LOS ANGELES, Nov. 13, 2007 (PRIME NEWSWIRE) -- Mizati Luxury Alloy Wheels, Inc. (Pink Sheets:MZTI), a distributor of high-quality luxury alloy wheels for passenger cars, sport utility vehicles, vans and light trucks, today reported its results for the third quarter of 2007 and the nine months ended September 30, 2007.
Mizati's nine months end net sales revenue for 2007 was $3.88 million, compared to $3.20 million for 2006, an increase of 21%. Operating Income for nine months ended September 30, 2007 posted a loss of $348,180. "The sub-prime, oil prices, and job security are affecting consumers, and as a result, they are getting very conservative and cautious of how they spend their money," said Hazel Chu, CEO of Mizati. "Mizati is not the only company in the industry affected by the global economic crises, but at this critical time, we hold our ground, and will continue with the business models that Mizati set forth for 2007, while at the same time launching new and exciting plans for 2008," Chu added. "Nobody can predict in any industry how things will turn out. But at Mizati, our people strongly believe and are committed to all kinds of challenges," Chu said.
Mizati has its business plan for 2008 and will release the important business decisions and directions by the end of the fourth quarter of this year. "There have been many new changes during 2007 since Mizati started trading in the public market. I personally see Mizati transforming from a small boutique company to a public company. I am proud to be the part of this transition, and as my CEO noted, 2008 is going to be a great year for Mizati," Grace Wang, VP of Investor Relations, added.
About Mizati Luxury Alloy Wheels, Inc.
Mizati Luxury Alloy Wheels, Inc. ("Mizati") designs, markets, and distributes high-quality custom alloy wheels for passenger cars, sport utility vehicles, vans, and light trucks. Incorporated in 2001, the Company operates from its corporate headquarters in Walnut, California. Mizati currently markets and distributes three separate and unique brands of luxury wheels, "Mizati(r)," "Hero (tm)", and "Zati(tm)", through a network of 425 dealers and distributors. Mizati has achieved an average annual revenue growth rate of 102% for the past three years.
For more information about Mizati Luxury Alloy Wheels, Inc. (Pink Sheets:MZTI), visit the Company Web site at http://www.mizatiwheels.com.
The Mizati Luxury Alloy Wheels, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3904
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Any statements that are not historical facts contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, and other factors discussed from time to time in MZTI Securities and Exchange Commission filings. MZTI undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.