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CirTran-Asia -- From Start-Up to Star in a Year; $60 Million in New Business Booked by CirTran Subsidiary
Jun 8, 2005 9:15:00 AM
Copyright Business Wire 2005
SALT LAKE CITY--(BUSINESS WIRE)--June 8, 2005--
When CirTran-Asia was founded as a wholly-owned subsidiary of CirTran Corporation (OTC BB: CIRT) a year ago this week, its mission was to compete for high-volume manufacturing business going off-shore. Now, reflecting on the company's first year, even Trevor M. Saliba, executive vice president for worldwide business development of CirTran, an international full-service contract manufacturer of IT, consumer and consumer electronics products companies, is "literally blown away" at how fast the start-up has become a star.
Mr. Saliba said he was "very proud" when he recently announced that CirTran-Asia had contracts for more than $60 million (annualized) in new business since January, all exclusive agreements to manufacture for the sold-on-TV marketplace. Included were contracts with EMSON, Inc., a division of E. Mishan & Sons, Inc., of New York City to be the exclusive manufacturer of the Hot Dog Express, with Advanced Beauty Solutions, LLC, of Los Angeles to be the exclusive manufacturer of the "True Ceramic Pro - Flat Iron Traveling Kit," and another exclusive agreement to build a revolutionary fitness machine for one of the leading product marketing firms in the Direct Response industry.
"These products are being advertised and sold on nationwide TV via infomercials from coast-to-coast," Mr. Saliba said, noting that by mid-summer, CirTran-Asia's manufacturing efforts "could reach as high as $6 million per month in this division alone."
'Great Validation of CirTran Quality'
"Winning business from major direct response TV marketers is great validation of the quality products manufactured by the CirTran organization," Mr. Saliba said.
"These are world-class companies who have many choices when choosing manufacturing partners," he said. "CirTran and CirTran-Asia have demonstrated that quality and quantity can and do go hand-in-hand. Under the direction of Mr. Charles Ho, president of our Asian division, we have impressed prospects and customers when they've come to audit our production lines, which are going 24 hours a day, seven days a week, at numerous locations."
Growth, Growth and More Growth
"Mr. Saliba described CirTran-Asia's first year as "growth, growth and more growth. From our very first day, we have been able to successfully compete for new business and show that we could produce on time, on budget, and according to our business and profit plan. We have spent the last year investing and developing an infrastructure and network that has translated to success."
Since being founded a year ago with headquarters in ShenZhen, China, CirTran-Asia's growth and accomplishments have included:
-- 22 Manufacturing Facilities throughout China representing more
than 5 million square feet;
-- 100 Production Lines for electronics, plastics, fitness
equipment, appliances, beauty products and other goods;
-- More than 10,000 engineering, design, sales and factory
employees;
-- Currently running 12 full manufacturing programs, with seven
new programs scheduled to launch before the end of year, and
-- 17 new manufacturing programs in final design with scheduled
launches in 2006.
"CirTran-Asia has had a very exciting time line of progress," he said. "In an effort to continue its planned growth, CirTran will open an office in Los Angeles in August to serve as its business development headquarters, and plans to add a New York City sales office in the fourth quarter of this year, and then Shanghai and London offices next year."
Leading to a Record Start to 2005
Mr. Saliba said that "boosted by CirTran-Asia," CirTran's revenues grew by 629% for 2004 as compared with 2004, and that the company had a record first quarter of 2005, including an increase in sales of 352%, positive EBITDA, and positive shareholder equity.
Iehab J. Hawatmeh, CirTran's Chairman, CEO and President, said the growth of CirTran-Asia "helped achieve an overall swing of nearly $3.5 million in total stockholder equity in the quarter," with the company reporting $1,222,230 as compared with a deficit of $(2,242,033) as of December 31, 2004.
"This is the first time as a public company that CirTran has shown positive EBITDA and total shareholder equity," Mr. Hawatmeh said. "By any and all measures, CirTran is off to its best start ever."
About CirTran-Asia
CirTran-Asia (www.CirTran-Asia.com) was formed in 2004 as a high-volume manufacturing arm and wholly-owned subsidiary of CirTran Corporation with its principal office in ShenZhen, China. CirTran-Asia operates in three primary business segments: high-volume electronics, fitness equipment and household products manufacturing, focusing on being a leading manufacturer for the multi-billion dollar Direct Response Industry, which sells through infomercials, print and internet advertisements.
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTC BB: CIRT), (www.CirTran.com) is a premier international full-service contract manufacturer of low to mid size volume contracts for printed circuit board assemblies, cables and harnesses to the most exacting specifications. Headquartered in Salt Lake City, CirTran's modern 40,000-square foot non-captive manufacturing facility - the largest in the Intermountain Region - provides "just-in-time" inventory management techniques designed to minimize an OEM's investment in component inventories, personnel and related facilities, while reducing costs and ensuring speedy time-to-market.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Source: CirTran Corporation
