China Crescent Enterprises, Inc. Announces First Outsourcing Agreement May Exceed $30 Million in Total Revenue Value
DALLAS, TX--(Marketwire - October 12, 2009) - China Crescent Enterprises, Inc. (OTCBB: CCTR)
opened its Shanghai management summit meeting this morning with a client
update and review of China Crescent's performance to date on its first
major outsourcing agreement. Earlier this year, the Company announced
signing its first major outsourcing contract 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. The Company 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.
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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.
Contact Information: Contact:
China Crescent Enterprises, Inc.
ir@chinacrescent.com
214-722-3060