DALLAS, TX--(Marketwire - December 30, 2010) - China Crescent Enterprises, Inc. (
"Our operations in China wear two hats supporting both our systems integration operational growth and incubation vision... China Crescent is a subsidiary and part of NewMarket's new Greenfield Partnership Program for incubating innovative operations... we plan to move China Crescent's and NewMarket's other systems integration operations onto a Euronext New York Stock Exchange Platform and at the same time execute a spinoff distribution of China Crescent's non-systems integration operations."
Record Revenue Growth and an Increasing Bottom Line
China Crescent recently reported $50.9 million in revenue through the first nine months of 2010, compared to $30.3 million for the same period in 2009, a 67% increase. Additionally, the Company's net income for the first nine months of 2010 was $3.3 million, up from $1.9 million for the same period last year. China Crescent's revenue and net income through the first three quarters of 2010 has exceeded the Company's 2009 annual revenue and net income results. China Crescent achieved $45.6 million in 2009 annual revenue with $2.2 million in net income.
A link to the Webcast will be posted to NewMarket's Investor Relations page later today at www.newmarkettechnology.com and emailed to the China Crescent opt-in email database.
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About China Crescent Enterprises, Inc. (www.chinacrescent.com)
China Crescent is a systems integration service provider that markets technology outsourcing services in China including the sale and service of brand name technologies such as Microsoft, Cisco, IBM, HP and Dell. Following a strategic acquisition last year, the Company expanded its business line to include original design manufacturing (ODM). China Crescent reported $45 million in profitable revenue in 2009 after reporting over $40 million in revenue for both 2007 and 2008 and has set a goal of reaching $100 million in revenue in 2010. Headquartered in Dallas with operations in Shanghai, Shenzhen, Dalian and Beijing, China Crescent bridges the gap between global business cultures to assist clients worldwide realize the advantages of the high quality, low cost technology products and services available from China. China Crescent also assists 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.
Contact Information:
Contact:
China Crescent Enterprises, Inc.
214-722-3060