FT. LAUDERDALE, Fla., July 1, 2004 (PRIMEZONE) -- China Direct Trading Corporation's (OTCBB:CHDT) wholly-owned subsidiary Souvenir Direct Inc., forecasts revenues of $406,000, up 120% from last years second quarter and sales for the first half of the year are up 175%. The company continues to increase sales through re-orders from its distributor's, located in 25 countries, along with new customer sales. The company sold products to a total of 20 new customers in 6 countries. New customers found the company at the Hong Kong trade show in April, search engines, shareholders, and through direct contact after seeing the company's press releases. Income will be released in a few weeks, and is anticipated to be higher than the 472% increase in the first quarter. Souvenir Direct is also expecting a record third quarter as the company has $900,000 in orders in production and the company is booking orders for it's hot new electronic Christmas ornaments, which sell for $10 and $15 dollars a unit. The Christmas item can be seen on the company's homepage at www.chinadirecttradingco.com
China Direct Trading Company's revenues are currently coming from Souvenir Direct Inc., but the Company's subsidiary, China Pathfinder Fund, has invested over a year working with the Chinese government and major US corporations in the auto, tire, electronics, textile, scrap metal, organic cotton, day trading, e-learning, telecom, and apparel industries. The company expects to formally be hired as consultants, create Joint Ventures, create new subsidiaries, trade goods, and or act as a funding source for these China related projects over the next few quarters.
"I expect sales to continue to grow at an increasing rate for the foreseeable future as we increase our customer base; sales grow exponentially due to re-orders," said Howard Ullman, CEO of China Direct Trading Corp. and President of Souvenir Direct. "But we also receive inquiries daily from companies either looking to sell their goods in China or looking to produce a product in China, and we are encouraged by this activity and look forward to working on these exciting new projects."
For more information visit our corporate website at www.chinadirecttradingco.com
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Many factors are beyond CBQ, Inc.'s and its subsidiaries' control. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's existing and future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.