Contact Information: Contact: China Crescent Enterprises, Inc. ir@chinacrescent.com 214-722-3060
China Crescent Enterprises, Inc. Anticipates 3rd Qtr Revenue to Exceed 2nd Qtr With Record Operating Income and Possible Increase to 2009 $50 Million Forecast
| Source: China Crescent Enterprises, Inc.
DALLAS, TX--(Marketwire - October 22, 2009) - China Crescent Enterprises, Inc. (OTCBB : CCTR )
today announced the upcoming 3rd quarter financial statement is anticipated
to include revenue that exceeds the revenue reported in the previous
quarter. The 3rd quarter report is also anticipated to show a record
operating income. In addition to exceeding 2nd quarter revenues, the 3rd
quarter report is also expected to show revenue that exceeds the revenue
reported for the same period last year. Management anticipates the better
than expected 2009 sales pipeline may result in record operating income and
profit in 2009, and management may increase to the Company's $50 million
2009 revenue forecast following the completion of the 3rd quarter report.
China Crescent is a systems integration service provider in China that
markets technology outsourcing services that include the sale and service
of brand name technologies such as Microsoft, Oracle, Cisco, IBM, HP and
Dell. China Crescent reported over $40 million in annual revenue in both
2007 and 2008. The Company reported $17 million in revenue and record net
income with an over 200% increase to $1.1 million for the first six months
of 2009. The Company's sales are historically seasonal with its largest
sales and profits usually occurring in the 4th quarter. The Company has
forecasted $50 million in profitable revenue for 2009 and has recently
announced a 2010 objective of reaching a profitable annualized revenue run
rate of $100 million.
Better than Expected 2009 Sales Pipeline
China Crescent has been marketing a new outsourcing service since the
beginning of this year and has already signed $30 million in total revenue
value over three years with Beijing Chuangzhitongda Technology Development
through the outsourcing services offering. The Company recently announced
a letter of intent to provide outsourcing services to Aoyuan Electronic Co.
ltd in Dalian, China, for $36 million over three years. The finalization of
the contract with Aoyuan would bring the total long-term revenue value of
China Crescent's outsourcing contracts signed in 2009 to approximately $66
million.
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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.