HONG KONG, March 8, 2005 (PRIMEZONE) -- FP Group, Ltd. (Pink Sheets:FPGR) ("FPG") announced today that it has formed a partnership with Innotime Industrial Limited, a Hong Kong-based clock manufacturer, to launch FPG's new proprietary paper clock series later this month.
This innovative paper clock series was designed and developed solely by FPG through a year of research and development. In order to fill the substantial market niche that exists worldwide for environmentally friendly products, FPG's new clocks use recycled paper as an integral part of their construction. FPG will design, manufacture and market the paper clocks, while Innotime will supply all the interior mechanical components.
FPG will launch its new paper clock series with a dedicated marketing program. The initial target markets are the United States and Europe with primary focus on the U.K. and Italy. FPG also is studying the feasibility of promoting the paper clocks in the Asia Pacific region. Besides their time-telling function, the paper clocks can also be used as gift boxes for jewelry and small accessories. Several standard shapes are available, and FPG will manufacture clocks to the customer's size, shape and packaging specifications. The clocks will be sold at retail, primarily through gift shops, department stores and discount stores, and FPG also will market them to its own customers.
FPG President Mr. Leo Wong stated that, "Our new clock line is a very exciting development for FPG, since it is our first proprietary product, conceived and designed entirely in-house. We forecast that this product line will increase in fiscal 2006 revenues by a minimum of 8%, or $500,000, with a healthy margin, which is expected to increase each year thereafter. The new product line has not required new facilities or equipment, nor any expansion in our 650 employees. Best of all, marketing will be done primarily through our existing channels."
Mr. Wong added that, "Development of this paper clock line is only the first of a range of new products coming, which will allow us to leverage our design and marketing staffs across a number of new product cash flows. All of our efforts are part of our future growth plans."
About FP Group, Ltd.:
FPG is a People's Republic of China-based company providing a full-range of logistical management in the printing and packaging industry. FPG provides a one-step service including consultation, design, sourcing, printing, assembly and delivery of packaging needs. FPG's products include items for which they hold design patents in the PRC. For more information, please visit our corporate website: www.fpgroup.com.hk
FPG is continually developing new design and packaging concepts. Growth of FPG will come from additional business with its current customer base and attracting new customers as a result of the services and products they offer. FPG intends to take advantage of its market position by seeking other firms for the possibility of merger or acquisition.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, statements above describing objectives or goals or our future plans are forward-looking statements and are subject to certain risks and uncertainties, including among other factors the ability of FPG to increase revenues in the future, the ability to maintain a positive cash flow, and the ability to retain existing customers and obtain new customers, its ability to create and market new packaging concepts, the printing and packaging business in general, future governmental regulation as well as other factors which could cause actual results or revenues to differ materially from those contemplated by these statements.