FT. LAUDERDALE, Fla., Jan. 24, 2005 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT), a global trading company engaged in product development, manufacturing, distribution, logistics and product placement into mass retail, today provided guidance for earnings for year ending December 31, 2004. The company will report realized gross sales of approximately $1.08 million, up 60% from 2003.
Wholly owned subsidiary Souvenir Direct Inc. (SDI) accounted for all of the gross sales and expects to report a net profit of approximately $60,000 for 2004. Pending any final audit adjustments, financial results for the year ending 2004 are expected to be released in a few weeks.
China Direct Trading Corp. is seeking to diversify its North America-China trading business in 2005 by including vertical trading businesses in wholly-owned subsidiary China Pathfinder Fund LLC (CPF). These businesses will include, trading manufactured products including furniture as well as raw materials such as coal, gas, oil, metallurgical coke and iron ore.
Howard Ullman, CEO and President of China Direct Trading Corp. stated, "CHDT will continue its traditional plan of enhancing shareholder value through better financial performance of its core business, the addition of new trading products and markets and if appropriate, acquisitions of companies that complement our core businesses."
About CHDT
Based in Fort Lauderdale Florida, CHDT is a global trading company engaged in product development, manufacturing, distribution, logistics and product placement into mass retail. The company holds patents and sells products to importers, customer and direct to retail worldwide. By establishing relationship with various governmental agencies, public and private institutions, and private industries in China, the Company aims to play a key role in assisting US companies that desire to move production or investments into China as well as helping Chinese firms grow through US distribution and financial support.
Forward-looking statements
This press release contains forward-looking statements about the Company's and or subsidiaries' estimated revenues and earnings for FY 2004. These statements involve risks and uncertainties and actual results may differ. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, including the Company's Forms 10-Q for the quarters ended March 31, 2004 and June 30, 2004 and September 30, 2004 and Form 8-K's filed in 2004.