China Crescent Enterprises, Inc. Anticipates $36 Million Contract by Year-End With CEO Currently in China Dedicated to Finalizing Agreement
DALLAS, TX--(Marketwire - December 15, 2009) - China Crescent Enterprises, Inc. (OTCBB: CCTR)
today announced that the Company anticipates finalizing a pending service
contract by year-end with Aoyuan Electronic Co. Ltd in Dalian, China, for
$36 million over three years, with the potential for as much as $10 million
in revenue to be recognized in 2010. China Crescent CEO Paul Danner is
currently in meetings in China focused on finalizing the contract. China
Crescent has scheduled a Webcast for Friday, December 18th to provide an
update on the pending service contract. A link to the Webcast will be
posted to the corporate website www.chinacrescent.com upon release.
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. For the first nine months of the year ending September 30,
2009, China Crescent reported $30 million in revenue with record net income
of $1.8 million compared to $517k in net income for the same period in
2008.
Webcast Update on Milestone Acquisition Anticipated to Add $20 Million in
Annual Revenue in 2010 Available Now Online
Last week, China Crescent released an exclusive Webcast reviewing the
milestone acquisition of a China Radio Technology Ltd. subsidiary located
in Shenzhen that is anticipated to produce $20 million in annual revenue in
2010. China Radio Technology, a Hong Kong-registered company, is a mobile
communication hardware and software company that develops and manufactures
products for sale in China.
The Webcast further includes a review of anticipated 4th quarter sales and
the potential boost to 4th quarter sales the recent acquisition may have.
The Company anticipates sales in the 4th quarter of 2009 to exceed sales in
each of the previous three quarters of 2009.
A link to the Webcast is available on the corporate website
www.chinacrescent.com under Recent Webcasts titled 'China Crescent
Shareholder Update - CRT Acquisition Webcast.'
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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