SwingTrade Member Forum

[Zephyr]

CXTI - news....CXTI Recorded Historical Growth of 404% in Revenue and 721% in Net Income for Second Quarter 2004 Compared to First Quarter 2004 Which Represents $7.15 Million in Revenue and $1.82 million in Net Income
8/16/2004 3:17:51 PM

Aug 16, 2004 (PRNewswire via COMTEX) -- China Expert Technology, Inc. (BULLETIN BOARD: CXTI) today reported results for the second quarter ended June 30, 2004. Revenue for the second quarter 2004 increased to USD$7.15 million compared to USD$1.42 million in the first quarter of 2004, reflecting an impressive increase of 404%. Net income for the second quarter 2004 increased to USD$1.82 million and USD$0.08 per share, compared to net income of USD$221,655 and USD$0.01 per share in the first quarter of 2004, reflecting a substantial growth of 721%.

KUNG SZE CHAU, Chief Executive Officer of China Expert, commented, "Our results in second quarter 2004 recorded with historical high ever since the establishment of CXTI was mainly as a result of our continuing and substantial growth of our core e-government business in China. We believe that CXTI has gained additional market share in China recently as we continued to benefit from the increasing demand for e-government construction facilities from various cities in China, the most populous country in the world. People in China are enjoying a more convenient daily life through the application of advanced e-government facilities. With advanced e-government systems facilities being applied in a city, it not only benefits the governmental departments and the residents of the city concerned, it also facilitates and enhances the communication via this city and the other cities of China. In fact, we are currently the only company in China that are experienced and have obtained exclusive rights in handling all e-government projects for individual cities, therefore, we are in a strong position to capture the rapidly growing demand in e-government facilities from those small and medium cities in China. Mr. Chau believes that with our successful track records, CXTI will continue to establish itself as a market leader in the e-government construction market in China in the years to come."

About China Expert Technology, Inc.

China Expert Technology, Inc. (BULLETIN BOARD: CXTI) is a leading China and Hong Kong based IT network and infrastructure company that provides large-scale network infrastructure construction (mainly e-government network infrastructure), business appraisal services for information technology companies in the China (apart from government authorities, China Expert is the ONLY foreign own corporation to obtain such authority in China) and business consultancy services for communities and municipal governments in China. For more information, please visit http://www.chinaexpertnet.com/.

Safe Harbor Statement

Except for the historical statements made herein, the statements made in this release are forward-looking statements that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Expert Technology, Inc. undertakes no duty to update these forward-looking statements.

For more information, please contact CXTI at:

Investors:
Ms Kerrie Chung / Mr. Wilson K. Cheung
First Asia Finance Group Limited
Tel: [phone]
Fax: [phone]
Email: [e-mail] http://www.firstasia.com.hk/


SOURCE China Expert Technology, Inc.

Ms. Kerrie Chung or Mr. Wilson K. Cheung, both of First Asia Finance Group Limited, Tel: [phone], Fax: [phone], Email:[e-mail]


http://www.chinaexpertnet.com/


Copyright (C) 2004 PR Newswire. All rights reserved.