-6553 or
rory.macpherson@ogilvy.com; US - Thomas Smith of Ogilvy Public Relations
Worldwide (New York), +1-212-880-5269, or thomas.smith@ogilvypr.com
Web site: http://www.baidu.com/
Not bad. The number of shares of Common Stock outstanding at September 30, 2006 was 7,380,000. $12,853,058 in assets. Looking forward to Q4 results.
For the three months ended For the nine months ended
September 30, September 30,
---------------------------- ----------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES $ 6,366,619 $ 2,575,896 $ 13,856,558 $ 8,206,063
COST OF GOOD SOLD 4,490,055 1,716,375 9,910,331 5,459,973
------------ ------------ ------------ ------------
GROSS PROFIT 1,876,564 859,521 3,946,227 2,746,090
------------ ------------ ------------ ------------
OTHER OPERATING INCOME 1,229,912 452,024 1,589,136 1,555,693
------------ ------------ ------------ ------------
OPERATING EXPENSES
Research and development expenses 31,361 109,606 270,702 314,580
Selling, general and administrative expenses 185,517 106,649 1,084,194 336,411
Reverse acquisition expense -- -- 931,270 --
------------ ------------ ------------ ------------
Total operating expenses 216,878 216,255 2,286,166 650,991
------------ ------------ ------------ ------------
INCOME FROM OPERATIONS 2,889,598 1,095,290 3,249,197 3,650,792
OTHER INCOME (EXPENSE) (136,645) 410,203 (143,757) 410,175
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES 2,752,953 1,505,493 3,105,440 4,060,967
PROVISION FOR INCOME TAXES 475,574 -- 729,831 --
------------ ------------ ------------ ------------
NET INCOME 2,277,379 1,505,493 2,375,609 4,060,967
OTHER COMPREHENSIVE INCOME :
Foreign currency translation adjustment 128,142 47,849 199,840 47,849
------------ ------------ ------------ ------------
COMPREHENSIVE INCOME $ 2,405,521 $ 1,553,342 $ 2,575,449 $ 4,108,816
============ ============ ============ ============
Earning per share - basic $ 0.31 $ 0.23 $ 0.33 $ 0.62
============ ============ ============ ============
Earning per share - diluted $ 0.29 $ 0.23 $ 0.31 $ 0.62
============ ============ ============ ============
Weighted average number of shares outstanding - basic 7,380,000 6,530,000 7,250,926 6,530,000
============ ============ ============ ============
Weighted average number of share outstanding - diluted 7,749,000 6,530,000 7,563,893 6,530,000
============ ============ ============ ============
BBQ Sauce and racing? Interesting.
BBQ Sauce and racing? Interesting.
News - China Media1 Reports Profitable 3rd Quarter US$750,000 Deposit to Stay With Guangzhou Baiyun Airport
2006-11-21 13:30 ET - News Release
IRVINE, CALIFORNIA -- (MARKET WIRE) -- 11/21/06
China Media1 Corp. (OTCBB: CMDA) wishes to announce that we have filed the quarterly Form 10-QSB for the quarter ended September 30, 2006. During the third quarter, our Chinese advertising properties generated Revenue of $592,938 (all in US$), $218,073 in Operating Income and $164,324 in Net Income despite a traditionally slow quarter for advertising in the Chinese market. The $164,324 was then brought into the Company's P/L as Net Income from Contract Rights (please see Note 10 of the financial statements for details). The presentation of revenue from contract rights on a net basis is SEC approved and according to US GAAP. The non-cash accounting related entries associated with convertible financing that had a negative effect on the Company's net income turned around and added almost nine hundred thousand dollars to the bottom line. We reported a Net Income of $934,527 for the quarter)
In addition, China Media1 has also received a letter from the Guangzhou Baiyun International Airport asking us to make arrangements for the RMB 6 million (approx. US$ 750,000) that we had deposited in August 2005 for the 50 outside scrolling light box advertising locations. We have decided to leave this deposit with the Airport at an Agricultural Bank account until a decision has been reached concerning the contracts. We are in the process of consulting with the Airport to rectify the confusion over the original contracts.
About China Media1 Corp.:
China Media1 Corp. has obtained rights to premiere Chinese advertising media assets in China. Its affiliate, Guangzhou Chuangrun Advertising Co. Ltd., operates the advertising space and advertising contracts with top-tier brand names and multi-national corporations as well as large advertising agencies. China Media1 has focused on providing its clients superior advertising locations based on viewership, exclusivity, and uniqueness through the use of its illuminated scrolling poster signs. China Media1's advertising locations include the Airports in Shenzhen, Chengdu, Haikou and Xian, and the Guangzhou MTR (12 Subway Stations). China Media1's website is www.chinamedia1corp.com.
Forward-Looking Statements:
Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertain-ties including, but not limited to, economic and political factors, technological developments, regulatory matters and increased competition. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to the forward-looking statements contained herein to reflect future events or developments.
Contacts:
China Media1 Corp.
Investor Relations
1-866-889-4905
Email: investor@chinamedia1corp.com
Website: www.chinamedia1corp.com
News - China Medical Technologies, Inc. Closes Offering of US$150 Million Convertible Senior Subordinated Notes
2006-11-21 12:25 ET - News Release
Company Website: http://www.chinameditech.com
BEIJING -- (Business Wire)
China Medical Technologies, Inc. (Nasdaq: CMED) today announced the closing of the offering of US$150 million principal amount of 3.5% Convertible Senior Subordinated Notes due 2011 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold reflects the exercise in full by the initial purchaser of its option to purchase up to an additional US$25 million aggregate principal amount of the notes to cover over-allotments.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities. Any offers of the securities will be made only by means of a private offering memorandum. The securities offered have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About China Medical
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets products using high intensity focused ultrasound for the treatment of solid cancers and benign tumors and advanced in-vitro diagnostics products using enhanced chemiluminescence technology, to detect and monitor various diseases and disorders. For more information, please visit our website at www.chinameditech.com.
Contacts:
China Medical Technologies, Inc.
Winnie Fan, 86 10 6530 8833
Email: IR@chinameditech.com
or
Christensen
Tip Fleming, 1 917 412 3333
Email: tipfleming@ChristensenIR.com
Source: China Medical Technologies, Inc.
News - Puda Coal, Inc. Accomplishes Significant Strategic Goals Through New Customer Relationship
2006-11-22 10:24 ET - News Release
TAIYUAN CITY, CHINA -- (MARKET WIRE) -- 11/22/06
Puda Coal, Inc. ("Puda" or the "Company") (OTCBB: PUDC), a leading supplier of China's highest grade metallurgical coking coal -- which is used to make coke for steel manufacturing, announced today that it has accomplished key strategic goals in successfully growing its relationship with Xuanhua Steel Group ("Xuanhua"), a member of one of China's largest steel groups. Puda began delivering to Xuanhua in Q2 '06. Through Q3 '06 the Company had delivered approximately 98,000 metric tons (MT) of cleaned coking coal. Puda expects to deliver approximately 188,000 MT to Xuanhua on the year, making it Puda's second largest customer behind only Baotou Steel Group. This total would equal 28% of 2005 total sales across all customers.
In establishing and growing this relationship, Puda accomplished the following two goals key to its future growth:
(1) Form Strategic Relationships with Major Steel Groups - Xuanhua
recently merged with Tangshan Steel Group. Post merger, the company is the
2nd largest raw steel producer in China.
(2) Overcome Geographic Barriers to Market to a Broader, Larger Customer
Base - Puda's customers have typically been small and/or regional firms.
Xuanhua is the Company's second geographically distant and nationally
prominent customer.
"By establishing and cultivating our relationship with Xuanhua, we have gained potential inroad into a major industry influencer while extending our reach to a much wider audience," stated Puda Chairman and Chief Executive Officer Zhao Ming. "As we evaluate numerous opportunities for expansion, achieving these two goals will be invaluable to all future growth initiatives."
About Puda Coal, Inc.
Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning company in terms of capacity in Shanxi Province, China. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
CONTACTS:
Justin K. Davis
After Market Support, LLC
Toll Free: +1 (888) 850-PUDC
jd@aftermarketsupport.com
News - Puda Coal, Inc. Clarifies Eligibility for Resales Made Pursuant to Rule 144
2006-11-20 17:06 ET - News Release
TAIYUAN CITY, CHINA -- (MARKET WIRE) -- 11/20/06
Puda Coal, Inc. ("Puda" or the "Company") (OTCBB: PUDC), a leading supplier of China's highest grade metallurgical coking coal -- which is used to make coke for steel manufacturing -- had extremely and unusually high trading volume in its stock today.
On September 13, 2006, Puda filed a current report on Form 8-K announcing that it would restate its financial statements for the quarterly period ended March 31, 2006 and for the fiscal year ended December 31, 2005. Until those restatements to the financial statements are filed with the Securities and Exchange Commission, there will not be available adequate current public information with respect to Puda Coal, Inc. as required under Rule 144(c) of the Securities Act of 1933, as amended.
Puda anticipates that it will not complete the filing of the restatements until November 21, 2006 Eastern Standard Time. The sale of shares of common stock of Puda under Rule 144 cannot be made until all the restatements have been filed.
About Puda Coal, Inc.
Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning company in terms of capacity in Shanxi Province, China. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward looking statements if they comply with the requirements of the Act.
CONTACTS:
Justin K. Davis
After Market Support, LLC
Toll Free: +1 (888) 850-PUDC
jd@aftermarketsupport.com
Nasty dump today.
1.64 X 1.65 down -41.8% on 1,252,000 shares.
The SB2 must have cleared comments!
I agree - nothing surprising. Many Chinese companies do the NT every quarter.
News - China Clean Energy Inc. Appoints Gary Zhao as its Chief Financial Officer
2006-11-15 09:00 ET - News Release
FUQING CITY, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/ -- China Clean Energy Inc. (''China Clean Energy''), a leading distributor of biodiesel fuel and specialty chemical products in China, today announced the appointment of Gary Zhao as its Chief Financial Officer. Mr. Zhao will be responsible for the overall financial planning and control, China and U.S. GAAP compliant financial reporting, SEC filings, investor relations, M&A activities, and corporate finance.
Mr. Zhao brings to China Clean Energy more than fifteen years of experience in financial and operational management both in China and the U.S. Recently, he served as Director in charge of Finance Performance Management and Corporate Strategy at Accenture China where he provided financial management, Sarbanes-Oxley compliance and corporate strategy consulting services to top-tier public companies in China. Prior to that, he held the VP of Finance position at Sohu.com Inc. where he helped execute their successful initial public offering. At Sohu.com, Mr. Zhao worked extensively with the company's auditors, investment bankers, attorneys, board members, investors, and government regulators in preparing SEC filings and road show presentations. Other experience includes serving as a financial controller at Motorola China Network Solutions and various management positions at GE Capital, AT Kearney, and General Motors Corporation in the U.S.
"We are delighted to have Gary join China Clean Energy as CFO, as we continue to strengthen our management team to operate effectively as a public company. His extensive experience and track record of success working with leading public companies in both the U.S. and China in the areas of financial management, Sarbanes-Oxley compliance as well as corporate finance, make him a valuable addition to our team,'' said Mr. Tai-ming Ou, China Clean Energy's Chairman and Chief Executive Officer.
''As an early mover in the renewable fuels industry, China Clean Energy is entering a very exciting phase of its development and addressing China's urgent need for sustainable and environmentally friendly sources of energy,'' remarked Mr. Zhao. ''I look forward to working with this team to help China Clean Energy develop to its full potential as a U.S.-listed public company and to create lasting shareholder value.''
The Company also announced that James Shao, who had served as acting CFO, will continue with China Clean Energy as an advisor in a consultant position.
About China Clean Energy Inc.
China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde, is engaged in the development, manufacturing, and distribution of biodiesel fuel and specialty chemical products made from renewable resources. Since its inception, the company has been engaged in the manufacture of high-quality specialty chemical products from renewable resources. Through its research and development efforts, the company developed a proprietary process for refining biodiesel fuel from waste grease and certain vegetable oils. Using this proprietary process, the Company began producing biodiesel in 2005 and commenced selling biodiesel commercially starting in December 2005.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Crocker Coulson, President
CCG Elite Investor Relations Inc.
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Jung Min Choi
Westminster Securities Corp.
Tel: +1-212-878-6530 (New York)
Email: jungmin@westminstersecurities.com
China Clean Energy Inc.
CONTACT: Crocker Coulson, President of CCG Elite Investor Relations Inc.,
+1-646-213-1915 (New York), or crocker.coulson@ccgir.com; or Jung Min Choi
of Westminster Securities Corp., +1-212-878-6530 (New York), or
jungmin@westminstersecurities.com
News - China Clean Energy Inc. Begins Trading as Public Company, Outlines Growth Strategy
2006-11-15 08:55 ET - News Release
FUQING CITY, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/ -- China Clean Energy Inc. (''China Clean Energy''), today announced that it has completed a share exchange with China Clean Energy Resources, Ltd., a rapidly growing manufacturer and distributor of biodiesel fuel and specialty chemicals made from renewable resources, on October 24, 2006. The merged public company is headquartered in Fuqing City in the Fujian province of the People's Republic of China (''PRC'') and will operate under the name China Clean Energy Inc. The management team is led by Chairman and Chief Executive Officer Mr. Tai-ming Ou, and Vice President of Production and Engineering, Mr. Ri-wen Xue. The newly-formed public company has approximately 21.3 million common shares outstanding, and is quoted on the OTC Bulletin Board under the symbol CCGY.
China Clean Energy, through its wholly-owned subsidiary Fujian Zhongde Technology Co., Ltd. (''Fujian Zhongde''), manufactures biodiesel fuel and high-quality specialty chemical products from renewable resources, such as waste grease and vegetable oils. The company currently owns a patent with the PRC's State Intellectual Property Office for Multi-purpose Polyamide Hot Melt Adhesive and its Production Method, and has another patent pending for its proprietary biodiesel production method. In addition, the company is continuously re-evaluating new manufacturing technologies, and expects to pursue more patent protection for its proprietary technology and processes. China Clean Energy also has an established research and development facility with close ties to prominent universities and research centers in China. ''China is now the second largest oil consumer in the world, with current consumption at approximately seven million barrels of oil per day, and its need for petroleum continues to grow rapidly,'' Mr. Tai-ming Ou stated. ''While China's biodiesel industry is still very much in its infancy, we anticipate greater demand for alternatives like biodiesel fuel, particularly in light of recent government legislation designed to reduce China's dependence on fossil fuels.''
China Clean Energy has been producing specialty chemicals since 1995. China Clean Energy began commercially producing and selling biodiesel fuel in December 2005, and sales have steadily increased. For the six months period ended June 30, 2006, biodiesel fuel sales accounted for over 27% of the company's total $6.1 million in sales. Also for the six months period ended June 30, 2006, the company's consolidated gross profit margin was 27.4% and net income reached $0.7 million over the same period.
China Clean Energy's ISO 9001-certified plant is located in Fuzhou City's technology and industrial zone in the Fujian Province of China, and currently has annualized capacity for 4,800 tons (or approximately 1.4 millions gallons) for biodiesel fuel and 15,000 tons for specialty chemicals. The company is currently in the process of expanding the capacity of the plant's annualized biodiesel fuel production to 10,000 tons (or approximately 3.0 million gallons) expected to be in place by the first quarter of 2007.
"The completion of this merger enables China Clean Energy to broaden our investor base, create a liquid market for our stock, and financially support the accelerated growth of our business," commented Mr. Tai-ming Ou. "Our near-term goal is to expand our capacity, which we expect to execute with minimal disruption to our current infrastructure and production schedules. This added capacity will bring us one step further in our longer-term goal of becoming a global market leader for the development and manufacturing of energy products and specialty chemicals made from renewable resources.
''We are currently evaluating our options to build at least two new biodiesel plants, and expect to have a new plant online in the year 2008, which should add about 50,000 tons of annual biodiesel capacity, taking our total annual biodiesel production capacity to approximately 60,000 tons (or approximately 18 million gallons). We also plan to build our third plant in early 2009 which we anticipate would add approximately 60,000 tons of annual biodiesel capacity to our company. We believe we can achieve our growth strategy given our early entry advantage and the strong demand for our biodiesel as well as specialty chemicals from renewable resources.'' The Share Exchange and Private Placement
On October 24, 2006, China Clean Energy Inc. (formerly Hurley Exploration Inc.), and China Clean Energy Resources Limited, a privately-held British Virgin Islands corporation, entered into a share exchange to reorganize as a publicly-traded company. The transaction was consummated on October 24, 2006, resulting in China Clean Energy Resources Ltd. becoming 100% owned by China Clean Energy Inc. In connection with the share exchange, the company also closed a $1.05 million private placement, in which it sold a total of 1,050,000 shares of common stock. Following the share exchange and private placement, there were 21,082,269 common shares issued and outstanding. On November 9th, 2006 the company sold an additional 250,000 shares through a private placement for $250,000 bringing the total number of common shares issued and outstanding to 21,332,269 as of November 9, 2006. Additional details of these transactions can be found in the company's Current Reports on Form 8-K filed with the Securities & Exchange Commission on October 30, 2006 and November 13, 2006. Westminster Securities Corp. -- the financial advisor to China Clean Energy -- advised China Clean Energy in the share exchange transaction.
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde, is engaged in the development, manufacturing, and distribution of biodiesel fuel and specialty chemical products made from renewable resources. Since its inception, the company has been engaged in the manufacture of high-quality specialty chemical products from renewable resources. Through its research and development efforts, the company developed a proprietary process for refining biodiesel fuel from waste grease and certain vegetable oils. Using this proprietary process, the Company began producing biodiesel in 2005 and commenced selling biodiesel commercially starting in December 2005.
About Westminster Securities Corp.
Westminster Securities Corp. is a full-service brokerage firm operating in five principal areas: investment banking, equity research, account management, execution services and clearing. Founded in 1971, Westminster Securities Corp. is a member of the New York Stock Exchange, National Association of Securities Dealers and the Securities Investor Protection Corporation. Westminster is headquartered at 100 Wall Street, New York, with branch offices in Atlanta, Cyprus, Miami, New York, St. Louis and Toronto.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
China Clean Energy Inc.
CONTACT: Mr. Crocker Coulson, President of CCG Elite Investor Relations
Inc., +1-646-213-1915 (New York), or crocker.coulson@ccgir.com; or Mr. Jung
Min Choi of Westminster Securities Corp, +1-212-878-6530 (New York), or
jungmin@westminstersecurities.com, both for CCGY