Contact Information: Contact: China Crescent Enterprises, Inc. ir@chinacrescent.com 214-722-3060
China Crescent Enterprises, Inc. in Final Negotiations for Anticipated New $15 Million Contract to Provide Back Office and Strategic Technology Services
| Source: China Crescent Enterprises, Inc.
DALLAS, TX--(Marketwire - October 13, 2009) - China Crescent Enterprises, Inc. (OTCBB : CCTR )
announced that the Company met in Dalian, China today with a pending new
outsourcing client to discuss terms for an anticipated $15 million contract
to provide back office and strategic technology services. These meetings
in Dalian were scheduled as part of China Crescent's previously announced
Shanghai management summit being conducted this week.
Yesterday, China Crescent began the Shanghai management summit meetings
with a review of the Company's first major outsourcing agreement signed
earlier this year worth $30 million over three years. China Crescent has
received high marks from the client and news that the total revenue value
could exceed the originally anticipated $30 million. The client's business
has been enhanced as a result of the project, and consequently, the
services required from China Crescent could expand as early as next year.
Initial estimates suggest the total contract value could increase to as
high as $50 million over three years.
China Crescent has reported over $40 million in annual revenue the last two
years. This year the Company has focused on larger, long-term outsourcing
contracts and has forecasted $50 million in profitable revenue for 2009.
The Company reported record net income of $1.1 million through the first
half of 2009 on $17 million in revenue and anticipates record operating
income to continue throughout the year.
Shanghai Summit Webcast Scheduled for Thursday October 15th
China Crescent has scheduled to release an on-demand Webcast this Thursday,
October 15th to report on this week's management summit in Shanghai. A link
to the Webcast is scheduled to be available on the Company's website
www.chinacrescent.com upon release.
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Company, please visit www.chinacrescent.com.
About China Crescent Enterprises, Inc. (www.chinacrescent.com)
China Crescent Enterprises, Inc. reported over $40 million in profitable
revenue in 2008. The Company is a technology leader in the rapidly
developing Chinese market specializing today in software engineering, high
quality software development and digital multimedia outsourcing services
delivered to customers globally. At the same time, the firm is a systems
integrator and value added reseller of major global hardware brands in the
Chinese domestic market.
Headquartered in Dallas with operations in Shanghai and Beijing, China
Crescent bridges the gap between Western and Eastern business cultures to
assist Western clients in realizing the advantages of the high quality, low
cost technology products and services available from China. China Crescent
also assists Western clients in localizing products and services to realize
the tremendous growth potential available by expanding into the Chinese
Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause China Crescent's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.