(CCTR) China Crescent Announces Shanghai Greenfield Conference to Support Continued Rapid Growth After Reporting Record $50.9 Million Through Q3 2010
(Market Wire Via Acquire Media NewsEdge) DALLAS, TX -- (MARKET WIRE) -- 01/24/11 --
China Crescent Enterprises, Inc. (OTCBB: CCTR) today announced plans to host a Greenfield Partners Conference this March in Shanghai. The conference will focus on leveraging opportunities among NewMarket Technology Inc.'s (PINKSHEETS: NWMT) (OTCQB: NWMT) Greenfield companies, including China Crescent, NuMobile, Inc. (OTCBB: NUBL), Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) and World Series of Golf, Inc. (PINKSHEETS: WSGF) (OTCQB: WSGF) to promote cross-selling into additional geographic markets and provide expanded product and service offerings. To date, the Greenfield Program has already provided multiple partner opportunities resulting in sizeable contracts.
China Crescent has hosted two previous Greenfield Partner meetings in China with positive results. Some example Greenfield Partner projects follow:
South American Telecommunications Equipment
China Crescent recently announced a third shipment of telecommunications equipment to a Greenfield partner in South America. NewMarket Greenfield partners in South America and China coordinated resources following a Shanghai conference last year to sign a telecommunications contract anticipated to generate approximately $1.2 million in revenue over a 12 month contract period.
$160 Million LOI in Japan
Last year, China Crescent entered into a formal letter of intent (LOI) agreement with an undisclosed Japanese firm to develop and provide 10,000 custom Wi-Fi devices. In conjunction with the LOI, the Japanese firm placed a $1.6 million purchase order for 100 sets of the device in order to conduct a pilot test. NuMobile was been selected by China Crescent to provide a key proprietary software component for the special purpose Wi-Fi communication device. The Japanese customer has committed to purchase 10,000 of the custom Wi-Fi devices for a total of $160 million over the next three years, subject to the performance of the first 100 sets.
East Africa Expansion:
Separately, NuMobile, China Crescent and Savanna East Africa have partnered to build a wireless broadband network in Nairobi, Kenya. The broadband network is intended to provide a wireless meter reading capability to local utility companies. After successful completion of the testing phase, the wireless broadband project is expected to expand throughout Nairobi, followed by expansion to additional cities and countries throughout East Africa.
Record 2010 Financial Performance
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 in 2009. 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.
2011 Systems Integration Continued Growth and PPS Appreciation Plan
China Crescent recently released a Webcast featuring its 2011 strategy to concentrate resources on the continued rapid expansion of its systems integration business and implement a plan to enable long-term price per share appreciation in conjunction with fundamental financial performance.
The Webcast is available on the China Crescent website at www.chinacrescent.com or directly at http://tinyurl.com/CCTR1611.
Sign Up to Receive Regular China Crescent Investor Updates
China Crescent sends email updates to its opt-in, permission-based email database. Interested investors can easily, safely and quickly register to receive these communications directly on the corporate website homepage (www.chinacrescent.com). Recipients can manage their own email contact profile and unsubscribe at any time.
About NewMarket Greenfield Partnership Program
NewMarket launched the Greenfield Program last year to facilitate the start-up and early stage development of high-growth potential businesses. The Greenfield Program concentrates on early stage, rapid growth opportunities in the world's emerging markets, with program participants in China, Southeast Asia, South and Central America and East Africa, in addition to a handful of program participants in North America.
Follow the Greenfield Partnership Program on Facebook at: http://tinyurl.com/greenfieldpp and on Twitter at http://twitter.com/greenfieldpp.
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. Headquartered in Dallas with operations in China, 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.
"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.
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China Crescent Enterprises, Inc.
Source: China Crescent Enterprises, Inc.
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