Contact Information: Contact: China Crescent Enterprises, Inc. ir@chinacrescent.com 214-722-3060
China Crescent Enterprises, Inc. Plans to Reach for $100 Million in Revenue in 2010
Company Prepares for January Virtual Town Hall Encouraging Shareholder Questions in Advance on Business Plan, Share Price, Stock Issuances, and Recent Acquisition
| Source: China Crescent Enterprises, Inc.
DALLAS, TX--(Marketwire - December 16, 2009) - China Crescent Enterprises, Inc. (OTCBB : CCTR )
plans to release a 2009 Virtual Town Hall January 22, 2010. The Virtual
Town Hall agenda includes a review of 2009, a preview of the Company's
plans for the year ahead and an outline of plans to evolve the Company's
growth strategy while adopting lessons learned. The Town Hall agenda will
include a presentation on management's plan to reach for $100 million in
revenue in 2010.
"Reaching $100 million in revenue in 2010 will not be easy for China
Crescent," said CEO Paul Danner. "However, the recent and pending
end-of-year transactions are enabling us to consider the possibility and,
with some hard work and determination, $100 million is not out of the
question."
The Virtual Town Hall is scheduled to be made available online to
interested viewers on their own schedule and from their own location.
Shareholders and interested investors are asked to submit suggested topics
for discussion and questions by 5 pm CST December 28, 2009 to
townhall@chinacrescent.com.
Recent Acquisition and Outsourcing Services with Potential to Add $30
Million to 2010 Revenue
The China Crescent Virtual Town Hall agenda includes a review of the
Company's outsourcing service offering and a recent acquisition.
In 2009, China Crescent began offering a new outsourcing service in order
to increase the percentage of revenue from recurring contracts and
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. The Company 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.
Additionally, the Company recently announced a 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 Company released an exclusive Webcast reviewing the
milestone acquisition and 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.'
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.
The Company reported over $40 million in annual revenue in both 2007 and
2008, and recently reported $30 million in revenue through the first nine
months of the year ending September 30, 2009, with record net income of
$1.8 million compared to $517k in net income for the same period in 2008.
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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.