2007'12.05.Wed
Openlot and HP Join Forces in Lottery Project in China
November 20, 2007
ROTTERDAM, Netherlands, Nov. 20 /Xinhua-PRNewswire/ --
Openlot Systems B.V., a gaming software company based
in the Netherlands, has signed a contract with the Chinese
Welfare Lottery in the northern province of Helionyang, for
the delivery of its gaming platform. The Chinese Welfare
Lottery is one of the two state controlled lotteries in
China. In addition to developing lottery games for Internet
mobile and IVR, Openlot will also be responsible for
delivering the hardware.
Openlot has chosen its partner Hewlett Packard for the
delivery of the infrastructure and for tailoring the
lottery applications to fit the needs of the Chinese
market. The project was managed by HP Consulting &
Integration in the Netherlands, where Openlot has its
headquarters, and implemented by the GDCC, HP Global
Delivery China Center. Technical assistance will be
provided locally, by software engineers at the GDCC.
Openlot and HP expect to work together in various other
software engineering projects in China.
Bruno Michieli, CEO of Openlot Systems, is proud to
have achieved a foothold in China (over 500 million mobile
phones and 170 million Internet users), potentially the
biggest gaming market worldwide: "We are thrilled to
work with the China Welfare Lottery and we look forward to
the vast business opportunities in this country. Working
with HP means working with first class professionals in our
field. The cooperation with the Lottery Center of Helionyang
as well as HP China has been excellent so far."
Eric Jansen, Client Principal within Communications,
Media & Entertainment at HP Consulting &
Integration Netherlands, says: "This project is an
excellent example of how we are efficiently using our
Global Delivery capabilities, which allows us to act
quickly on local needs, China in this case."
"HP's knowledge and experience in the
Communications, Media and Entertainment industry, has
proven to be a valuable asset in securing the project, and
more importantly, in making it work for the customer. This
project has been a good example of how well we can
cooperate cross-border," says Zhai, Hua-Chun, HP GDCC
Program Manager and responsible for the execution of the
cooperation between Openlot and HP in China.
About Openlot
Openlot has been engaged in developing, selling,
supplying, installing and maintaining interactive lottery
systems worldwide since 2000. Designed for high-performance
and scalability, Openlot's software enables lottery
operators to deliver secure lottery games across a wide
variety of customer access channels, such as the Internet,
mobile and voice response system (IVR).
About China Welfare Lottery
The China Welfare Lottery is one of two state
controlled lotteries, the other being the Sports Lottery.
The Welfare lottery ticket sales represent 57.29 percent of
the Chinese lottery market. Lottery ticket sales are one of
the major sources for the country's social welfare
programs. The province of Helionyang is among the top 5
selling provinces.
For more information, please contact:
B. Michieli
Tel: +316-183-88800
Email: bmichieli@openlot.com
B. Cohen
Tel: +316-434-44382
Email: bcohen@openlot.com
PR
2007'12.05.Wed
KongZhong Corporation Reports Unaudited Third Quarter 2007 Financial Results
November 20, 2007
BEIJING, Nov. 20 /Xinhua-PRNewswire-FirstCall/ --
KongZhong Corporation (Nasdaq: KONG), one of China's
leading providers of wireless value-added services and a
wireless media company providing news, content, community
and mobile advertising services through its wireless
Internet sites, today announced its unaudited third quarter
2007 financial results.
(Logo:
http://www.xprn.com.cn/xprn/sa/20061108202413-56.gif )
Third Quarter 2007 Financial Highlights:
-- Total revenues were $17.12 million, in line with the
Company's third-
quarter revenue guidance of $16.5 million to $17.5
million.
-- Total mobile advertising revenues increased 19%
sequentially to
$265,000.
-- US GAAP net income was $0.54 million. Diluted
earnings per ADS were
$0.02.
-- Non-GAAP net income was $1.37 million. Non-GAAP
diluted earnings per
ADS were $0.04. Non-GAAP Financial Measures are
described and
reconciled to the corresponding GAAP measures in the
section titled
"Non-GAAP Financial Measures".
Commenting on the results, Yunfan Zhou, Chairman and
Chief Executive Officer said, "This quarter we are
doing better than last quarter in terms of both revenues
and net income, thanks to the continuous growth of our
mobile advertising revenues and our cost controlling
efforts. Also in this quarter, we launched the official
Chinese NBA mobile website, which will be one of the major
drivers to increase traffic and user base of our wireless
Internet sites and our mobile advertising revenues. We
believe we have laid good foundation for the growth of our
wireless Internet business."
Business Highlights:
-- On September 14, 2007, the Company announced its
cooperation with the
NBA and launched the official Chinese NBA mobile
website cn.NBA.com,
the first-ever official NBA site on mobile phones.
-- On July 26, 2007, the Company was awarded the
"Best Wireless Media"
award at the 2007 iResearch New Marketing
Conference.
-- On November 2, 2007, the Company's in-house
developed mobile on-line
game "Tian Jie (Reincarnation) On-Line"
was named "Most Popular Mobile
on-line Game" at the 2007 China Joy Best Games
Contest. In addition
KongZhong Mammoth, the Company's wireless game
subsidiary, received the
"Best Mobile Game Developer" award.
-- The Company signed a cooperation agreement with
China Interactive
Sports, the operator of www.Sports.cn ,
www.Olympic.cn and
www.Sport.org.cn , to build and operate the 2008
Beijing Olympics
channel of Kong.net.
-- The Company signed a cooperation agreement with
51job, Inc. (Nasdaq:
JOBS), China's largest recruitment services
provider, to build and
operate the recruiting channel of Kong.net.
Financial Results:
(Note: Unless otherwise stated, all financial statement
amounts used in this press release are based on US GAAP and
denominated in US dollars.)
WVAS segment
For the Three
For the Three
Months Ended
Months Ended
Jun. 30, 2007
Sep. 30, 2007
(US$ thousands)
(US$ thousands)
WVAS Revenues
2.5G:
WAP $2,062
$1,938
MMS 3,582
2,744
JAVA(TM) 631
849
2G:
SMS 7,216
7,564
IVR 2,158
2,603
CRBT 1,074
1,123
Total WVAS revenues 16,723
16,821
WVAS Cost of revenues 8,552
8,006
WVAS Gross profit 8,171
8,815
WVAS Operating expenses
Product development 2,221
2,111
Sales & marketing 2,324
2,990
General & administrative 1,956
1,474
Subtotal 6,501
6,575
WVAS Operating income $1,670
$2,240
WVAS Gross margin 49 %
52 %
WVAS Operating margin 10 %
13 %
Total WVAS revenues for the third quarter were $16.82
million, remaining flat sequentially. Revenues from 2.5G
services accounted for approximately 33% of total WVAS
revenues and revenues from 2G services represented the
remaining 67%.
Revenues from 2.5G services, which include services
delivered using wireless application protocol (WAP),
multimedia messaging service (MMS), and JAVA(TM)
technologies, decreased 12% sequentially to $5.53 million.
WAP revenues in the third quarter of 2007 were $1.94
million, a decrease of 6% sequentially, mainly as a result
of the continuing effects of China Mobile policies
introduced in May 2007, including sending fee reminders to
mobile phone users each time they download a WAP product,
and excluding KongZhong and other third-party WAP service
providers from the embedded menus of mobile handsets that
are customized for China Mobile. MMS revenues in the third
quarter of 2007 were $2.74 million, a decrease of 23%
sequentially, mainly as a result of the loss of
monthly-subscription users in the first quarter and the
second quarter. JAVA(TM) revenues in the third quarter
were $0.85 million, an increase of 35% sequentially.
Revenues from 2G services, including short messaging
service (SMS), interactive voice response (IVR), and color
ring back tone (CRBT), increased 8% sequentially to $11.29
million in the third quarter of 2007, as we enhanced our 2G
sales and promotion efforts. SMS revenues in the third
quarter of 2007 increased 5% sequentially to $7.56 million.
IVR revenues in the third quarter of 2007 were $2.60
million, a 21% increase sequentially. CRBT increased 5%
sequentially to $1.12 million in the third quarter of 2007.
The aggregate revenues from China Unicom, China Telecom
and China Netcom accounted for approximately 25% of the
total third quarter WVAS revenues, while revenues from
China Mobile accounted for the remaining 75%. This was
consistent with the relative market positions of the four
major telecommunications operators in the PRC mobile
industry.
WVAS Expenses
The WVAS cost of revenues in the third quarter of 2007
totaled $8.01 million, a decrease of 6% sequentially. WVAS
gross margin in the third quarter of 2007 increased to 52%
compared to 49% in the second quarter of 2007.
Total WVAS operating expenses in the third quarter of
2007 were $6.58 million, an increase of 1% sequentially.
Product development expenses decreased by 5% sequentially
and represented 13% of revenues. Sales and marketing
expenses increased by 29% sequentially and represented 18%
of revenues, mainly due to increased sales and promotion
activities. General and administrative expenses decreased
by 25% sequentially and represented 9% of revenues, mainly
due to the Company's cost-controlling efforts.
Wireless Internet segment
For the Three
For the Three
Months Ended
Months Ended
Jun. 30, 2007
Sep. 30, 2007
(US$ thousands)
(US$ thousands)
Mobile advertising
revenues $223
$265
Other revenues 13
35
Total Revenues 236
300
Cost of revenues 158
174
Gross (loss) profit 78
126
Operating expenses 2,372
2,597
Operating loss $(2,294)
$(2,471)
Total mobile advertising revenues, which were mainly
generated from KongZhong's wireless Internet portal
Kong.net, increased 19% sequentially to $265,000 in the
third quarter of 2007.
Operating expenses related to the Company's wireless
Internet sites were $2.60 million, which included $1.49
million in marketing and advertising expenses.
The Company's total headcount was 791 as of September
30, 2007.
Earnings
US GAAP net income totaled $0.54 million in the third
quarter of 2007. Diluted US GAAP earnings per ADS were
$0.02 for the third quarter.
Non-GAAP income in the third quarter of 2007 was $1.37
million, a 47% increase sequentially. Diluted Non-GAAP
earnings per ADS were $0.04.
Balance Sheet and Cash Flow
At the end of the quarter, the Company had $119.53
million in cash and cash equivalents. Cash in-flow from
operating activities totaled $2.37 million in the first
nine months of 2007.
Business Outlook:
Based on information available on November 20, 2007,
the Company expects total revenues for the fourth quarter
of 2007 to be between $17.5 million and $18.5 million.
Conference Call:
The Company's management team will conduct a conference
call at 8:30 am Beijing time on November 20, (7:30 pm
Eastern time and 4:30 pm Pacific time on November 19,
2007). A webcast of this conference call will be
accessible on the Company's web site at
http://ir.kongzhong.com .
KongZhong Corporation
Condensed Consolidated Statements of Income
(US$ thousands, except percentages, per share data, and
share count)
(Unaudited)
For the Three For the
Three For the Three
Months Ended Months
Ended Months Ended
Sep. 30, 2006 Jun. 30,
2007 Sep. 30, 2007
(Note 1) (Note
2) (Note 3)
Revenues $25,082
$16,959 $17,121
Cost of revenues 11,394
8,710 8,180
Gross profit 13,688
8,249 8,941
Operating expense
Product development 3,186
3,068 3,216
Sales & marketing 4,531
3,849 4,481
General & administrative 2,053
1,956 1,475
Subtotal 9,770
8,873 9,172
Operating income (loss) 3,918
(624) (231)
Non-operating income
(expenses)
Interest income 1,036
952 945
Other expense (4)
-- --
Subtotal 1,032
952 945
Income before tax expense 4,950
328 714
Income tax expense 131
289 170
Net income $4,819
$39 $544
Basic earnings per ADS $0.14
$0.00 $0.02
Diluted earnings per ADS $0.14
$0.00 $0.02
ADS outstanding (million) 35.15
35.58 35.58
ADS used in diluted EPS
calculation (million) 35.66
35.77 35.75
Note 1: The conversion of Renminbi (RMB) into US
dollar (USD) for the
third quarter of 2006 is based on the weighted
average rate of
USD 1.00=RMB 7.9678 (The exchange rate quoted
by the People's
Bank of China).
Note 2: The conversion of Renminbi (RMB) into US
dollar (USD) for the
second quarter of 2007 is based on the
weighted average rate of
USD 1.00=RMB 7.6804 (The exchange rate quoted
by the People's
Bank of China).
Note 3: The conversion of Renminbi (RMB) into US
dollar (USD) for the
third quarter of 2007 is based on the weighted
average rate of
USD 1.00=RMB 7.5626 (The exchange rate quoted
by the People's
Bank of China).
KongZhong Corporation
Condensed Consolidated Statements of Cash Flows
(US$ thousands)
(Unaudited)
For the 9
For the 9
Months
Ended Months Ended
Sep. 30,
2006 Sep. 30, 2007
(Note
1) (Note 2)
Cash Flows From Operating Activities
Net Income $21,028
$2,146
Adjustments
Amortization of deferred stock
compensation 1,337
1,878
Depreciation and amortization 2,284
2,050
Disposal of property and equipment 4
8
Gain on sales of investment
(1,241) (208)
Changes in operating assets and
liabilities
(6,862) (3,503)
Net Cash Provided by Operating
Activities 16,550
2,371
Cash Flows From Investing Activities
Proceeds from sales of investment 1,741
208
Purchase of property and equipment
(2,164) (1,336)
Acquisition of subsidiaries
(17,325) (17,000)
Net Cash Used in Investing Activities
(17,748) (18,128)
Cash Flows From Financing Activities
Exercised employee share options 1,538
144
Net Cash Provided by Financing
Activities 1,538
144
Foreign Currency Translation Adjustments 1,125
3,736
Net increase (decrease) in Cash and Cash
Equivalents $1,465
$(11,877)
Cash and Cash Equivalents, Beginning of
Period $117,142
$131,402
Cash and Cash Equivalents, End of Period $118,607
$119,525
Note 1: The conversion of Renminbi (RMB) into US
dollar (USD) for the
first nine months of 2006 is based on the
weighted average rate
of USD 1.00=RMB 8.0106 (The exchange rate
quoted by the People's
Bank of China).
Note 2: The conversion of Renminbi (RMB) into US
dollar (USD) for the
first nine months of 2007 is based on the
weighted average rate
of USD 1.00=RMB 7.6683 (The exchange rate
quoted by the People's
Bank of China).
KongZhong Corporation
Condensed Consolidated Balance Sheets
(US$ thousands)
(Unaudited)
Sep. 30, 2006 Jun. 30,
2007 Sep. 30, 2007
(Note 1) (Note
2) (Note 3)
Cash and cash equivalents $118,607
$118,749 $119,525
Accounts receivable (net) 17,471
12,454 13,764
Other current assets 2,110
2,813 3,680
Total current assets 138,188
134,016 136,969
Rental deposits 565
399 434
Intangible assets 2,078
1,628 1,438
Property and equipment (net) 3,426
3,223 3,279
Goodwill 15,751
33,499 33,964
Total assets $160,008
$172,765 $176,084
Accounts payable $5,625
$5,582 $5,604
Other current liabilities 4,712
4,929 5,054
Total current liabilities 10,337
10,511 10,658
Non-current deferred tax liability --
116 103
Minority interest 24
-- --
Total liabilities $10,361
$10,627 $10,761
Shareholders' equity 149,647
162,138 165,323
Total liabilities & shareholders'
equity $160,008
$172,765 $176,084
Note 1: The conversion of Renminbi (RMB) into US
dollar (USD) is based on
the exchange rate of Sep 30, 2006 USD1.00=RMB
7.9087. (The
exchange rate quoted by the People's Bank of
China).
Note 2: The conversion of Renminbi (RMB) into US
dollar (USD) is based on
the exchange rate of June 30, 2007 USD1.00=RMB
7.6155. (The
exchange rate quoted by the People's Bank of
China).
Note 3: The conversion of Renminbi (RMB) into US
dollar (USD) is based on
the exchange rate of Sep 30, 2007 USD1.00=RMB
7.5108. (The
exchange rate quoted by the People's Bank of
China).
Non-GAAP Financial Measures
To supplement the unaudited condensed statements of
income presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), the
Company uses non-GAAP financial measures ("Non-GAAP
Financial Measures") of net income and net income per
diluted ADS, which are adjusted from results based on GAAP
to exclude certain infrequent or unusual or non-cash based
expenses, gains and losses. The Non-GAAP Financial
Measures are provided as additional information to help
both management and investors compare business trends among
different reporting periods on a consistent and more
meaningful basis and enhance investors' overall
understanding of the Company's current financial
performance and prospects for the future.
The Non-GAAP Financial Measures should be considered in
addition to results prepared in accordance with GAAP, but
should not be considered a substitute for or superior to
GAAP results. In addition, our calculation of the Non-GAAP
Financial Measures may be different from the calculation
used by other companies, and therefore comparability may be
limited.
For the periods presented, the Company's non-GAAP net
income and non-GAAP net income per diluted ADS exclude, as
applicable, the amortization or write-off of intangibles,
gain and loss on investment, and non-cash stock-based
compensation expense.
Reconciliation of the Company's Non-GAAP Financial
Measures to the GAAP financial measures is set forth below.
For the Three For the
Three For the Three
Months Ended Months
Ended Months Ended
Sep. 30, 2006 Jun. 30,
2007 Sep. 30, 2007
GAAP Net Income $4,819
$39 $544
Non-cash share-based
compensation 521
691 618
Amortization or write-off of
intangibles 192
207 211
Non-GAAP Net Income $5,532
$937 $1,373
Non-GAAP diluted net income per
ADS $0.16
$0.03 $0.04
About KongZhong
KongZhong Corporation is one of China's leading
providers of wireless value-added services and a wireless
media company providing news, contents, community and
mobile advertising services through its wireless Internet
sites. The Company delivers wireless value-added services
to consumers in China through multiple technology platforms
including wireless application protocol (WAP), multimedia
messaging service (MMS), JAVA(TM), short messaging service
(SMS), interactive voice response (IVR), and color
ring-back tone (CRBT). The Company also operates three
wireless Internet sites, Kong.net, Ko.cn and cn.NBA.com,
which enable users to access media, entertainment and
community content directly from their mobile phones.
Safe Harbor Statement
This press release contains "forward-looking
statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements
include, without limitation, statements regarding trends in
the wireless value-added services, wireless Internet and
mobile advertising industries and our future results of
operations, financial condition and business prospects.
Although such statements are based on our own information
and information from other sources we believe to be
reliable, you should not place undue reliance on them.
These statements involve risks and uncertainties, and
actual market trends and our results may differ materially
from those expressed or implied in these forward looking
statements for a variety of reasons. Potential risks and
uncertainties include, but are not limited to, continued
competitive pressure in China's wireless value-added
services, wireless Internet and mobile advertising
industries and the effect of such pressure on prices;
unpredictable changes in technology, consumer demand and
usage preferences in this market; the state of and any
change in our relationship with China's telecommunications
operators; our dependence on the billing systems of
telecommunications operators for our performance; changes
in the regulations or policies of the Ministry of
Information Industry and other relevant government
authorities; and changes in political, economic, legal and
social conditions in China, including the Chinese
government's policies with respect to economic growth,
foreign exchange, foreign investment and entry by foreign
companies into China's telecommunications market. For
additional discussion of these risks and uncertainties and
other factors, please see the documents we file from time
to time with the Securities and Exchange Commission. We
assume no obligation to update any forward-looking
statements, which apply only as of the date of this press
release.
For more information, please contact:
Investor Contact:
Sam Sun
Chief Financial Officer
Tel: +86-10-8857-6000
Fax: +86-10-8857-5891
Email: ir@kongzhong.com
Media Contact:
Xiaohu Wang
Manager
Tel: +86-10-8857-6000
Fax: +86-10-8857-5900
Email: xiaohu@kongzhong.com
2007'12.05.Wed
Hurray! Announces Merger With Enlight Media
November 19, 2007
BEIJING, Nov. 19 /Xinhua-PRNewswire/ -- Hurray! Holding
Co., Ltd. (Nasdaq: HRAY), a leader in artist development,
music production, wireless music distribution, and other
wireless value-added services in China, announced today the
signing of a definitive agreement to merge with Enlight
Media Ltd. ("Enlight"), a leading private
entertainment content production and distribution company
in China, in an all stock transaction. After the
transaction, the combined company will be renamed Hurray!
Enlight Media Group.
(Logo: http://www.xprn.com/xprn/sa/200611091912-min.jpg
)
Hurray! is a leading online distributor of music and
music-related products such as ringtones, ringbacktones and
truetones to mobile users in China through the full range of
wireless value-added services platforms over mobile networks
and through the internet. Hurray! is also a leader in
artist development, music production and offline
distribution in China through its record labels Huayi
Brothers Music, Freeland Music, New Run Entertainment and
Secular Bird. In addition, the company provides a wide
range of other wireless value-added services to mobile
users in China, including games, pictures and animation,
community and other media and entertainment services.
Enlight is one of the largest private entertainment
program producers and publishers in China, producing four
hours of daily entertainment news, music, fashion and
reality shows. The programs are broadcast through more
than 600 television channels in China, including one
national digital pay-television channel. Enlight is also a
leading event and concert organizer in China, organizing
five annual entertainment award ceremonies covering the
fields of music, television drama, fashion and modeling.
As one of the largest movie and television drama companies
in China, Enlight invested in and distributed five full
length motion pictures and over 200 hours of television
drama in 2007. It also maintains an entertainment video
library with over 50,000 hours of content and a video
website.
The combination of the two companies creates one of the
largest domestically-based entertainment content and
distribution companies in China, with a leading position in
diversified areas, including entertainment content and music
production, event organization, mobile gaming, artist
agency, movie and television drama investment and
distribution and wireless value-added services.
"This is a defining moment for Hurray!," said
QD Wang, the Founder and CEO of Hurray! "With our
prior acquisitions of music and gaming companies, Hurray!
has been transitioning from a pure SP company to an
entertainment and media group, integrating content
production and distribution. This merger with Enlight is
definitely a key milestone in attaining that goal. I look
forward to the new company's sustainable and rapid
development within China's fast growing entertainment and
media market".
Changtian Wang, the Founder, Chief Executive Officer
and President of Enlight, was also very excited about the
merger. "The combined company platform presents
excellent potential for growth. I am confident that the
company is well-positioned to become the most influential
media and entertainment company in the Chinese-speaking
community. We believe that China has room for a huge
domestic media giant such as Time Warner or News Corp. in
the US, and we intend to fill that position," he
commented.
Under the agreement, which has been approved by both
boards of directors, Enlight's shareholders will receive
Hurray! common shares equivalent of 15.74 million American
Depositary Shares, representing a 42% stake in Hurray! on a
pro-forma basis, in exchange for all the outstanding shares
of Enlight. As part of the transaction, additional shares
will be issued to the original Enlight shareholders if,
during the period between the 6th month and 24th month
anniversaries of the completion of the combination, the
three-month average share price of the combined company
exceeds specific price targets. At a three-month average
price of $5.00, $7.00, $8.00 and $8.50 per American
Depositary Share (each of which represents 100 ordinary
shares), the common share equivalent of 1.35 million, 9.45
million, 6 million and 6.2 million American Depositary
Shares will be issued, respectively. If all price targets
are met, Enlight shareholders could own up to 65% of the
combined company.
The combination is expected to close in the first
quarter of 2008. The transaction is currently expected to
be accretive to earnings in the first twelve months after
closing.
Changtian Wang will become CEO and Chairman of the
company. Sean Wang, President and CFO of Hurray!, will be
co-President and CFO, and Xiaoping Li, Vice President of
Enlight, will be co-President. The Board of Directors will
have seven members, three of whom are expected to qualify as
independent directors under the applicable NASDAQ rules.
China Renaissance Partners served as financial advisor
to the transaction, and China eCapital Corporation advised
Hurray! in this transaction.
Conference Call
The company will host a conference call to discuss this
deal at:
Time: 09:00 pm Eastern Standard Time on November 19,
2007
or 10:00 am Beijing/Hong Kong Time on November
20, 2007
The dial-in number: +1-800-510-9691 (US)
+1-617-614-3453 (International)
Password: 16418262
A replay of the call will be available from November
19, 2007 until November 25, 2007 as follows:
+1-888-286-8010 (US)
+1-617-801-6888 (international)
PIN number: 64655776
Additionally, a live and archived web cast of this call
will be available at:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=187793&eventID=1678642
or http://www.hurray.com/english/home.htm .
About Hurray! Holding Co., Ltd.
Hurray! is a leader in artist development, music
production and offline distribution in China through its
record labels Huayi Brothers Music, Freeland Music, New Run
Entertainment, and Secular Bird.
Hurray! is also a leading online distributor of music
and music-related products such as ringtones,
ringbacktones, and truetones to mobile users in China
through the full range of wireless value-added services
platforms over mobile networks and through the internet.
The company also provides a wide range of other
wireless value-added services to mobile users in China,
including games, pictures and animation, community, and
other media and entertainment services.
Forward-looking Statements
This press release contains statements of a
forward-looking nature. These statements are made under the
"safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify
these forward- looking statements by terminology such as
"will," "expects," "believes"
and similar statements. The accuracy of these statements may
be impacted by a number of business risks and uncertainties
that could cause actual results to differ materially from
those projected or anticipated, including risks related to:
possible difficulties that may be encountered in integrating
the combined businesses; the risk that the expected benefits
of the proposed combination may not be achieved in a timely
manner or at all and that the combined company may not be
able to achieve rapid and sustainable growth due to
competitive, regulatory or other factors; the risk that the
merger will not be accretive to the combined company's
results; uncertainty regarding future growth in China's
entertainment and media market; uncertainties as to the
timing of the completion of the combination, including the
risk that the closing conditions to the combination will
not be satisfied for whatever reason; continued competitive
pressures in China's wireless value-added services and media
markets; changes in technology and consumer demand in these
markets; and other risks outlined in Hurray!'s filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F. Hurray! does not undertake any
obligation to update this forward-looking information,
except as required under applicable law.
For more information, please contact:
Christina Low F.S.
Investor Relations Officer
Tel: +86-10-8455-5566 x5532
Email: IR@hurray.com.cn
2007'12.05.Wed
Canadian Solar Announces Agreement with China Sunergy
November 19, 2007
JIANGSU, China, Nov. 19 /Xinhua-PRNewswire/ -- Canadian
Solar Inc. ("the Company", or "CSI")
(Nasdaq: CSIQ) today announced that it had entered into
various purchase agreements (the "Agreements")
last week with China Sunergy Co., Ltd. ("China
Sunergy").
The Agreements with China Sunergy are for a total
volume of 25MW of solar cells for 2008. Under the
Agreements, China Sunergy will supply approximately 12MW
and 13MW of solar cells to Canadian Solar in the first and
second half of the year respectively. The Agreements will
be denominated in both Chinese Yuan and US dollars, with
approximately 24% of the volume being based on fixed
pricing terms and the remainder being determined on a
quarterly basis.
Commenting on the Agreements, Dr. Shawn Qu, CEO of
Canadian Solar, said: "We are pleased to have added
China Sunergy to our list of partners, thus continuing to
demonstrate the ability of CSI to establish win-win
relationships with companies in the solar value chain.
This announcement provides further visibility to the supply
contracts we already had in place in support of our 2008
business plan. We look forward to working closely with
China Sunergy as a part of our long-term supply chain
strategy, which includes continued direct purchasing from a
selected number of long-term strategic cell suppliers in
addition to our internal solar cell production."
Commenting further, Allen Wang, CEO of China Sunergy,
added: "Following on from this and the recent
agreement with aleo solar of Germany, I am very pleased
with our ability to expand sales both domestically and
abroad. This latest agreement signifies a substantial
development in our relationship with Canadian Solar, one of
the leading China-based module manufacturing companies, and
is a positive example of how we are developing our high
quality global customer base while further enhancing our
brand recognition within the industry."
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a
vertically integrated manufacturer of solar cell, solar
module and customer-designed solar application products
serving worldwide customers. CSI is incorporated in Canada
and conducts all of its manufacturing operations in China.
Backed by years of experience and knowledge in the solar
power market and the silicon industry, CSI has become a
major global provider of solar power products for a wide
range of applications. For more information, please visit
http://www.csisolar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release including
statements regarding expected future financial and industry
growth are forward-looking statements that involve a number
of risks and uncertainties that could cause actual results
to differ materially. These statements are made under the
"Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by such terms
as "believes," "expects,"
"anticipates," "intends,"
"estimates," the negative of these terms, or
other comparable terminology. Factors that could cause
actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power;
future shortage or availability of the supply of
high-purity silicon; demand for end-use products by
consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers,
including customers of our silicon materials sales; changes
in demand from major markets such as Germany; changes in
customer order patterns; changes in product mix; capacity
utilization; level of competition; pricing pressure and
declines in average selling price; delays in new product
introduction; continued success in technological
innovations and delivery of products with the features
customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20-F originally filed on May 29, 2007. Although
the Company believes that the expectations reflected in the
forward looking statements are reasonable, it cannot
guarantee future results, level of activity, performance,
or achievements. You should not place undue reliance on
these forward-looking statements. All information provided
in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to
update such information, except as required under
applicable law.
For more information, please contact:
For Canadian Solar Inc.
In Jiangsu, P.R. China
Bing Zhu, Chief Financial Officer
Canadian Solar Inc.
Tel: +86-512-6269-6755
Email: ir@csisolar.com
For Canadian Solar Inc.
In the U.S.
David Pasquale
The Ruth Group
Tel: +1-646-536-7006
Email: dpasquale@theruthgroup.com
2007'12.05.Wed
China Sunergy Announces Financial Results for the Third Quarter 2007
November 19, 2007
NANJING, China, Nov. 19 /Xinhua-PRNewswire/ -- China
Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell
manufacturer based in Nanjing, China, announced today its
financial results for the third quarter 2007.
Quarterly Results:
-- Revenues grew 33.1% on a year-over-year basis, and
declined 12.9%
sequentially to US$49.0 million; although core cell
revenue increased
15.5% sequentially from US$40.1 million to US$46.3
million.
-- Gross profit and gross margin were US$1.0 million
and 2.1%,
respectively.
-- Quarterly net loss was US$4.4 million.
-- GAAP basic and diluted net loss attributable to
holders of ordinary
shares was $0.11 per ADS.
-- Shipments amounted to approximately 16.6 megawatts
(MW), representing a
48.5% increase year-over-year and an 8% increase
sequentially.
-- Quarterly production of 17.8 MW of solar cells
represented a 39%
increase on a year-over-year basis and a decline of
11% sequentially.
"China Sunergy continued to face a tight
polysilicon supply environment during the quarter, and
despite proactive efforts to address these challenges, our
results were still negatively impacted," remarked Mr.
Tingxiu Lu, Chairman of China Sunergy. "While we made
important progress for the long-term by solidifying our
supply chain and diversifying our customer base
geographically, we do expect short-term pressures to
remain."
Third Quarter and Recent Operational Highlights:
-- Mass commercial production of high-efficiency
selective emitter cells
commenced in mid-November.
-- Average selective emitter efficiency continued to
improve from 16.5% in
the third quarter to 17.1% in October and 17.5% for
the month-to-date
November 2007.
-- A maximum conversion efficiency of 18.2% was
achieved on pilot runs of
selective emitter cells during November 2007.
-- A 68MW wafer supply agreement and a 106 metric ton
(MT) virgin
polysilicon supply contract were signed for the
remainder of 2007, 2008
and 2009;
-- A 30MW solar cell sales agreement was signed for
2008; and
-- Significant progress made developing sales in
overseas markets,
particularly Europe.
"Although I am largely not satisfied with our
financial performance during the third quarter, we am
excited with the important advances with our selective
emitter technology and the significant steps taken to
strengthen our company for the future, such as the signing
of supply and sales agreements. I believe all these
initiatives form a solid foundation for 2008 and
beyond," commented Allen Wang, CEO of China Sunergy.
Business Review
Revenue, Shipment and Production
During the third quarter of 2007, revenues grew 33.1%
on a year-over-year basis, and decreased 12.9% on a
quarter-over-quarter basis to US$49.0 million. The decline
in revenues was primarily attributed to the reduction of
polysilicon sales, which was partly off-set by the
sequential increase in core cell sales from US$40.1 million
to US$46.3 million, or 15.5% over the quarter.
Sales from solar cells, polysilicon sales and module
sales accounted for 94.7%, 2.3% and 3.0%, respectively.
Shipments, including 0.4MW for module sales, amounted to
approximately 16.6 MW, compared to 11.4MW during the third
quarter 2006 and 15.8MW during the second quarter of 2007.
Revenue and Shipment Comparison between Q3 and
Q2 2007
Q3
Q2
Value
Value
Volume*
(US$mm) Volume* (US$mm)
Core cell sales 16.2 46.3
14.3 40.1
OEM -- --
1.1 0.5
Polysilicon sales 4.47 1.1
55.1 14.4
Module sales 0.4 1.5
0.4 1.2
* All volumes are expressed in MW except for
Polysilicon sales expressed
in metric tons.
During the third quarter the Company increased its
quarter-on-quarter sales of core cell products by 15.5%.
The percentage of overall cell sales in overseas markets,
particularly Europe, increased from 29.0% to 42.7%
sequentially, primarily driven by sales to Germany. This
lowered the overall percentage of sales in the China market
to 52.3% in the third quarter, down from 58.5% in the second
quarter and further demonstrates the significant progress
made by the Company to reduce reliance on China-based
customers.
Polysilicon trading revenue and volume declined as we
increased polysilicon to wafer conversion on OEM basis to
improve our operating efficiency.
Mono-crystalline 125-millimeter cells accounted for a
lower proportion of overall production and sales at 55.0%
and 65.0% (in terms of volume) respectively as we increased
production and sale of multi-crystalline to cater for the
increasing demands of European customers.
Key Supply and Sales Agreements
Executing on the previously announced strategy, China
Sunergy recently signed two wafer and polysilicon raw
material supply agreements, following the three wafer
supply contracts and framework agreements that the Company
signed in the second quarter. These consist of a total
wafer volume of 68MW and virgin polysilicon volume of
106MT, signed with:
-- A leading Taiwan based wafer provider, for a high
quality supply of
approximately 68 megawatts of mono-crystalline
156-millimeter wafers
for 2007, 2008 and 2009. The scheduled shipments
are to begin in late
November 2007 and expire in December 2009;
-- Luoyang Zhonggui High-tech Co., Ltd.
("Zhonggui"), a leading Chinese
polysilicon manufacturing company, for the supply of
approximately 106
metric tons ("MT") of high-quality virgin
solar-grade multi-
crystalline polysilicon from late 2007 to early
2008.
In addition, the Company recently signed significant
sales contracts with:
-- aleo solar AG ("aloe"), a leading German
solar module manufacturer,
to supply at least 30 MW of high quality silicon
solar cells in 2008.
-- Canadian Solar Inc., a leading China-based module
manufacturer, for a
total volume of 25MW of solar cells for delivery in
2008.
Technological Developments
During the quarter the Company continued to make
significant progress with the development of its selective
emitter technology. Average selective emitter efficiency
continued to improve from 16.5% in the third quarter to
17.1% in October and 17.5% for the month-to-date November
2007. A maximum conversion efficiency of 18.2% was achieved
on pilot production runs during November 2007.
Following the successful commercial roll-out of our
selective emitter cells we will refocus our R&D
resources onto the development of new types of
high-efficiency cells. The development of our N-type cells
continues to move along smoothly.
Financial Review
Gross profit for the quarter was US$1.0 million, which
led to a gross
margin decrease to 2.1% from 4.9% sequentially and 17.1% on
year-over-year
basis.
Margin Breakdown
Gross margin
Q3
Q2
Core cell sales 1.5 %
5.9 %
OEM --
29.9 %
Polysilicon sales 27.0 %
1.5 %
Module sales 0.8 %
1.9 %
Blended 2.1 %
4.9 %
The sequential gross margin contraction on core cell
sales from 5.9% to 1.5% was mainly attributed to; prolonged
tight polysilicon supply (that increased overall raw
material costs and compromised wafer quality), higher
inventory provisions, and lower ASP for off specification
cells that more than off-set the increase in blended ASP.
Blended ASP for the third quarter rose from $2.82 per
watt to $2.85 per watt due to the strong demand and pricing
environment and the strengthening of the RMB and Euro in
which more than 90% of our sales were denominated.
Wafer costs continued to account for a large portion of
overall manufacturing costs. In Q3, wafer costs rose to
US$2.45 per watt compared to US$2.35 per watt in the second
quarter. Wafer costs per watt as a percentage of total
production costs per watt increased from 88.4% to 89.2%.
Other production costs, which mainly consisted of; other
raw materials, labor, depreciation and utilities, were
US$0.30 per watt and largely the same as the first two
quarters of this year.
Our SG&A expenses increased from $3.0 million to
$4.2 million sequentially mainly due to an increase in
salary and other expenses.
R&D expenses declined from US$1.4 million to US$0.4
million mainly on decreased quantity of raw materials used
in our research activities as selective emitter cell
production was migrated from pilot to commercial
production.
Due primarily to lower gross margin and rising
administration expenses, the Company incurred an operating
loss of US$3.6 million. This compares to an operating
profit of US$4.0 million and an operating loss of US$1.6
million for Q3 06 and Q2 07, respectively.
Interest expenses rose slightly from US$1.9 million to
US$2.0 million. IPO proceeds generated an interest income
of US$0.6 million.
With lower gross margin and higher operating expenses,
the Company incurred a net loss of US$4.4 million for the
quarter.
Balance sheet
As of September 30, 2007, the Company had cash and cash
equivalents of US$76.4 million. Net operating cash outflow
for the third quarter was US$23.8 million, which was mainly
attributable to the Company increasing advance payments to
suppliers by US$11.0 million to secure silicon wafers and
polysilicon, and an inventory increase of US$7.6 million
from June 30, 2007 to September 30, 2007. In the third
quarter of 2007 depreciation was US$1.0 million and capital
expenditures were US$6.5 million. The capital expenditures
were related to production enhancement during the quarter.
Outlook
The Company targets to produce 20 MW in the December
quarter which implies an annual production target of
approximately 78 MW of solar cells. Of this production
volume, the Company targets to produce 1.5 MW of
high-efficiency selective emitter cells. The Company
maintains its 2008 production target of 160-170 MW with
30-40 MW to be our high efficiency selective emitter
cells.
Litigation
The Company has been made aware that three purported
class action complaints were filed in the United States
alleging violations by the Company, and certain of its
officers and directors, of the U.S. Securities Act of 1933
in connection with the Company's initial public offering in
May 2007. The Company is reviewing the complaint with
experienced US defense counsel, and expects to contest the
complaint vigorously
Quarterly Earnings Conference Call Details
China Sunergy's management team will host a conference
call to discuss results from 3Q 2007 on Monday 19th
November at 5:00 am (US Pacific Time)/8:00 am (US Eastern
Time)/9:00 pm (Beijing/Hong Kong Time). A live audio
webcast of the conference call will be available on China
Sunergy's website at http://www.chinasunergy.com . To
listen to the conference call, please use the dial in
numbers below:
Dial-in numbers and pass code:
U.S. callers please dial: +1 866 202 4683
International callers please dial: +1 617 213 8846
Pass code: 7988 8918
A replay of the call will be available for one week
following the call and can be accessed on the Company
website or by dialing the numbers below:
U.S callers please dial: +1 888 286 8010
International callers please dial: +1 617 801 6888
Pass code: 5764 0685
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China
Sunergy") is a leading manufacturer of solar cell
products in China as measured by production capacity. China
Sunergy manufactures solar cells from silicon wafers
utilizing crystalline silicon solar cell technology to
convert sunlight directly into electricity through a
process known as the photovoltaic effect. China Sunergy
sells solar cell products to Chinese and overseas module
manufacturers and system integrators, who assemble solar
cells into solar modules and solar power systems for use in
various markets. For more information please visit
http://www.chinasunergy.com .
Safe Harbor Statement
This announcement contains forward-looking statements
within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but
not limited to, the company's ability to raise additional
capital to finance the company's activities; the
effectiveness, profitability, and the marketability of its
products; the future trading of the common stock of the
company; the ability of the company to operate as a public
company; the period of time for which its current liquidity
will enable the company to fund its operations; the
company's ability to protect its proprietary information;
general economic and business conditions; the volatility of
the company's operating results and financial condition; the
company's ability to attract or retain qualified senior
management personnel and research and development staff;
and other risks detailed in the company's filings with the
Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and
uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies
and the industry. The company undertakes no obligation to
update forward-looking statements to reflect subsequent
occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although
the company believes that the expectations expressed in
these forward looking statements are reasonable, they
cannot assure you that their expectations will turn out to
be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
The following financial information is extracted from
the Company's unaudited condensed consolidated interim
financial statements for the respective periods.
China Sunergy Co., Ltd.
Unaudited Condensed Consolidated Income Statement
Information
(In US$ '000, except share and per share
data)
For the 3
Months Ended
Sep 30,
June 30, Sep 30,
2007
2007 2006
Net sales 48,956
56,220 36,776
Cost of goods sold (47,944)
(53,452) (30,489)
Gross profit 1,012
2,768 6,287
Operating expenses:
Selling expenses (432)
(418) (357)
General and administrative
expenses (3,731)
(2,583) (1781)
Research and development
expenses (446)
(1,365) (140)
Total operating expenses (4,609)
(4,366) (2,278)
(Loss)/Income from operations (3,597)
(1,598) 4,009
Interest expense (2,047)
(1,897) (935)
Interest income 560
503 165
Other income/(expenses), net 524
(640) (606)
(Loss)/Income before income tax (4,560)
(3,632) 2,633
Income tax benefit 133
89 14
Net (loss)/income (4,427)
(3,543) 2,647
Dividend on Series A
redeemable convertible
preferred shares
(57) (101)
Dividend on Series B
redeemable convertible
preferred shares
(121) (216)
Dividend on Series C
redeemable convertible
preferred shares
(86) (7)
Net (loss)/income attributable
to ordinary shareholders (4,427)
(3,807) 2,323
Net (loss)/income per ADS
Basic $(0.11)
$(0.14) $0.14
Diluted $(0.11)
$(0.14) $0.11
Weighted average ADS outstanding
Basic 39,555,463
26,908,246 16,895,073
Diluted 39,555,463
26,908,246 23,070,480
China Sunergy Co., Ltd
Unaudited Condensed Consolidated Balance Sheet
Information
(In US$ '000, except share and per share
data)
Sep 30, June 30,
Assets
2007 2007
Current Assets
Cash and cash equivalents
76,369 101,949
Restricted cash
26,837 27,025
Accounts Receivable (net)
25,961 38,470
Other receivable (net)
11,453 3,504
Inventories
58,435 47,496
Advance to suppliers
79,711
Amount due from related companies
2,275 8,738
Total current assets
281,041 296,088
Property, plant and equipment, net
45,517 39,833
Land use rights
2,191 1,017
Deferred tax assets
390 256
Total assets
329,139 337,194
Liabilities and shareholders' equity
Current liabilities
Short-term bank borrowings
122,291 119,424
Current portion of long-term borrowings
8,674 8,674
Accounts payable
10,591 9,639
Advance from customers
1,965 4,351
Amount due to related companies
1,088 6,947
Accrued expenses and other payables
2,072 3,500
Total liabilities
146,681 152,535
Shareholders' equity
Ordinary shares: US$0.0001 par value;
237,332,777 and 237,332,777 shares issued
outstanding as of September 30, 2007 and
June 30, 2007, respectively
24 24
Additional paid-in capital
178,218 178,105
Retained earnings
(2,601) 1,826
Accumulated other comprehensive income
6,817 4,704
Total shareholders' equity
182,458 184,659
Total liabilities and shareholders' equity
329,139 337,194
For further information, please contact:
China Sunergy
Fischer Chen
Email: fischer.chen@chinasunergy.com
Financial Dynamics
Julian Wilson
Tel: +86-10-5811-1902
Email: julian.wilson@fd.com
Michael Polyviou
Tel: +1-212-850-5748
Email: michael.polyviou@fd.com
2007'12.05.Wed
China Sunergy Announces Agreement with Canadian Solar Inc.
November 19, 2007
NANJING, China, Nov. 19 /Xinhua-PRNewswire/ -- China
Sunergy Co., Ltd. ("China Sunergy") (Nasdaq:
CSUN), a specialized solar cell manufacturer based in
Nanjing, China, announced today that it had entered into
various sales agreements (the "Agreements") with
Canadian Solar Inc. ("Canadian Solar").
The Agreements with Canadian Solar are for a total
volume of 25MW of solar cells for 2008. Under the
Agreements, China Sunergy will supply approximately 12MW
and 13MW of solar cells to Canadian Solar in the first and
second half of the year respectively. The Agreements will
be denominated in both Chinese yuan and US dollars, with
approximately 24% of the volume being based on fixed
pricing terms and the remainder being determined on a
quarterly basis.
Commenting on the Agreements, Allen Wang, CEO of China
Sunergy said: "Following on from this and the recent
agreement with aleo solar of Germany, I am very pleased
with our ability to expand sales both domestically and
abroad. This latest Agreement signifies a substantial
development in our relationship with Canadian Solar, one of
the leading China-based module manufacturing companies, and
is a positive example of how we are developing our high
quality global customer base while further enhancing our
brand recognition within the industry."
Commenting further, Dr. Shawn Qu, CEO of Canadian
Solar, added: "We are pleased to have added China
Sunergy to our list of partners, and continue to
demonstrate the ability of CSI to establish win-win
relationships with companies across the solar value chain.
This announcement provides further visibility to the supply
contracts we had in place in order to support our 2008
business plan. We look forward to working closely with
China Sunergy as a part of our long-term supply chain
strategy, which includes continued direct purchasing from a
selected number of long-term strategic cell suppliers in
addition to our internal solar cell production."
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China
Sunergy") is a leading manufacturer of solar cell
products in China as measured by production capacity. China
Sunergy manufactures solar cells from silicon wafers
utilizing crystalline silicon solar cell technology to
convert sunlight directly into electricity through a
process known as the photovoltaic effect. China Sunergy
sells solar cell products to Chinese and overseas module
manufacturers and system integrators, who assemble solar
cells into solar modules and solar power systems for use in
various markets. For more information please visit
http://www.chinasunergy.com .
Safe Harbor Statement
This announcement contains forward-looking statements
within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but
not limited to, the company's ability to raise additional
capital to finance the company's activities; the
effectiveness, profitability, and the marketability of its
products; the future trading of the common stock of the
company; the ability of the company to operate as a public
company; the period of time for which its current liquidity
will enable the company to fund its operations; the
company's ability to protect its proprietary information;
general economic and business conditions; the volatility of
the company's operating results and financial condition; the
company's ability to attract or retain qualified senior
management personnel and research and development staff;
and other risks detailed in the company's filings with the
Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and
uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies
and the industry. The company undertakes no obligation to
update forward-looking statements to reflect subsequent
occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although
the company believes that the expectations expressed in
these forward looking statements are reasonable, they
cannot assure you that their expectations will turn out to
be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
For further information, please contact:
China Sunergy
Fischer Chen
Email: fischer.chen@chinasunergy.com
Financial Dynamics
Julian Wilson
Tel: +86-10-5811-1902
Email: julian.wilson@fd.com
Michael Polyviou
Tel: +1-212-850-5748
Email: michael.polyviou@fd.com
2007'12.05.Wed
China Sunergy Announces Commencement of Commercial Production of Selective Emitter Cells
November 19, 2007
Average Efficiency Rates of 17.5% Achieved From Mass
Production Cells
NANJING, China, Nov. 19 /Xinhua-PRNewswire/ -- China
Sunergy Co., Ltd. ("China Sunergy") (Nasdaq:
CSUN), a specialized solar cell manufacturer based in
Nanjing, China, announced today that it has started mass
production of its selective emitter cells after
successfully commissioning recently arrived production
equipment.
Commercially produced selective emitter cells yielded
an average efficiency rate of 17.5% during the first few
days of mass production.
Prior to starting mass production, China Sunergy
achieved 18.2% conversion efficiency on some of its pilot
runs in early November.
Commenting on the announcement, Dr. Jianhua Zhao, CTO
of China Sunergy, said: "I am delighted that we have
managed to develop and commercialize these high-efficiency
cells in less than a year, and am confident that as we
refocus our R&D resources we will be able to achieve
similar success with other high- efficiency cell products.
As we continue to optimize our selective emitter cell
equipment and technology, I also believe that we should be
able to achieve average efficiency rates of 18% on future
commercial batches of these cells."
Commenting further, Dr. Allen Wang, CEO of China
Sunergy said: "I have always believed in the
technological advantage China Sunergy holds and this is
strong evidence that our R&D efforts are starting to
pay off. We will continue to drive further efficiency from
these cells going into 2008 and will be adding an
additional four production lines during the second-half of
the year, as we look at ways to expand our margins going
forward."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China
Sunergy") is a leading manufacturer of solar cell
products in China as measured by production capacity. China
Sunergy manufactures solar cells from silicon wafers
utilizing crystalline silicon solar cell technology to
convert sunlight directly into electricity through a
process known as the photovoltaic effect. China Sunergy
sells solar cell products to Chinese and overseas module
manufacturers and system integrators, who assemble solar
cells into solar modules and solar power systems for use in
various markets. For more information please visit
http://www.chinasunergy.com .
Safe Harbor Statement
This announcement contains forward-looking statements
within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but
not limited to, the company's ability to raise additional
capital to finance the company's activities; the
effectiveness, profitability, and the marketability of its
products; the future trading of the common stock of the
company; the ability of the company to operate as a public
company; the period of time for which its current liquidity
will enable the company to fund its operations; the
company's ability to protect its proprietary information;
general economic and business conditions; the volatility of
the company's operating results and financial condition; the
company's ability to attract or retain qualified senior
management personnel and research and development staff;
and other risks detailed in the company's filings with the
Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and
uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies
and the industry. The company undertakes no obligation to
update forward-looking statements to reflect subsequent
occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although
the company believes that the expectations expressed in
these forward looking statements are reasonable, they
cannot assure you that their expectations will turn out to
be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
For further information, please contact:
China Sunergy
Fischer Chen
Email: fischer.chen@chinasunergy.com
Financial Dynamics
Julian Wilson
Tel: +86-10-5811-1902
Email: julian.wilson@fd.com
Michael Polyviou
Tel: +1-212-850-5748
Email: michael.polyviou@fd.com
2007'12.05.Wed
Avastin Receives Positive Opinion in Europe for First-Line Treatment of Patients With Advanced Kidney Cancer
November 17, 2007
- Avastin Offers Patients the Chance to Live Twice as Long
Without their Disease Advancing -
BASEL, Switzerland, Nov. 17 /Xinhua-PRNewswire/ --
Roche announced today that the European Committee for
Medicinal Products for Human Use (CHMP) has issued a
positive recommendation for Avastin (bevacizumab) for the
first-line treatment of patients with the most common form
of advanced kidney cancer, renal cell carcinoma (RCC)(*).
The CHMP's decision is based on data from the pivotal phase
III AVOREN trial, which showed that adding Avastin to
interferon gave patients with advanced RCC the chance to
live twice as long without their disease progressing
("progression free survival") compared with
interferon (IFN) alone.
"The AVOREN study has shown us that Avastin is an
effective and safe treatment for patients with kidney
cancer," said Professor Bernard Escudier, Head of
Immunotherapy and Innovative Therapy Unit, Institut
Gustave-Roussy, Paris, France and Principal Investigator of
the pivotal AVOREN study. "This announcement is very
significant because this drug offers new therapeutic
options in advanced kidney cancer, where chemotherapy and
radiotherapy are not as effective as in other
cancers."
On an annual basis, in excess of 200,000 people
worldwide will receive a diagnosis of kidney cancer and
more than 100,000 people worldwide will lose their lives to
the disease(i). These figures can be expected to increase as
the number of people suffering from cancer in general rises
by 50%, as recently estimated by the WHO(ii).
Avastin Approval Status
Kidney cancer is the fourth cancer type in which
Avastin has demonstrated survival benefits. Data from the
comprehensive Avastin cancer clinical development programme
have resulted in approvals in colorectal, breast, and lung:
-- February 2004 (US) and January 2005 (EU) -
first-line
treatment in patients with metastatic colorectal
cancer
-- June 2006 (US) - second-line treatment in patients
with
metastatic colorectal cancer
-- October 2006 (US) - first-line treatment in
patients with
advanced non-small cell lung cancer (NSCLC)
-- March 2007 (EU) - first-line treatment in patients
with
metastatic breast cancer
-- April 2007 (Japan) - recurrent or advanced
treatment in patients
with advanced colorectal cancer
-- August 2007 (EU) - first-line treatment in patients
with advanced
NSCLC
About the AVOREN Study
The AVOREN study is a randomised, controlled,
double-blind phase III study that included 649 patients
from 101 study sites across 18 countries. In the study
patients received treatment with either Avastin and
interferon alpha-2a or placebo and interferon alpha-2a, a
standard of care in advanced kidney cancer.
The results of the AVOREN trial showed that by adding
Avastin to IFN (a current standard of care):
-- Progression free survival was almost doubled from a
median of
5.4 to 10.2 months
-- Tumour response was significantly increased from
12.8% with
interferon alone to 31.4% when Avastin was added
-- Dose-reduction of IFN did not appear to affect the
efficacy of
the combination of Avastin (based on PFS event free
rates over time,
as shown by a sub-group analysis)
The study also showed a trend towards improved overall
survival; however, the survival data are still pending. No
new or unexpected adverse events were observed.
An interim analysis of AVOREN was performed in December
2006 and the benefits provided by Avastin were so positive
that the Drug Safety Monitoring Board (DSMB) recommended
that the trial was unblinded and all patients were offered
treatment with Avastin. The study demonstrated for the
first time that Avastin also benefits patients in
combination with an immunotherapeutic, the class of drugs
to which IFN belongs.
About Kidney Cancer
Kidney cancer is more common in men than women
(approximately 62% of patients with RCC are male) and
incidence increases with age(i).
As the most common type of kidney cancer, RCC accounts
for nine out of ten cases of the disease. Within this
cancer type, there are several sub-types of cancer based on
looking at the cells under a microscope. Clear cell renal
cell cancer is the most common type. If RCC is diagnosed at
an early stage when the cancer is still confined to the
kidney, the 5 year survival rates are relatively good at 60
to 75%. However, if diagnosis is made at a later stage and
the cancer has already spread to distant sites the 5 year
survival rate is less than 5%(iii). Unfortunately, because
kidney cancer is often asymptomatic, the majority of
patients are diagnosed at later disease stages.
Treatment options for patients with kidney cancer are
limited. Surgical removal of part or the entire kidney
forms the mainstay of treatment but is only really
successful in early stage disease. In later stage disease,
treatment is more often employed with a view of controlling
the cancer and improving associated symptoms.
Additional information
-- Roche in Oncology:
http://www.roche.com/pages/downloads/company/pdf/mboncology05e_b.pdf
-- Roche Health Kiosk, Cancer:
http://www.health-kiosk.ch/start_krebs
-- Avastin: http://www.avastin-info.com
---------------------------------
(*) The positive opinion is for the use of Avastin in
patients with advanced clear cell RCC in combination with
interferon, the current standard of care.
---------------------------------
(i) Parkin DM, Bray F, Ferlay J and Pisani P. Global
cancer statistics 2002. CA Cancer J Clin 2005; 55; 74 -
108.
(ii) WHO Information sheet on cancer
http://www.who.int/dietphysicalactivity/publications/facts/cancer/en/
(accessed 24 May 2007)
(iii) Medline Plus
http://www.nlm.nih.gov/medlineplus/ency/article/000516.htm#Causes,%20incidence,%20and%20risk%20factors
(accessed 15 August 2007)
For more information, please contact:
Erica Bersin
Roche
Tel: +41-61-688-2164
Mobile: +41-79-618-7672
Jon Harris
Galliard Healthcare
Tel: +44-207-663-2261
2007'12.05.Wed
Garmin(R) Ltd. Extends Agreement With NAVTEQ(R)
November 16, 2007
Garmin Ltd. does not intend to pursue its offer for Tele
Atlas
CAYMAN ISLANDS, Nov. 16 /Xinhua-PRNewswire/ -- Garmin
Ltd. (Nasdaq: GRMN) announced today that its subsidiaries,
Garmin International Inc and Garmin Corporation, have
signed a six-year extension to their agreement with NAVTEQ,
a leading provider of digital map data for location based
solutions and vehicle navigation. The agreement allows
Garmin to continue using NAVTEQ data through 2015, with an
option to renew for an additional four-year period. In
addition, the parties have agreed to pursue expanded points
of cooperation that will result in improved mapping quality
and coverage worldwide, and will drive further device
innovation into the future. The parties did not disclose
specific details of the agreement.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO)
"Garmin has partnered with NAVTEQ for many years.
We utilize their map data in the majority of our products
and we have always appreciated their commitment to the
market," said Garmin CEO Dr. Min Kao. "Extending
our agreement with NAVTEQ ensures the availability of
quality mapping data for our customers, and provides a
basis for enhanced cooperation which is a win-win for both
Garmin and NAVTEQ. We believe the outcome creates the best
value for Garmin, our customers, and stakeholders."
In addition, and with reference to the press release
dated October 31st, 2007, Garmin also announced today that
in light of these developments it does not intend to pursue
its offer for Tele Atlas N.V.
Garmin is a leading, worldwide provider of navigation,
communications and information devices with subsidiaries in
the United States, Canada, Taiwan, the United Kingdom,
Germany, France, Brazil and Singapore with pending
acquisitions in Denmark, Italy and Spain. Through its
operating subsidiaries the company designs, develops,
manufactures and markets a diverse family of hand-held,
portable and fixed-mount GPS-enabled products and other
navigation, communications and information products.
Garmin's projected FY 2007 revenues are nearly US$3
billion, and the company expects to ship more than 10
million devices in 2007. Garmin sells its products through
a worldwide network of approximately 3,000 independent
dealers and distributors in approximately 100 countries.
This is an announcement in accordance with section 9b
paragraph 2(g) of the Dutch Securities Market Supervision
Decree 1995 (Besluit Toezicht Effectenverkeer 1995).
About Garmin
The Garmin Ltd. (Nasdaq: GRMN) group of companies
designs and manufactures navigation, communication and
information devices -- most of which are enabled by GPS
technology. Garmin is a leader in the general aviation and
consumer GPS markets and its products serve aviation,
marine, outdoor recreation, automotive, wireless and OEM
applications. Garmin Ltd. is incorporated in the Cayman
Islands, and its principal subsidiaries are located in the
United States, Taiwan and the United Kingdom. For more
information, visit Garmin's virtual pressroom at
http://www.garmin.com/pressroom or contact the Media
Relations department at 913-397-8200. Garmin is a
registered trademark of Garmin Ltd. or its subsidiaries.
All other brands, product names, company names,
trademarks and service marks are the properties of their
respective owners. All rights reserved.
Notice on forward-looking statements:
This release includes forward-looking statements
regarding Garmin Ltd. and its business. All statements
regarding the company's future product introductions are
forward-looking statements. Such statements are based on
management's current expectations. The forward-looking
events and circumstances discussed in this release may not
occur and actual results could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Garmin, including, but not limited to, the risk
factors listed in the Annual Report on Form 10-K for the
year ended December 30, 2006 filed by Garmin with the
Securities and Exchange Commission (Commission file number
0-31983). A copy of Garmin's Form 10-K can be downloaded at
http://www.garmin.com/aboutGarmin/invRelations/finReports.html
. No forward-looking statement can be guaranteed.
Forward-looking statements speak only as of the date on
which they are made and Garmin undertakes no obligation to
publicly update or revise any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
For more information, please conatct:
Ted Gartner, or Jessica Myers
Garmin International Inc.
Tel: +1-913-397-8200 / +1-913-440-1411
Email: media.relations@garmin.com
2007'12.05.Wed
Riemann Investment Assisted Asian Bamboo AG to Successfully Float on German Main Board Market
November 16, 2007
FRANKFURT, Germany, Nov. 16 /Xinhua-PRNewswire/ --
Riemann Investment Holdings Ltd. (`Riemann Investment'), as
the sole financial advisor, successfully assisted Asian
Bamboo AG ("Asian Bamboo") to get listed on the
Prime Standard of Frankfurt Stock Exchange. It is the
second Chinese company to enter the Prime Standard of the
Deutsche Bourse, and is also the second successful IPO
transaction advised by Riemann Investment in Germany.
Asian Bamboo (Code: "5AB") raised total RMB
1.04 billion with P/E ratio approximately 30 times based on
the forecasted net profit of 2007, and the IPO price was
Euro 17 per share. During the international road show,
numerous renowned institutional investors showed great
interest in this second Chinese company and shares of Asian
Bamboo were oversubscribed by 15 times, a new record on the
Prime Standard of Frankfurt Stock Exchange. Fortis Bank,
GLG Partners, Inc., Cominvest Asset Management Limited, UBS
AG, Deutsche Bank, Credit Suisse Private Banking, LCF Edmond
de Rothschild Banque etc. all became major shareholders of
Asian Bamboo.
Asian Bamboo AG was registered in Hamburg with main
business operations in China. Its wholly-owned subsidiary,
Fujian Xinrixian Food Development Co., Ltd., a leading
agricultural enterprise in Fujian Province, is committed to
the development, consolidation and integrated utilisation of
bamboo forest resources, forming a complete industry chain.
Currently, the major business scope of Asian Bamboo
includes the production, processing and sales of moso
bamboo, fresh bamboo shoots, and bamboo shoot products.
Relying on the more than ten years' of accumulated
experience and scientific management, Asia Bamboo has
turned into a company specialised in and famous for the
development of natural resources, with leading capabilities
of resource integration in the industry.
As the sole financial advisor to Asia Bamboo, Riemann
Investment provided professional advice with regard to a
wide range of areas, including corporate restructuring,
optimisation of internal control mechanism, improvement of
corporate governance, establishment of investor relations,
etc during the listing preparation. Furthermore, Riemann
Investment also provided Asian Bamboo with strategic advice
on the re-building of business model, exploration of
business value, helping it achieve the transition from an
agricultural product processing company to a natural
resource development firm, and laying a strong foundation
for the company's upward revaluation in the capital
market.
The successful implementation of its business model
provides a guarantee for the company's sustainable
development and stable earning growth, which is precisely
the reason for the favouring of Asian Bamboo by numerous
top institutional investors during the road show.
Brief Introduction to Riemann Investment:
Riemann Investment Holdings Ltd. provides fast-growing,
high potential Chinese domestic companies custom-tailored
professional services in overseas financing and IPO. Our
comprehensive services cover equity investment, M&A,
private placement, IPO consultation and post-IPO
maintenance and financing, etc. We take pride in our
experienced professional team who is capable of offering
our clients timely, customized solutions and help them
achieve their value creation.
Our services are based on our in-depth knowledge of the
international capital markets and Chinese domestic
enterprises. Focusing our services on domestic companies
and working with our strategic partners, we create a
win-win situation for both our client companies and their
capital investors.
At Riemann Investment, we are building a dynamic open
service platform that we are constantly perfecting.
For further information on Riemann Investment, please
see http://www.shrminvest.com .
For more information, please contact:
Raymond Wang
Riemann Investment Holdings Ltd.
Tel: +86-21-5879-9691 /+86-21-5879-6607
Fax: +86-21-5879-9729
Email: raymond.wang@shrminvest.com,
bamboo@shrminvest.com
Web: http://www.shrminvest.com
Suite 12E, No. 588, South Pudong Road, Pufa Tower,
Shanghai, PRC (200120)
2007'12.05.Wed
Arrow Asia to Exhibit at Freescale Technology Forum in China and India
November 16, 2007
HONG KONG, Nov. 16 /Xinhua-PRNewswire/ -- Arrow Asia
Pac Ltd., a business unit of Arrow Electronics, Inc. (NYSE:
ARW), announced that it will exhibit its design solutions at
the Freescale Technology Forum (FTF) to be held in
Bangalore, India, on Nov. 19-20, and in Shenzhen, China, on
Nov. 28-29.
(Logo: http://www.xprn.com/xprn/sa/200703021139.JPG )
FTF has become the developer event of the year for the
embedded semiconductor industry. The event features
visionary keynote speakers, in-depth technical sessions,
hands-on demonstrations, and networking opportunities.
More than 2,000 designers, applications engineers,
industry-leading experts, executives, and hardware,
software and tools partners are expected to attend the
event.
"The forum will bring together developers,
analysts, customers and partners of Arrow and Freescale for
panel discussions, technical sessions and interactive
demonstrations of embedded semiconductor
technologies," said CC Lim, vice president of
marketing for Arrow Asia Pac. "Arrow has been working
with over 40 certified design partners across Asia for a
number of years. This powerful alliance with Asia's
leading design partners in Asia provides Arrow and our
customer with access to more than 1,000 research and
development engineering resources. The forum offers an
excellent opportunity for Arrow and design partners to
showcase some of the turnkey solutions that will help our
customers shorten time-to-market and reduce product
development costs."
Arrow and its design partners will display the
following solutions at FTF:
-- Low-cost personal navigation device
-- Low-power reference platform (LPRP)
-- Portable multimedia player
-- Digital MP4
-- iPod docking with Zigbee remote
-- Portable media player platform
-- Portable GPS with DVBT
-- Multi-cell Li-ion with battery charger
-- WiFi VOIP phone
For more information and online registration of FTF,
please log on to
http://www.freescale.com/webapp/sps/site/homepage.jsp?nodeId=0525779036
About Arrow Asia Pac
A business unit of Arrow Electronics, Inc. (NYSE: ARW),
Arrow Asia Pac is one of Asia-Pacific's leading electronic
component distributors. In addition to its regional
headquarters in Hong Kong, Arrow Asia Pac operates 51 sales
offices, four primary distribution centers and 12 local
warehousing facilities in 11 countries/territories across
Asia.
Providing a full range of semiconductors, passive,
electromechanical and connector products from over 170
leading international and local suppliers, Arrow Asia Pac
serves more than 10,000 original equipment and contract
manufacturers and commercial customers in Asia-Pacific.
http://www.arrowasia.com .
For more information, please contact:
Ray Leung
Marketing Communications Director
Arrow Asia Pac Ltd.
Tel: +852-2484-2484
Email: marcom.asia@arrowasia.com
Grace Kung
Marketing Communications Manager
Tel: +852-2484-2682
Email: grace.kung@arrowasia.com
2007'12.05.Wed
Startech Changes Name to VASHION; Aims to Make `Louis Gianni' Leading High-End Fashion Brand in PRC
November 16, 2007
SINGAPORE, Nov. 16 /Xinhua-PRNewswire/ --
-- Name change reflects the Group's current business
and corporate
profile following successful acquisition of Red Flag
Group for
$8.5m
-- Group now operates 77 branded retail fashion stores
in major cities
in the PRC; 150 by 2008
-- Plans to achieve further growth through organic and
M&A route
SESDAQ-listed Startech Electronics Ltd which has
successfully completed its acquisition of Red Flag Group in
October 2007, is proposing to change its name to VASHION
Group Ltd to better reflect its current business and
corporate profile as a high-end fashion retail brand
company in the PRC.
Together with the proposed name change, the Company is
also seeking shareholders' approval at an EGM for a mandate
to allot and issue new shares for future funding purposes
and to change its auditors. A circular for these three
resolutions has been dispatched to shareholders.
Startech, which has spent the past two years
restructuring its capital and debts financing is now in a
stable financial position, with its existing electronics
business now showing decent profits.
However, in its quest to rebuild its profit base with a
sustainable recurring business, Startech scoured for a new
business and recently completed the acquisition of Red Flag
Group for S$8.5 million.
The Red Flag Group, through its subsidiary Shenzhen
Louis Gianni Costume Co Ltd (SLG), is engaged in the
business of managing, distributing and retailing
mid-to-high-end men's apparel such as trousers, shirts,
suits, jackets and woolen garments and accessories in the
PRC under the brand name "Louis Gianni".
SLG focuses on brand management and outsources
manufacturing. It sources its apparel from an approved list
of vendors in the PRC who are able to satisfy its stringent
requirements on workmanship and apparel design. These
approved vendors work closely with its in-house design team
on design, materials, color and other details for each batch
of apparel supply.
SLG currently operates 77 stores throughout the PRC, as
at October 2007. These stores are located in major cities
including Beijing, Tianjin, Nanjing and Jinan as well as in
provinces such as Fujian, Jiangsu and Shandong.
Among the 77 stores, two-thirds of these are
self-managed stores where SLG sells its "Louis
Gianni" products directly through stores located at
major shopping malls and hotels. SLG also licenses third
parties to sell its products and operate retail stores
under its brand name. Then there is a small but growing
number of sales agency stores which are appointed to retail
"Louis Gianni" products on a consignment basis.
This licensing program allows SLG to rapidly expand its
distribution network while at the same time, minimize
capital outlay.
Notwithstanding the different modes of distribution and
retailing channels, SLG is responsible for product pricing,
marketing and promotion and related strategies and
policies. This is to maintain quality and service
standards.
Commenting on the new business, Executive Chairman, Mr
James Tan says, "The acquisition of Red Flag Group is
a win-win proposition for both parties. For Startech, it
has allowed us to gain an immediate foothold into the fast
growing fashion apparel market in the PRC. On the other
hand, as part of a listed entity, the Red Flag Group will
now be able to tap into the capital market to raise more
funds for its expansion plans. Given the successful track
record of the Red Flag Group in managing the fashion
apparel business under the "Louis Gianni" brand
name, we are confident that this acquisition is a viable
business alternative."
The Red Flag Group has been profitable for the past
three financial years. In fact, the compounded annual
growth rate for the past three years works out to be 34.3%.
For FY2006, it recorded revenue of RMB36.4 million and
profit after tax of RMB5.72 million. Indeed, the unaudited
profit for FY2006 has more than exceeded the profit
warranty of not less than S$1.0 million (at current
exchange rates) in profit before tax. For FY2007, the
vendors have given a profit warranty of not less than S$2.0
million in profit before tax.
As part of the deal, Mr Ngai Kat Man, who is the
founder of SLG, has agreed to remain with the Group for a
fixed term of 5 years. He brings to the Group 16 years of
experience in the apparel retail business and was
responsible for creating the "Louis Gianni" brand
for the PRC market.
Under a new name and new management, Vashion has mapped
out an expansion plan which involves growing the business
organically as well as through acquisitions of other
fashion operators in the PRC.
For a start, it intends to expand its sales network to
150 outlets by 2008. This will be backed up by an enhanced
supply chain management and warehousing system.
Of the emerging fashion retail industry in the PRC, Mr
James Tan says, "With the rapid economic growth in the
PRC, the Chinese middle-class is also rapidly growing and is
estimated to be more than 500 million by 2020, according to
National Bureau of Statistics of PRC. This brings along a
huge potential for mid-to-high-end fashion brands like
Louis Gianni, to grow as demand for high quality and
fashionable branded apparel rises."
About Vashion Group Ltd
Listed on SGX-SESDAQ on 30 July 2001, Vashion Group
Ltd, previously known as Startech Electronics Ltd (the
"Group"), was previously engaged in the business
of the provision of electronics manufacturing services and
the distribution business and switchgear design &
assembly business. This was later changed to the
distribution of equipment and consumable materials for the
electronics industry and switchgear design & assembly
services in 2004.
With the successful acquisition of Red Flag Holdings
Co., Ltd in Hong Kong, the Group has added fashion brand
management business, focusing on the management,
distribution and retailing of mid-to-high-end men's apparel
in the PRC under the brand name of "Louis Gianni"
to its portfolio. Vashion focuses on its core competencies
of brand management by working closely with reliable
vendors for the manufacturing of its products, and by
employing an efficient retail structure, which includes an
attractive licensing program.
The Group currently operates 77 stores located in major
cities including Beijing, Tianjin, Nanjing and Jinan,
throughout the PRC, as well as in provinces such as Fujian,
Jiangsu and Shandong Among the 77 stores, two-thirds of
these stores are self-managed stores located at major
shopping malls and hotels. The remaining stores are
licensed third party stores who sell its products and
operate the stores under its brand name, and sales agency
stores which are appointed to retail "Louis
Gianni" products on a consignment basis.
Contact Information:
August Consulting
Tel: +65-6733-8873
Fax: +65-6733-9913
Eunice LUA
Email: eunice@august.com.sg
Dennis KHNG
Email: dennis@august.com.sg
2007'12.05.Wed
The9 Limited Reports Third Quarter 2007 Unaudited Financial Results
November 16, 2007
SHANGHAI, China, Nov. 15 /Xinhua-PRNewswire/ -- The9
Limited (Nasdaq: NCTY) ("The9"), a leading online
game operator in China, announced today its unaudited
financial results for the third quarter ended September 30,
2007.
Third Quarter 2007 Financial Highlights:
-- Net revenues for the third quarter of 2007
increased by 17% quarter-
over-quarter and by 35% year-over-year to RMB316.0
million (US$42.2
million).
-- Net revenues attributable to the operations of
subscription-based
games, which included revenues from game playing
time, merchandise
and installation package sales, increased by 13%
quarter-over-quarter
and by 21% year-over-year to RMB278.9 million
(US$37.2 million) in
the third quarter of 2007; net revenues
attributable to the
operations of item-sales based games, which
included revenues from in-
game item sales and installation package sales,
increased by 97%
quarter-over-quarter to RMB32.0 million (US$4.3
million) in the third
quarter of 2007.
-- Net income for the third quarter of 2007 was
RMB38.2 million (US$5.1
million), a 25% decrease from RMB50.6 million
(US$6.8 million) in the
second quarter of 2007, and a 41% decrease from
RMB64.3 million
(US$8.6 million) in the third quarter of 2006.
-- Adjusted EBITDA (non-GAAP) was RMB118.1 million
(US$15.8 million) in
the third quarter of 2007, remained stable compared
to RMB117.8
million (US$15.7 million) in the second quarter of
2007, and a year-
over-year increase of 7% from RMB109.9 million
(US$14.7 million) in
the third quarter of 2006.
-- Fully diluted earnings per share (one American
Depositary Share "ADS"
represents one ordinary share) was RMB1.29
(US$0.17) for the third
quarter of 2007, compared with RMB1.90 (US$0.25)
for the second
quarter of 2007, and RMB2.61 (US$0.35) for the
third quarter of
2006. Fully diluted adjusted EBITDA (non-GAAP) per
share was RMB3.99
(US$0.53) for the third quarter of 2007, compared
with RMB4.42
(US$0.59) for the second quarter of 2007 and
RMB4.46 (US$0.60) for
the third quarter of 2006.
Management Comments:
Commenting on the third quarter 2007 results, Jun Zhu,
Chairman and Chief Executive Officer of The9 said, "We
are very pleased to report record total net revenues and
strong bottom-line earnings for the third quarter of 2007.
The solid financial results in the third quarter were
supported by the strong organic growth of Blizzard
Entertainment(R)'s World of Warcraft(R)*, as well as having
a full quarter of revenue contribution from Soul of The
Ultimate Nation(TM) ("SUN"). With the launch of
World of Warcraft: The Burning Crusade(TM) expansion pack
in mainland China in early September, we have attained a
record level of number of concurrent players and game-play
usage After a strong debut in the second quarter, SUN
continued to bring stable revenues from a different user
base. In the third quarter of 2007, we attained aggregate
peak concurrent users of approximately 985,000 for games
that are currently in commercial operations, and as of
September 30, 2007, we had over 27.6 million total
registered users.
In addition, we continued to execute our
diversification strategy in the third quarter by
introducing another new game, Granado Espada
("GE"), to the mainland China market. After GE's
limited open-beta testing in early September, we recently
commenced the game's full-scale open-beta testing on
October 31 and received promising feedback from users.
With more games in commercial operation or in beta-testing
phase under The9's platform, we have further focused our
management capabilities for multi-game operations, and
together with our strong and diversified game pipeline that
consists of various premium titles covering a wide spectrum
of game genres, we believe The9 is well prepared to deliver
sustained growth for the next few quarters to come".
Hannah Lee, Senior Vice President and Chief Financial
Officer, commented, "The third quarter 2007 results
were encouraging. Necessary server upgrades and
infrastructure enhancements for Blizzard Entertainment's
World of Warcraft in the first half of the year have proven
to be worthwhile investments, as we saw revenue growth
driven by strong user demand since the launch of Blizzard's
World of Warcraft: The Burning Crusade expansion pack in
September. We believe World of Warcraft will maintain its
growth momentum with continuous content upgrades to be
introduced on a similar basis as we have done in the past
two years. With increased player demand, we have been
opening up new realms in our most recently launched World
of Warcraft site, and are carefully planning for a
potential new server site to service World of Warcraft.
Regarding SUN, we are working closely with Webzen to push
out frequent content upgrades to improve the game's
performance. Gradual product diversification has always
been The9's key initiative and the solid revenues and
earnings from our commercialized games have provided the
The9 with strong financial support for the launches of new
games from our rich and diversified game portfolio."
Hannah further added, "On a separate note, in the
third quarter, we have signed a license agreement for our
first proprietary game, Joyful Journey West
("JJW"), granting a game operator in Malaysia the
right to operate the game in the Malaysian market for a
specified period. This is an important milestone for The9
as we begin to market our self-developed products to game
operators in the overseas markets. We will continue to
further explore licensing opportunities for JJW and other
proprietary games currently under development and slated to
be launched in the coming year."
* World of Warcraft(R) and Blizzard Entertainment(R)
are trademarks or
registered trademarks of Blizzard Entertainment(R),
Inc. in the U.S.
and/or other countries.
Discussion of The9's Third Quarter 2007 Results
(Preliminary Unaudited)
Revenues
For the third quarter of 2007, The9 reported total
gross revenues of RMB333.3 million (US$44.5 million), which
increased by 17% compared to RMB284.6 million (US$38.0
million) in the second quarter of 2007 and by 36% compared
to RMB245.8 million (US$32.8 million) in the third quarter
of 2006. Total net revenues were RMB316.0 million (US$42.2
million), which increased by 17% compared to RMB270.0
million (US$36.0 million) in the second quarter of 2007 and
by 35% compared to RMB233.4 million (US$31.1 million) in the
third quarter of 2006. The increase in total revenues was a
combined result of increased online game services revenues
and other revenues, offset slightly by decreased revenues
from game operating support, website solutions and
advertisement.
For the third quarter of 2007, online game services
gross revenues were RMB321.7 million (US$42.9 million),
representing a 16% increase from RMB276.5 million (US$36.9
million) in the second quarter of 2007 and a 33% increase
from RMB241.2 million (US$32.2 million) in the third
quarter of 2006. The increase was primarily because of
higher revenue from Blizzard Entertainment's World of
Warcraft, especially after the launch of Blizzard's World
of Warcraft: The Burning Crusade expansion pack in early
September, and the full-quarter revenue contribution from
Soul of The Ultimate Nation(TM).
For the third quarter of 2007, gross revenues from game
operating support, website solutions and advertisement, were
RMB2.2 million (US$0.3 million), representing a decrease of
71% from the previous quarter and a decrease of 19% from
the same period of last year. The decrease was mainly due
to decreased technical support services provided in the
quarter.
Other gross revenues mainly included sales of game
related merchandise, installation packages, and game
operation support software. Other gross revenues were
RMB9.5 million (US$1.3 million) in the third quarters of
2007, compared to RMB0.8 million (US$0.1 million) in the
second quarter and RMB1.9 million (US$0.3 million) in the
third quarter of 2006. The increase in other gross
revenues was primarily because of the increase in sales of
World of Warcraft related merchandise and sales of certain
proprietary game operation support software in the third
quarter of 2007.
In the third quarter of 2007, net revenues attributable
to the operations of subscription-based game, which included
revenues from game playing time, merchandise and
installation package sales, increased by 13%
quarter-over-quarter and by 21% year-over-year to RMB278.9
million (US$37.2 million). The increase in such revenues
was mainly due to higher concurrent user levels as well as
user usage levels after the launch of Blizzard's World of
Warcraft: The Burning Crusade expansion pack in early
September. Net revenues attributable to the operations of
item-sales based games, which included revenues from
in-game item sales and installation package sales,
increased by 97% quarter-over-quarter to RMB32.0 million
(US$4.3 million) in the third quarter of 2007 mainly due to
the commercialization of SUN in May 2007 which contributed
full-quarter revenue in the third quarter compared to less
than half a quarter revenue contribution in the second
quarter.
Gross Profit
Gross profit for the third quarter of 2007 increased by
15% quarter-over-quarter and 23% year-over-year to RMB132.2
million (US$17.6 million). The sequentially increase of
gross profit was in line with the increase in net revenues.
Gross profit margin for the third quarter 2007 remained
stable at 42% compared to the previous quarter. In the
third quarter of 2007, considering the nature of the
assets, server specifications of games to be launched, and
industry practice, the depreciation lives of servers were
changed to a consistent period of four years. This is
accounted for as a change in accounting estimate and
prospectively from July 1, 2007, quarterly depreciation
charge relating to servers is estimated to decrease by
approximately RMB12.6 million (US$1.7 million).
Operating Expenses
For the third quarter of 2007, operating expenses were
RMB88.5 million (US$11.8 million), representing a 19%
increase from RMB74.5 million (US$9.9 million) in the
previous quarter and a 99% increase from RMB44.6 million
(US$5.9 million) in the same period of last year. The
sequential increase in operating expenses was primarily due
to increased sales and marketing expenses relating to the
launch of Blizzard's World of Warcraft: The Burning Crusade
expansion pack, increased general and administrative
expenses mainly due to full-quarter effect of share-based
compensation expenses for options granted in May 2007,
offset in part by decreased product development expenses
relating to SUN post-commercialization whereby direct costs
relating to pre-commercialization of a game are classified
under product development.
Share based compensation was RMB17.2 million (US$2.3
million) in the third quarter of 2007, compared to RMB9.2
million (US$1.2 million) in the second quarter of 2007 and
RMB4.5 million (US$0.6 million) in the third quarter of
2006. The increase of share-based compensation from the
second quarter of 2007 was mainly due to options granted in
May 2007.
Income from Operations
For the third quarter of 2007, profit from operations
was RMB43.7 million (US$5.8 million), which increased by 9%
quarter-over-quarter compared to RMB40.1 million (US$5.4
million) but decreased 31% year-over-year compared to
RMB63.3 million (US$8.4 million) for 2006. Operating
margin for the third quarter of 2007 was 14%, remained at a
stable level compared to 15% in the previous quarter, but
decreased year-over-year from 27% in the third quarter of
2006. Operating profit margin, excluding share-based
compensation expenses of RMB17.2 million (US$2.3 million),
was 19% for the third quarter of 2007, compared to 18% in
the second quarter of 2007, excluding share-based
compensation expenses of RMB9.2 million (US$1.2 million),
and 29% in the third quarter of 2006, excluding share-based
compensation expenses of RMB4.5 million (US$0.6 million).
Other Income (Expenses)
Other expenses for the third quarter of 2007 was
RMB16.1 million (US$2.2 million), compared to other income
of RMB4.1 million (US$0.6 million) in the second quarter of
2007 and other expenses of RMB1.0 million (US$0.1 million)
in the third quarter of 2006. The sequential difference of
other income (expenses) was primarily due to the combined
result of increased foreign exchange loss with the U.S.
Dollar deposit increase after EA's cash investment, as well
as the lack of any financial subsidy as compared to the
previous quarter. Foreign exchange loss for the third
quarter of 2007 was RMB16.1 million (US$2.1 million)
compared to RMB7.6 million (US$1.0 million) in the previous
quarter, and in the second quarter of 2007, RMB11.8 million
(US$1.6 million) of financial subsidy relating to the
second half of 2006 was received.
Income Tax Benefit (Expense)
Income tax expense for the third quarter of 2007 was
RMB6.8 million (US$0.9 million), compared to income tax
expenses of RMB1.1 million (US$0.1 million) in the second
quarter of 2007 and income tax benefit of RMB0.8 million
(US$0.1 million) in the third quarter of 2006. The
sequential increase of income tax expense was primarily due
to the updated estimation of annual effective tax rate.
Loss on Equity Investments
For the third quarter of 2007, loss on equity
investments, net of taxes, amounted to RMB0.7 million
(US$0.1 million), compared to a loss of RMB2.1 million
(US$0.3 million) for the second quarter of 2007, and a loss
of RMB1.2 million (US$0.2 million) for the third quarter of
2006. The sequential decrease in loss on equity
investments was primarily due to the decrease of loss from
certain joint venture and increase of profit from certain
joint ventures as they generated net income in the third
quarter of 2007.
Net Income
For the third quarter of 2007, net income was RMB38.2
million (US$5.1 million), which decreased by 25% from
RMB50.6 million (US$6.8 million) in the second quarter of
2007 and by 41% compared to RMB64.3 million (US$8.6
million) in the third quarter of 2006. The decrease in net
income was a result of the cumulative effect of the
foregoing factors.
Fully diluted earnings per share and per ADS for the
third quarter of 2007 was RMB1.29 (US$0.17), compared to
RMB1.90 (US$0.25) in the second quarter of 2007 and RMB2.61
(US$0.35) in the third quarter of 2006. It should be noted
that with the issuance of approximately 4.5 million common
shares to Electronic Arts Inc. in May 2007, diluted
weighted average shares outstanding increased from
26,667,691 for the second quarter to 29,635,516 for the
third quarter of 2007. This increase in diluted weighted
average shares outstanding impacted full diluted earnings
per share and per ADS.
Adjusted EBITDA (non-GAAP) is defined as earnings
before depreciation of fixed assets, amortization of land
use right and intangibles, share based compensation and
income tax expenses/benefits, as applicable. For the third
quarter of 2007, adjusted EBITDA (non-GAAP) was RMB118.1
million (US$15.8 million) compared to adjusted EBITDA
(non-GAAP) of RMB117.8 million (US$15.7 million) for the
previous quarter and RMB109.9 million (US$14.7 million) for
the same period of last year.
For the third quarter of 2007, fully diluted adjusted
EBITDA (non-GAAP) per share was RMB3.99 (US$0.53), compared
to RMB4.42 (US$0.59) for the second quarter of 2007 and
RMB4.46 (US$0.60) in the third quarter of 2006.
As at September 30, 2007, the Company's total cash and
cash equivalents balance was RMB2.08 billion (US$277.1
million). A stable level of cash and cash equivalents was
maintained compared to RMB2.09 billion (US$278.5 million)
as at June 30, 2007. This was mainly due to the combined
result of cash receipts from sales of prepaid game points,
offset by prepaid royalty payments to the licensor relating
to World of Warcraft(R) and SUN, capital expenditures
relating to Granado Espada, as well as license fee payments
for several licensed games.
The conversion of Renminbi (RMB) into U.S. dollars
(US$) in this press release is based on the noon buying
rate in The City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes
by the Federal Reserve Bank of New York as of September 28,
2007 (the last business day of third quarter of 2007), which
was RMB7.4928 to US$1.00. The percentages stated in this
press release are calculated based on the RMB amounts.
Non-GAAP Measure
To supplement the consolidated financial statements
presented in accordance with accounting principles
generally accepted in the United States ("GAAP"),
The9 uses the non-GAAP measure of adjusted EBITDA, which is
adjusted from the most directly comparable financial
measures calculated and presented in accordance with GAAP
to exclude certain expenses. The non-GAAP financial
measure is provided to enhance investors' overall
understanding of the Company's operating performance.
Adjusted EBITDA (non-GAAP) is defined as earnings
before depreciation of fixed assets, amortization of land
use right and intangibles, share based compensation and
income tax expenses/benefits, as applicable. The Company
believes its adjusted EBITDA provides useful information to
both management and investors as it excludes certain
expenses that are not expected to result in future cash
payments. The use of adjusted EBITDA has certain
limitations. Depreciation and amortization expense for
various assets and income tax expenses/benefits have been
and will be incurred and are not reflected in the
presentation of adjusted EBITDA. Each of these items
should also be considered in the overall evaluation of our
results. Adjusted EBITDA should not be considered as a
measure of our liquidity. We compensate for these
limitations by providing the relevant disclosure of our
depreciation and amortization, share based compensation and
income tax expenses/benefits in our reconciliations to the
GAAP financial measure, which should be considered when
evaluating our performance. Adjusted EBITDA is not defined
under GAAP, and our adjusted EBITDA is not a measure of net
income, operating income, operating performance or
liquidity presented in accordance with GAAP. When
assessing our operating performance, you should not
consider this data in isolation or as a substitute for our
net income, operating income or any other operating
performance measure that is calculated in accordance with
GAAP. In addition, our adjusted EBITDA may not be
comparable to similarly titled measures utilized by other
companies since such other companies may not calculate
adjusted EBITDA in the same manner as we do. For more
information on this non-GAAP financial measure, please see
the tables captioned "Reconciliation of non-GAAP to
GAAP results" set forth at the end of this release.
Conference Call / Webcast Information
The9's management team will host a conference call on
Thursday, November 15, 2007 at 8:00 P.M., U.S. Eastern
Time, corresponding to Friday, November 16, 2007 at 9:00
A.M., Beijing Time, to present an overview of The9's
financial performance and business operations.
Investors, analysts and other interested parties will
be able to access the live conference by calling
+1-617-786-4511, password "39088982". In the
U.S., members of the financial community may also
participate in the call by dialing toll-free
+1-800-901-5218, password "39088982". A replay
of the call will be available through November 23, 2007.
The dial-in details for the replay: U.S. toll free number
+1-888-286-8010, International dial-in number
+1-617-801-6888; Password "69250503".
The9 Limited will also provide a live webcast of the
earnings call. Participants in the webcast should log onto
the Company's web site http://www.corp.the9.com 15 minutes
prior to the call, then click on the icon for "The9
Limited Q3 2007 Earnings Conference Call" and follow
the instructions.
About The9 Limited
The9 Limited is a leading online game operator in
China. The9's business is primarily focused on operating
and developing high-quality games for the Chinese online
game market. The9 directly or through affiliates operates
licensed MMORPGs, consisting of MU(R), Blizzard
Entertainment(R)'s World of Warcraft(R), Soul of The
Ultimate Nation(TM), and its first proprietary MMORPG,
Joyful Journey West(TM), in mainland China. It has also
obtained exclusive licenses to operate additional MMORPGs
and advanced casual games in mainland China, including
Granado Espada, Guild Wars, Hellgate: London, Ragnarok
Online 2, Emil Chronicle Online, Huxley(TM), FIFA Online 2,
Audition 2, Field of Honor and Audition. In addition, The9
is also developing two proprietary MMORPG games, Fantastic
Melody Online(TM) and Warriors of Fate Online.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates" and similar
statements. Among other things, the business outlook and
quotations from management in this press release contain
forward-looking statements. The9 may also make written or
oral forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission on Forms 20-F
and 6-K, etc., in its annual report to shareholders, in
press releases and other written materials and in oral
statements made by its officers, directors or employees to
third parties. Statements that are not historical facts,
including statements about The9's beliefs and expectations,
are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ
materially from those contained in any forward-looking
statement. Potential risks and uncertainties include, but
are not limited to, The9's limited operating history as an
online game operator, political and economic policies of
the Chinese government, the laws and regulations governing
the online game industry, information disseminated over the
Internet and Internet content providers in China,
intensified government regulation of Internet cafes, The9's
ability to retain existing players and attract new players,
license, develop or acquire additional online games that
are appealing to users, anticipate and adapt to changing
consumer preferences and respond to competitive market
conditions, and other risks and uncertainties outlined in
The9's filings with the U.S. Securities and Exchange
Commission, including its annual reports on Form 20-F.
The9 does not undertake any obligation to update any
forward-looking statement, except as required under
applicable law.
THE9 LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in Renminbi - RMB and US Dollars - US$, except
share data)
Quarter Ended
September 30, June 30,
September 30, September 30,
2006 2007
2007 2007
RMB RMB RMB
US$
(unaudited) (unaudited)
(unaudited) (unaudited)
Revenues:
Online game
services 241,164,777 276,501,327
321,723,690 42,937,712
Game operating
support,
website
solutions and
advertisement 2,671,945 7,339,827
2,155,636 287,694
Other revenues 1,917,314 780,444
9,450,513 1,261,279
245,754,036 284,621,598
333,329,839 44,486,685
Sales Taxes (12,367,467) (14,633,882)
(17,363,309) (2,317,333)
Net Revenues 233,386,569 269,987,716
315,966,530 42,169,352
Cost of Services (125,522,051) (155,380,871)
(183,802,302) (24,530,523)
Gross Profit 107,864,518 114,606,845
132,164,228 17,638,829
Operating
Expenses:
Product
development (7,749,225) (11,406,746)
(8,005,085) (1,068,370)
Sales and
marketing (11,699,467) (22,518,505)
(31,886,696) (4,255,645)
General and
administrative (25,112,296) (40,567,082)
(48,580,085) (6,483,569)
Total operating
expenses: (44,560,988) (74,492,333)
(88,471,866) (11,807,584)
Profit from
operations 63,303,530 40,114,512
43,692,362 5,831,245
Interest income,
net 2,479,258 9,515,538
18,124,257 2,418,890
Other income
(expenses), net (1,034,921) 4,148,574
(16,120,271) (2,151,435)
Income before
income tax
benefit
(expense) and
loss on equity
investments 64,747,867 53,778,624
45,696,348 6,098,700
Income tax benefit
(expense) 794,368 (1,102,507)
(6,819,088) (910,085)
Income before loss
on equity
investments 65,542,235 52,676,117
38,877,260 5,188,615
Loss on equity
investments, net
of taxes (1,208,010) (2,064,807)
(691,118) (92,238)
Net income 64,334,225 50,611,310
38,186,142 5,096,377
Earnings per share
- Basic 2.62 1.92
1.30 0.17
- Diluted 2.61 1.90
1.29 0.17
Weighted average
shares
outstanding
- Basic 24,508,974 26,382,259
29,367,354 29,367,354
- Diluted 24,615,761 26,667,691
29,635,516 29,635,516
THE9 LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in Renminbi - RMB and US Dollars - US$)
As at
December 31,
September 30,
2006
2007
RMB
RMB
(audited)
(unaudited)
Assets
Current Assets
Cash and cash equivalents 937,845,817
2,076,171,417
Accounts receivable 10,174,484
20,651,610
Advances to suppliers 9,036,620
10,111,742
Prepayments and other current
assets 69,153,131
83,479,358
Prepaid royalties 27,558,207
100,455,847
Deferred costs 33,324,942
43,041,860
Deferred tax assets, current --
9,734,632
Total current assets 1,087,093,201
2,343,646,466
Investments in equity investees 30,117,605
35,857,211
Property, equipment and software 227,512,006
377,614,217
Goodwill 30,199,751
30,199,751
Land use right --
84,199,893
Intangible assets 244,271,279
302,576,240
Prepayment for equipments --
14,000,000
Long-term deposit --
454,212
Deferred tax assets, non-current 5,391,123
15,453,966
Total Assets 1,624,584,965
3,204,001,956
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 12,692,978
30,018,263
Due to related parties 332,797
240,863
Income tax payable --
2,779,795
Other taxes payable 23,589,754
29,593,342
Advances from customers 88,040,975
148,970,561
Deferred revenue 111,302,531
150,437,885
Other payables and accruals 52,467,643
43,730,536
Total current liabilities 288,426,678
405,771,245
Minority interests --
--
Commitments and contingencies --
--
Shareholders' Equity
Common shares (US$0.01 par value;
24,688,038 shares issued and
outstanding as of December 31, 2006,
29,373,503 shares issued and
outstanding as of September 30,
2007) 2,041,673
2,400,343
Additional paid-in capital 941,786,807
2,248,618,089
Statutory reserves 20,745,422
20,745,422
Retained earnings 371,584,385
526,466,857
Total shareholders' equity 1,336,158,287
2,798,230,711
Total liabilities and shareholders'
equity 1,624,584,965
3,204,001,956
THE9 LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in Renminbi - RMB and US Dollars - US$)
As at
September 30,
2007
US$
(unaudited)
Assets
Current Assets
Cash and cash equivalents
277,088,861
Accounts receivable
2,756,194
Advances to suppliers
1,349,528
Prepayments and other current
assets
11,141,276
Prepaid royalties
13,406,984
Deferred costs
5,744,429
Deferred tax assets, current
1,299,198
Total current assets
312,786,470
Investments in equity investees
4,785,556
Property, equipment and software
50,396,943
Goodwill
4,030,503
Land use right
11,237,440
Intangible assets
40,382,266
Prepayment for equipments
1,868,460
Long-term deposit
60,620
Deferred tax assets, non-current
2,062,509
Total Assets
427,610,767
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable
4,006,281
Due to related parties
32,146
Income tax payable
370,995
Other taxes payable
3,949,571
Advances from customers
19,881,828
Deferred revenue
20,077,659
Other payables and accruals
5,836,342
Total current liabilities
54,154,822
Minority interests
--
Commitments and contingencies
--
Shareholders' Equity
Common shares (US$0.01 par value;
24,688,038 shares issued and
outstanding as of December 31, 2006,
29,373,503 shares issued and
outstanding as of September 30,
2007)
320,353
Additional paid-in capital
300,103,845
Statutory reserves
2,768,714
Retained earnings
70,263,033
Total shareholders' equity
373,455,945
Total liabilities and shareholders'
equity
427,610,767
THE9 LIMITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(Expressed in Renminbi - RMB and US Dollars - US$, except
share data)
Quarter
Ended
September 30, June 30,
September 30, September 30,
2006 2007
2007 2007
RMB RMB
RMB US$
(unaudited) (unaudited)
(unaudited) (unaudited)
GAAP net income 64,334,225 50,611,310
38,186,142 5,096,377
Depreciation of
property, equipment
and software 18,513,748 35,040,340
32,601,209 4,351,005
Amortization of land
use right and
intangible assets 23,306,626 21,858,233
23,280,919 3,107,105
Share based
compensation 4,532,883 9,198,777
17,218,946 2,298,066
Income tax expense
(benefit) (794,368) 1,102,507
6,819,088 910,085
Adjusted EBITDA (Non-
GAAP) 109,893,114 117,811,167
118,106,304 15,762,638
GAAP earnings per share
- Basic 2.62 1.92
1.30 0.17
- Diluted 2.61 1.90
1.29 0.17
Adjusted EBITDA (Non-
GAAP) per share
- Basic 4.48 4.47
4.02 0.54
- Diluted 4.46 4.42
3.99 0.53
Weighted average shares
outstanding
- Basic 24,508,974 26,382,259
29,367,354 29,367,354
- Diluted 24,615,761 26,667,691
29,635,516 29,635,516
For further information, please contact:
Ms. Dahlia Wei
Senior Manager, Investor Relations
The9 Limited
Tel: +86 (21) 5172-9990
Email: IR@corp.the9.com
Website: http://www.corp.the9.com/
2007'12.05.Wed
Platts Bestows its Global Lifetime Achievement Award to Lord Oxburgh of Liverpool, Former Shell Transport and Trading Chair
November 16, 2007
Exec, Academic and Scientist Known for Industry
Innovations, Advocacy of Climate Change Issues
NEW YORK, Nov. 16 /Xinhua-PRNewswire/ -- Platts, the
world's leading energy information provider, today
announced it will award the 2007 Global Energy Lifetime
Achievement Award to Lord Ernest Ronald Oxburgh of
Liverpool, former Shell Transport and Trading chair,
industry innovator and current member of the advisory board
of Climate Change Capital, a leading investment banking
group specializing in the commercial opportunities created
by a low carbon economy.
As a scientist, Oxburgh established the Oxford Heat
Flow Group, devised methods of measuring terrestial heat
flow and spurred innovation at Imperial and Oxford
Universities.
The award will be presented on stage at the 9th annual
Global Energy Awards, November 29, Cipriani Wall Street,
New York, New York.
"Even in the early 1970's, Lord Oxburgh was
talking about renewable energy and clean coal technologies
-- as a real beacon of advocacy," said Victoria Chu
Pao, Platts president. "His sustained vision on
sustainability issues is an inspiration, and his prescience
has been rewarded by an international panel of judges
comprising the energy industry's elite. Lord Oxburgh is a
true visionary."
Lord Oxburgh, an active parliamentarian, chaired the
Science and Technology Select Committee from 2001 to 2004,
and is vice chairman of the Globe UK Group and treasurer of
the Earth Sciences Group. He is a former chief scientific
adviser to the Ministry of Defense. Lord Oxburgh has been
rector of Imperial College London and professor of
mineralogy and petrology at Cambridge University. A
graduate of the Universities of Oxford and Princeton,
Oxburgh is a Fellow of the Royal Society.
"Judges were impressed by his status as a
trailblazer, but also by his sense of ethics -- ethical
standards that led him to warn of the potential
environmental damage from the global hydrocarbons industry
even while serving as chairman of one of the world's
largest oil companies," said Pao.
"Like past finalists and winners of Platts Global
Energy Awards, Lord Oxburgh's career illustrates true
innovative spirit and enduring commitment to world
citizens, customers, shareholders, and the industry as a
whole."
Sponsors for the event include Capgemini, as a
principal sponsor for the fifth year, and Bracewell &
Giuliani, co-sponsor for the second year. Other sponsors:
Standard & Poor's, Panasonic Tough Book, and Spectra
Energy.
The Platts Global Energy Awards were established in
1999 to recognize outstanding achievement in the energy
industry. The annual ceremony singles out the energy
industry's top performers, recognizing corporate and
individual achievement, innovation and entrepreneurship.
International judges have included former OPEC energy
ministers, national regulators, heads of major energy
companies, leading academics and legislators.
Accredited journalists are welcome to be Platts guests
at the awards ceremony as well as the Platts Lecture, which
occurs earlier in the day. The Platts Lecture will address
"Climate, Energy and the Climate for Energy" and
feature two guest speakers. Television cameras welcome.
To register, go to http://www.globalenergyawards.com, or
contact Kara Harrell at 817-244-9978.
About Platts:
Platts, a division of The McGraw-Hill Companies (NYSE:
MHP), is a leading global provider of energy and
commodities information. With nearly a century of business
experience, Platts serves customers across more than 150
countries. From 14 offices worldwide, Platts serves the
oil, natural gas, electricity, nuclear power, coal,
petrochemical, emissions, and metals markets. Platts' real
time news, pricing, analytical services, and conferences
help markets operate with transparency and efficiency.
Traders, risk managers, analysts, and industry leaders
depend upon Platts to help them make better trading and
investment decisions. Additional information is available
at http://www.platts.com.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a
leading global information services provider meeting
worldwide needs in the financial services, education and
business information markets through leading brands such as
Standard & Poor's, McGraw-Hill Education, BusinessWeek
and J.D. Power and Associates. The corporation has more
than 280 offices in 40 countries. Sales in 2006 were $6.3
billion. Additional information is available at
http://www.mcgraw-hill.com.
For more information, please contact:
Kathleen Tanzy
Tel: +1-212-904-2860
Email: Kathleen_tanzy@platts.com
Shiona Ramage
Platts-UK
Tel: +44-20-7176-6153
Email: shiona_ramage@platts.com
Casey Yew
Platts-Asia
Tel: +65-653-06552
Email: casey_yew@platts.com
2007'12.05.Wed
Hudson Securities, Inc. Announces the Implementation of FIXEdge and Customized Order Routing Solutions
November 16, 2007
JERSEY CITY, N.J., Nov. 16 /Xinhua-PRNewswire/ --
Hudson Securities, Inc. implemented FIXEdge, a highly
configurable, low latency Fix Protocol engine available
from B2Bits, Inc. FIXEdge enables Broker/Dealers and
Institutions to route Orders to its Institutional Trading
Desk and Hudson's Automated Trading platform, using various
FIX Protocols. Recently, Hudson Securities, Inc. has
successfully established 22 Fix Connections to well over 3
dozen firms.
Hudson Securities President, Keith Knox, said,
"Implementation of this technology in house allows us
to reduce the amount of time it takes to establish
connectivity to clients."
Today, Hudson is connected via FIX to most major
routing networks, including but not limited to TNS,
Radianz, STN, BNET, Savvis, Bloomberg, ACES, Redi, Fidessa,
Neovest, Think or Swim, Mixit, and AFA, as well as to
NASDAQ, Pink Sheets and dedicated direct connections to
clients.
This connectivity to Pink Sheets has enabled Hudson to
provide innovative solutions for clients by representing
its customer's orders instantaneously in various
algorithmic strategies. This capability has allowed us to
custom tailor our Pink Sheet and OTCBB order quoting
automation to individual clients needs.
The FIX sessions are utilized not only for the
automation of the order flow processing but also for the
dissemination of Indications of Interest messages which are
delivered directly to client trading systems.
Hudson currently offers routing services to its
customers as a complimentary service and will be able to
handle additional asset classes in the 1st quarter of
2008.
Hudson Holding Corporation (OTC Bulletin Board: HDHL)
is a holding company and is the parent of Hudson
Securities, Inc. and Hudson Technologies Inc. Hudson
Securities is a registered broker-dealer under the
Securities Exchange Act of 1934, a member of FINRA and
meets the liquidity needs of brokers, dealers,
institutions, and asset managers by making markets in over
9,000 NASDAQ, non-NASDAQ OTC, listed and foreign
securities, with particular expertise in trading NASDAQ
Small Cap, OTC Bulletin Board, and Pink Sheet securities.
Hudson Technologies provides technology services to Hudson
Securities and client companies.
Certain statements contained herein constitute
"forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current
expectations, estimates and projections about the Company's
industry, management's beliefs and certain assumptions made
by management. Readers are cautioned that any such
forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict. Because such
statements involve risks and uncertainties, the actual
results and performance of the Company may differ
materially from the results expressed or implied by such
forward-looking statements. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Unless otherwise required by
law, the Company also disclaims any obligation to update
its view of any such risks or uncertainties or to announce
publicly the result of any revisions to the forward-looking
statements made here; however, readers should review
carefully reports or documents the Company files
periodically with the Securities and Exchange Commission.
For more information, please contact:
Allison Merna
Vice President
Sales and Marketing of Hudson Securities, Inc.,
Tel: +1-201-680-7398
Email: AMerna@hudsonsecurities.com
2007'12.05.Wed
Film, Music and Literary Talents Spearhead Annual Global Media Campaign for the World's Most Disadvantaged Children
November 15, 2007
LONDON, Nov. 15 /Xinhua-PRNewswire/ --
-- Eight Film Stars Join Campaign to Help The World's
Most Disadvantaged
Children
-- Funds Raised for 200 Children's Charity Projects
Worldwide Helping
400,000 Children Each Year
-- US$100m Fundraising Target in First Year and US$1bn
Over 10 Years
-- Campaign Making 500 Million People Aware of
Children's Plight Each Year
-- Developing a Donor Community of Tens of Millions
Helping Children
-- Legendary Music Directors Sign Up for Global
Broadcast Event in Los
Angeles, June 2008
-- Acclaimed Authors Donate Short Stories to Campaign
-- CBS to Broadcast Two Primetime Specials in June
2008: "Why Listen" and
"Listen Live"
Tony Hollingsworth, Executive Producer of The Listen
Campaign, today announced the launch of Listen Campaign 1:
"Listen is an annual, global media campaign bringing
together the finest creative artists in film, music and the
arts to raise awareness and funds for 200 children's charity
projects around the world." Fundraising broadcasts in
60 countries will generate a projected US$100m in Listen's
first year and US$1bn over 10 years.
Creative artists supporting The Listen Campaign already
include:
Film: Natalie Portman, Samuel L Jackson, Ashley Judd,
Ben Kingsley, Jessica Lange, Brooke Shields, Kurt Russell,
Goldie Hawn. Literature: Professor Wole Soyinka (Nigeria),
Ishmael Beah (Sierra Leone), Patricia Melo (Brazil), Tim
Lott (UK), Xiaolu Guo (China), Marina Lewycka (Ukraine).
Music Directors: Dave Stewart, Don Was.
Film stars including Natalie Portman, Goldie Hawn and
Samuel L Jackson have visited children's charity projects
in India, Egypt, Peru, the US and Uganda to be filmed
listening to children's stories. Six short
"webisodes" of these visits are now online at
http://www.listencampaign.com. CBS Television will air
these stories in the first of two primetime specials
entitled "Why Listen" for broadcast in June 2008,
with 48 Hours' Susan Zirinsky overseeing as Executive
Producer.
Six acclaimed authors -- including African Nobel Prize
Winner Professor Wole Soyinka and Ishmael Beah, author of
New York Times' bestseller "A Long Way Gone" --
are donating short stories to Listen to be featured in
newspapers and magazines around the world as the campaign
unfolds.
The culmination of the Listen Campaign is "Listen
Live" -- a global broadcast event staged in Los
Angeles in June, which will see music stars collaborating
to perform one-off covers of the world's best known hits.
Dave Stewart of Eurythmics fame and legendary producer Don
Was (Rolling Stones) have already signed up to Music
Director the event and headline artists will be announced
soon.
Developed by London's Tribute Third Millennium over
seven years with an investment of US$8m, Listen is
carefully designed as an annual campaign using TV, radio,
web, print and mobile to reach a global audience of 500
million in 60 countries. The Listen Campaign's key message
is for people to listen to the rights and needs of the
world's most disadvantaged children. Each annual campaign
includes twenty major news items leading up to the global
broadcast event.
Listen provides a media platform for creative artists
to use their talents to bring the stories of disadvantaged
children to the world. The public will be provided with a
wealth of music, art, stories, and films, as well as the
down to earth stories of children living with Poverty,
Disease, Natural Disaster, Exploitation, War and AIDS.
Over seventy world charities nominated 200 children's
projects to benefit from Listen's fundraising. Listen's
fundraising model is unique, based on grass roots research
with donors in many countries. In order that the public
knows exactly where its donations will be used, every one
of the 200 beneficiary projects will be pre-declared before
the public are asked to donate. Listen guarantees that 100%
of donations go directly to the Listen Charity, with none
going to fund the media campaign or broadcast event, and
that 90% of donations will reach projects in the field.
Every donor will receive five feedback reports over two
years on how their money is being used to change children's
lives.
"Pre-declaring the projects and reporting back on
the effect of the donors' money is a key difference of The
Listen Campaign to other major international fundraising
campaigns," Hollingsworth continued.
"Pre-declaration and impact reporting will build
public trust and the creative artists will generate
interest leading to a sustained community of
supporters."
Note To Editors: Please end article with
http://www.listencampaign.com .
PHOTOGRAPHS
-- Stills of all stars available upon request.
-- EPK available on the work of film stars and music
directors.
MORE INFO ON LISTEN at http://www.listencampaign.com
More info on Tribute at http://www.tribute3ml.com
More info on Tony Hollingsworth
http://www.tonyhollingsworth.com
For more information, please contact:
The Listen Campaign PR contact:
Tel: +44-20-8939-6464
Email: press@listencampaign.com
2007'12.05.Wed
Philips and Elsevier Integrate Speech Recognition and Radiology Diagnostic Reference System to Provide Radiologists With Better Decision Support
November 15, 2007
First-of-its Kind Solution Can Improve Quality of
Diagnoses
VIENNA, Austria and PHILADELPHIA, Nov. 15
/Xinhua-PRNewswire/ -- Royal Philips Electronics (NYSE:
PHG, AEX: PHI) and Elsevier announced today that Philips
speech recognition platform SpeechMagic(TM) will be
integrated to provide interoperability with Elsevier's new
RadConsult radiology diagnostic reference system. This will
allow customers and the partners of both parties to use
industrial grade speech recognition with access to
world-class radiological information to assist them in
increasing productivity and reducing medical errors during
review and diagnosis of patient cases.
"Clinical knowledge is estimated to double every
eighteen months," said Marcel Wassink, CEO of Philips
Speech Recognition Systems. "Interoperability between
the RadConsult radiology reference system and SpeechMagic
will provide radiologists with solid decision support based
on the latest information from the field. SpeechMagic now
not only speeds up the availability of medical reports but
also helps ensure more accurate and evidence-based delivery
of care."
RadConsult improves the diagnostic efficiency of the
radiologist. Radiology images and differential diagnosis
content are delivered through an easy-to-use website and
organized around the radiologist's workflow. This
first-of-its-kind integration of the RadConsult service
with SpeechMagic can enhance the benefits of Radiology
Information Systems (RIS) by giving radiologists access to
information at the reading room workstation.
"We are excited about this partnership with
Philips Speech Recognition Systems and how it will support
our goal of improving the efficiency of the radiology
practice. We are integrating more of our world-class,
radiological reference information where health
practitioners need it to support their diagnostic
decisions," says Brian Nairn, chief executive officer,
Elsevier, Health Sciences Division.
Philips' industrial grade speech recognition platform
SpeechMagic is installed at more than 8,000 professional
sites in 45 nations. More information about both
technologies can be found at Elsevier's booth 1105 at the
Radiological Society of North America (RSNA) annual
conference in Chicago, Illinois USA, November 25-29, 2007.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE:
PHG, AEX: PHI) is a global leader in healthcare, lifestyle
and technology, delivering products, services and solutions
through the brand promise of "sense and
simplicity." Headquartered in the Netherlands, Philips
employs approximately 128,100 employees in more than 60
countries worldwide. With sales of USD 34 billion (EUR 27
billion) in 2006, the company is a market leader in medical
diagnostic imaging and patient monitoring systems, energy
efficient lighting solutions, personal care and home
appliances, as well as consumer electronics. News from
Philips is located at http://www.philips.com/newscenter .
About Elsevier
Elsevier is a world-leading publisher of scientific,
technical and medical information products and services.
Working in partnership with the global science and health
communities, Elsevier's 7,000 employees in over 70 offices
worldwide publish more than 2,000 journals and 1,900 new
books per year, in addition to offering a suite of
innovative electronic products, such as ScienceDirect (
http://www.sciencedirect.com/ ), MD Consult (
http://www.mdconsult.com/ ), Scopus (
http://www.info.scopus.com/ ), bibliographic databases and
online reference works.
Elsevier ( http://www.elsevier.com/ ) is a global
business headquartered in Amsterdam, The Netherlands and
has offices worldwide. Elsevier is part of Reed Elsevier
Group plc ( http://www.reedelsevier.com/ ), a world-leading
publisher and information provider. Operating in the science
and medical, legal, education and business-to-business
sectors, Reed Elsevier provides high-quality and flexible
information solutions to users, with increasing emphasis on
the Internet as a means of delivery. Reed Elsevier's ticker
symbols are REN (Euronext Amsterdam), REL (London Stock
Exchange), RUK and ENL (New York Stock Exchange).
http://www.RadConsult.com
For more information, please contact:
Anne Durand-Badel
Philips Speech Recognition Systems, (USA)
Tel: +1-888-SPEAK-50
+43-1-60101-1048
Email: anne.durand-badel@philips.com
Mike Smith
Elsevier
Tel: +1-314-453-7050
Email: Michael.smith@elsevier.com
2007'12.05.Wed
Xinhua Finance Limited (TSE: 9399) Reports Steady Growth for the First Nine Months of 2007
November 15, 2007
SHANGHAI, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/
-- Xinhua Finance Limited ("XFL"; TSE Mothers:
9399; OTC: XHFNY), China's premier financial information
and media service provider, today announced the
consolidated business results for the nine months ended
September 30, 2007. Under International Financial Reporting
Standards ("IFRS"), total revenue grew 44% to
US$180.7 million from US$125.1 million in the same period
of 2006. EBITDA was US$26.1 million, representing a
year-on-year growth of 32% from US$19.7 million. Net income
rose to US$85.9 million from US$15.8 million. Fully diluted
earnings per share (EPS) was US$84.97 compared to US$18.11
in 2006.
(Logo: http://www.xprn.com/xprn/sa/200702151700.gif )
Under IFRS, proforma EBITDA, adjusted to exclude
non-cash ESOP expenses and one-time items, was US$38.3
million, representing an increase of 57% over US$24.3
million for the same period last year. XFL provides
proforma results to help investors better understand the
Company's underlying operating and financial trends.
"We continue to see rising demand for
China-focused financial information as the Chinese
financial markets mature and become more sophisticated.
Moreover, our expanded distribution platform enables us to
capture the strong growth in China's advertising
market," said XFL CEO Fredy Bush. "We will
continue to focus our efforts and resources in China's
markets and on building our market-driven information
services to leverage the opportunities ahead." added
Ms. Bush.
Due to the global attention on China, XFL's China
indices are being followed by more funds worldwide, with
total assets under management benchmarking or tracking our
China indices rising to US$108 billion at the end of
September from approximately US$27 billion a year ago. In
the last quarter, the Company has taken a number of
initiatives in response to the rising market demand and
China's dynamic development. The financial news service
increased coverage on fixed income and foreign exchange
markets related to China and other emerging countries,
while our corporate announcement distribution services,
Xinhua PR Newswire, extended its services in China to 24
hours a day to better serve clients in multiple time zones.
Furthermore, a new magazine focused on China's insurance
market was launched, creating a new channel for relevant
financial content and generating additional advertising
revenue.
The Company recently appointed Dr. Chen Chung Hsing as
head of China Ratings to lead the business's next phase of
development as the bond market undergoes regulatory changes
in preparation for the expansion of the China bond market.
Dr. Chen is a veteran of the credit ratings industry and
successfully founded Taiwan's first rating agency Taiwan
Ratings Corporation in 1997, now 51% controlled by Standard
and Poor's. He has more than 18 years of experience in
financial services, including as a regulator at Taiwan's
Securities and Exchange Commission. With respect to our
Solution's business, XFL has partnered with Fermat to
deliver software solutions to help Chinese banks on Basel
II compliance efforts before the 2010 implementation
deadline.
CFO David Wang said, "We continue to reap benefits
from our integration efforts as our business increases in
scale. The synergies generated through effective
integration between various business units have presented
more cross-selling and business opportunities for the
group. At the same time, we intend to further invest in our
business in China in order to leverage and maintain our
market leading position. "
YTD Q3 2007 vs. YTD Q3 2006 -- unit: million USD
YTD Q3 2007 YTD Q3 2006
Variance
Revenue 180.7 125.1
44%
Proforma EBITDA (1) 38.3 24.3
57%
EBITDA (2) 26.1 19.7
32%
Net Income 85.9 15.8
444%
(1) Proforma EBITDA under IFRS is EBITDA plus non-cash
ESOP expenses and
excluding one time items.
(2) Under IFRS, EBITDA for the nine months ended
September 30, 2007
includes non-cash one time charge of US$5.7m from
the revaluation of a
convertible loan, one time legal expenses of
US$0.6m and non-cash ESOP
expenses of US$5.9m.
(Notes)
A. We define EBITDA in relation to our IFRS financial
statements as profit
or loss before interest, tax, depreciation and
amortization.
About Xinhua Finance Limited
Xinhua Finance Limited ("XFL") is China's
premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock
Exchange (symbol: 9399) (OTC ADRs: XHFNY). Bridging China's
financial markets and the world, Xinhua Finance's
proprietary content platform, comprising Indices, Ratings,
Financial News, and Investor Relations, serves financial
institutions, corporations and re-distributors worldwide.
Through its subsidiary Xinhua Finance Media Limited
(Nasdaq: XFML), XFL leverages its content across multiple
distribution channels in China including television, radio,
newspaper, magazine and outdoor media. Founded in November
1999, XFL is headquartered in Shanghai, with offices and
news bureaus spanning 11 countries worldwide.
For more information, please visit
http://www.xinhuafinance.com .
This is a press release to the public and should not be
relied on as information to make an investment decision by
any investor. Investors should read the Company's
Securities Report filed to the Tokyo Stock Exchange and
consider the risk factors together with other information
contained therein when making an investment decision. This
press release contains some forward-looking statements that
involve a number of risks and uncertainties. A number of
factors could cause actual results, performance,
achievements of the Company or industries in which it
operates to differ materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements.
For more Information, please contact:
Media Contact
Xinhua Finance
Ms. Joy Tsang
Tel: +852-9486-4364 / +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
IR Contact
Xinhua Finance
Shanghai
Ms. Jennifer Chan Lyman
Tel: +86-21-6113-5960
Email: jennifer.lyman@xinhuafinance.com
Taylor Rafferty
Japan
Mr. James Hawrylak
Tel: +81-3-3221-9513
Email: james.hawrylak@taylor-rafferty.com
United States
Mr. John Dudzinsky
Tel: +1-212-889-4350
Email: john.dudzinsky@taylor-rafferty.com
2007'12.05.Wed
Nike Sells Starter to Iconix Brand Group
November 15, 2007
BEAVERTON, Ore., Nov. 15 /Xinhua-PRNewswire/ -- NIKE,
Inc. (NYSE: NKE) today announced that it has reached a
definitive agreement to sell its Starter brand to Iconix
Brand Group, Inc. (Nasdaq: ICON) for $60 million in cash.
Nike expects the transaction to be completed in December.
( Logo:
http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO )
"We're pleased to have found a buyer committed to
investing in and growing the Starter brand," said Nike
Inc. President and CEO Mark Parker. "Under Nike's
ownership, Starter has significantly strengthened its brand
and product design and development capabilities. It is a
difficult decision to divest any business, but we have
found the right buyer and this is the right choice for
Nike. Iconix is a well-respected brand builder and
manager."
Nike decided to divest Starter, acquired in 2004,
following a strategic review of the company's Exeter Brands
Group, of which Starter is the main business. As part of
the company's long-term growth strategy, Nike is optimizing
its portfolio of subsidiary brands, which contribute more
than $2 billion in annual revenues, to ensure the company
is investing in the greatest growth opportunities with the
highest returns. Exeter is the smallest subsidiary in
Nike's portfolio. Starter's growth potential relative to
other brands in Nike's portfolio, such as Converse, Cole
Haan, Hurley and Nike Golf, resulted in the decision to
divest. Nike also recently announced its intent to explore
the sale of Nike Bauer Hockey. That exploration process is
still under way.
Founded in 1971, Starter pioneered the league licensed
apparel business through agreements with Major League
Baseball, the National Basketball Association, the National
Hockey League and the National Football League. Starter is
distributed primarily in the United States through
Wal-Mart, and internationally through licensees.
Neil Cole, Chairman and CEO, Iconix, stated,
"Starter is an iconic brand that diversifies our
portfolio of holdings by moving us into the athletic
apparel, team sports and athletic footwear categories. It
is a brand with a great deal of growth potential, both in
the United States and around the world, and one which I am
confident that Iconix can quickly add a lot of value. We
are very excited to be working with Wal-Mart on this
project and believe that with their reach and our marketing
expertise Starter has the potential to become one of the
largest athletic apparel and footwear brands in the
world."
About NIKE, Inc.
NIKE, Inc. based near Beaverton, Oregon, is the world's
leading designer, marketer and distributor of authentic
athletic footwear, apparel, equipment and accessories for a
wide variety of sports and fitness activities. Wholly owned
Nike subsidiaries include Converse Inc., which designs,
markets and distributes athletic footwear, apparel and
accessories; NIKE Bauer Hockey Inc., a leading designer and
distributor of hockey equipment; Cole Haan, a leading
designer and marketer of luxury shoes, handbags,
accessories and coats; Hurley International LLC, which
designs, markets and distributes action sports and youth
lifestyle footwear, apparel and accessories and Exeter
Brands Group LLC, which designs and markets athletic
footwear and apparel for the value retail channel. For
further information about Nike visit
http://www.nikebiz.com.
About Iconix Brand Group, Inc.
Iconix Brand Group Inc. owns, licenses and markets a
growing portfolio of consumer brands including CANDIE'S
(R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE
(R), MUDD (R), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC
(R), OP (R), DANSKIN (R), ROCA WEAR(R), CANNON (R), ROYAL
VELVET (R), FIELDCREST (R) and CHARISMA (R). The Company
licenses it brands to a network of leading retailers and
manufacturers that touch every major segment of retail
distribution from the luxury market to the mass market in
both the U.S. and around the world. Iconix, through its
in-house advertising, promotion and public relations
agency, markets its brands to continually drive greater
consumer awareness and equity.
For more information, please contact:
NIKE, Inc.
Investors
Pamela Catlett
Tel: +1-503-671-4589
Media
Alan Marks
Tel: +1-503-671-2673
2007'12.05.Wed
Sponsors Release Odds for PartyBets.com Grand Slam of Darts - Live on ITV
November 15, 2007
WADE IS HUGE THREAT TO TRADITIONAL DOMINANCE OF TAYLOR AND
BARNEVELD
GIBRALTAR, Nov. 15 /Xinhua-PRNewswire/ -- PartyBets.com
is pleased to release odds for the inaugural PartyBets.com
Grand Slam of Darts, which takes place at Wolverhampton
Civic in the UK from 17th-25th November 2007. With a
300,000 pounds Sterling prize pool, the PartyBets.com Grand
Slam of Darts features 32 champions of the sport from the
PDC and BDO/WDF. Live coverage of the tournament will be
screened on both ITV1 and ITV4 in the UK with nightly
highlights. This is the first time live darts has been
broadcast on ITV for eight years. The event will also be
broadcast to audiences on television stations all over the
world.
The sponsors make Phil Taylor the 3/1 favourite to win,
narrowly followed by Holland's Raymond van Barneveld at 7/2
and will be offering betting promotions throughout the
tournament. For more see http://www.partybets.com.
A spokesman for PartyBets.com said, "In recent
years bookmakers have had no choice but to make Phil Taylor
an odds-on favourite for tournaments but the recent
emergence of James Wade as a major force in the sport and
the consistent success of Raymond van Barneveld mean the
PartyBets.com Grand Slam of Darts is wide open. All the
early money has been for Wade but that is not surprising
considering he won two major titles in less than three
months."
For outright, group, match betting and much more see
http://www.partybets.com/cgi-bin/bf.cgi?Sid=31518&l=en
.
PartyBets.com is a popular new member of PartyGaming
Plc's growing suite of online games that includes
PartyPoker.com, PartyCasino.com, PartyBingo.com,
PartyGammon.com, Gamebookers.com and EmpirePoker.com.
For more information, please contact:
Warren Lush
PartyBets.com
Tel: +44-7947307899
Email: warrenl@partygaming.com
2007'12.05.Wed
Heidrick & Struggles' Asia Pacific Region Grows by 55.0 percent in 2007 Third Quarter
November 15, 2007
SYDNEY, Australia, Nov. 15 /Xinhua-PRNewswire/ -- The
Asia Pacific region operations of Heidrick & Struggles
posted a 55.0 percent increase in net revenue in the
quarter ended September 30, 2007, with slightly reduced
margins reflecting headcount and investments being made to
further accelerate growth.
The company reported regional turnover of $US22.5
million ($A24.5 million) for the quarter while operating
income was $US4.9 million ($A5.3 million), up 10.7 percent
from the same period a year ago.
Asia Pacific Managing Partner Gerry Davis says business
is strong across all Asia Pacific offices with financial
services, industrial and consumer sectors leading the way.
"We are experiencing a significant increase in
demand for leadership assessment and succession planning,
which is driving growth in the chief executive officer and
financial services practices across the region," Davis
says.
The number of consultants has increased by 21 since
last year at this time. The firm has made changes to the
regional leadership team with the appointment of Ron Graham
as partner-in-charge of Australia and New Zealand, Jerome
Bucher and Li-Ming Wen as partners-in-charge of Shanghai
and Beijing respectively and Tek Yew Chia as
partner-in-charge of Singapore.
"With additional hires planned for 2008, these
offices are now of sufficient size and strategic importance
to merit their own leaders who will accelerate the
development of the CEO/board of directors practice, working
closely with our leadership consulting practice," Davis
says.
Consolidated quarterly net revenue for the entire firm
increased 30.7 percent to $US162.9 million ($A177 million).
Consolidated operating income increased 44.9 percent to
$US25.5 million ($A27.7 million) and net income increased
44.7 percent to $US16.1 million ($A17.5 million).
Based on the nine-month results, the company increased
its forecast for 2007 net revenue to $US600-610 million
($A653 million to $A663 million), up from its previous
guidance of $US580-595 million ($A627 to $A643 million).
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International, Inc. is the
world's premier provider of senior-level executive search
and leadership consulting services, including talent
management, board building, executive on-boarding and
M&A effectiveness. For more than 50 years, we have
focused on quality service and built strong leadership
teams through our relationships with clients and
individuals worldwide. Today, Heidrick & Struggles
leadership experts operate from principal business centers
in North America, Latin America, Europe and Asia Pacific.
For more information about Heidrick & Struggles, please
visit http://www.heidrick.com .
For more information, please contact:
Australia/New Zealand:
Thomas Liddle, communications consultant
Tel: +61-2-8205-2376
Email: tliddle@heidrick.com
Rest of Asia:
Jennifer Tow, communications consultant
Tel: +852-2526-1972
Email: jennifer@manifesto.com.hk
Outside Asia:
Eric Sodorff, director, corporate communications
Tel: +1-312-496-1613
Email: esodorff@heidrick.com
2007'12.05.Wed
Shanghai to Put Clean Energy Buses on Roads
November 15, 2007
UNDP and MOST Launch Project to Commercialize Fuel Cell
Technology and Promote Sustainable Transport to Reduce
Pollution
SHANGHAI, Nov. 15 /Xinhua-PRNewswire/ -- Starting in
2009, Shanghai will put on its roads a new fleet of hybrid
clean energy fuel-cell buses (FCBs).
(Logo:
http://www.xprn.com/xprn/sa/20061107113358-34-min.jpg )
This was announced today at an event to launch the
fuel-cell bus commercialization project between the United
Nations Development Programme (UNDP) and Ministry of
Science and Technology (MOST), supported with US$ 5.6
million from the Global Environment Facility (GEF). The
project will focus on technology transfer to reduce
greenhouse gas emissions and air pollution through
widespread commercial introduction of FCBs in urban areas
of China.
Besides the demonstration of FCBs on Shanghai's roads,
this project will support Fuel-Cell Vehicle (FCV) and FCV
related technical standards and governmental policies to
further support the development of the related industry.
"Fuel Cell Vehicles are one of the important
technologies for future development of the automobile
industry in China," said Wan Gang, Minister of MOST,
at the launch.
Fuel-Cell Vehicles have low emissions of air pollutants
such as carbon dioxide and main greenhouse gas causing
global warming. "Not only will the buses serve to
reduce the burden on the global climate change, they also
offer a new solution to reduce the dependency on imported
oil and also reduce air pollution impact on human
health," said Kishan Khoday, UNDP Assistant Country
Director in China.
Early in June 2006, UNDP provided three FCBs, now on
the streets of Beijing, running smoothly during weekdays
and following an 18.2 kilometre route through the northwest
suburbs. In Beijing and Shanghai, public buses are among the
main contributors to air pollution.
Besides bringing the fuel buses to Shanghai, the
project will especially focus on the research of the FCB
value chain and the related policy studies, including
setting up a knowledge base to analyze technical issues and
design of a national roadmap for the commercialization of
FCBs in China.
"UNDP is committed to issues of sustainable
transport and support progress through technology transfer.
Through this project, we hope to integrate sustainable
solutions like FCBs into urban planning and engaging the
role of innovation in the private sector," said
Khoday.
To facilitate the new FCB fleet and other FCBs
developed in Shanghai, facilities including a hydrogen
refuelling station will become fully operational under the
project.
Background
In its recently launched 11th Five-Year Plan for Social
and Economic Development, the Chinese government identified
alternative fuels as a potential area for growth. The
Chinese market plays an important role when it comes to
mass commercialization of technologies such as fuel cells
vehicles and other clean energy vehicles.
Coal combustion and oil consumption are the two primary
sources of air pollution in China, and constitute 90% of the
country's total energy use. As China is now the largest bus
producer and public transportation consumer in the world,
the transport sector, which relies almost entirely on oil,
is facing the challenge of developing clean and
environmental friendly vehicles.
UNDP fosters human development to empower women and men
to build better lives in China. As the UN's development
network, UNDP draws on a world of experience to assist
China in developing its own solutions to the country's
development challenges. Through partnerships and
innovation, UNDP works to achieve the Millennium
Development Goals and an equitable Xiao Kang society by
reducing poverty, strengthening the rule of law, promoting
environmental sustainability, and fighting HIV/AIDS.
http://www.undp.org.cn
For more information, please contact:
Ms. Zhang Wei
Communications Officer
UNDP China
Tel: +86-10-8532-0715
Email: wei.zhang@undp.org
2007'12.05.Wed
Wind Power Shanghai 2007 Closes Successfully
November 15, 2007
Authoritative Wind Power Event Presents Industrial
Opportunities
SHANGHAI, China, Nov. 15 /Xinhua-PRNewswire/ --
Shanghai International Exhibition Co. Ltd. announced today
that the three-day "Wind Power Shanghai 2007"
closed successfully on November 3. The event has embodied
the idea of successfully hosting exhibitions in a
professional way through the integration of exhibition and
conference, and by staging an authoritative wind power
event and by building an exchange platform for overseas and
domestic enterprises.
(Logo:
http://www.xprn.com.cn/xprn/sa/20061108114544-37-min.jpg )
Over 130 exhibitors from 18 countries and regions
presented their equipment and services covering the whole
wind power industrial chain, including wind power
generators (whole machines), spare parts/materials, project
development/operation, wind farm management, installation
and transport, financial investment, wind
forecast/meteorological institutions, authentication and
wind power industry services, covering an area of 9,000 m2
at the Shanghai International Exhibition Center. The size
of the exhibition and the attendance of major international
wind power equipment manufacturers such as Vestas, Suzlon,
GE Wind Energy, Nordex, Siemens, Asiaelectric, Scheneider
and ABB comprehensively showed the industry's confidence in
China's wind power market and indicated increasingly close
cooperative relationships between Chinese and foreign wind
power circles. The popularity of Futiannordwind, a
Sino-foreign joint venture, also seemed to demonstrate to
us that it was the future development trend of China's wind
power industry for Chinese enterprises to establish joint
ventures with foreign investors and for foreign investors
to set up exclusively owned enterprises. Also, as this is
currently the most important event in China's own wind
power industry, many well-known domestic enterprises came
to exchange wind power technology and to exhibit products.
This list included Xinjiang Goldwind Science &
Technology Co., Ltd., Shanghai Electric, Windey Engineering
Co., Ltd., Huayi Electric Co. Ltd., Zhonghang (Baoding)
Huiteng Windpower Equipment Co., Ltd., and Yongji Electric
Machine Factory.
The three-day exhibition attracted 7,127 enthusiastic
visitors from 36 countries and regions. Media competed to
report on the event and the exhibition's press center was
filled by the 62 attending media agencies that included
Xinhua News Agency, China News Service, Wenhui Daily,
Jiefang Daily SMG News Center and SINA.com.
Jiang Yiren, Chairman of the Chinese People's Political
Consultative Conference (CPPCC) Shanghai Committee, visited
the exhibition and expressed his ardent expectations,
"Holding exhibitions should have a sense of
responsibility and it should be creative. Breakthroughs
should be made in holding new exhibitions, and more
high-tech and advanced exhibitions should be held."
He also noted, "Breakthroughs should also be made in
holding less attractive exhibitions to make them bigger.
Enthusiasm is necessary for doing all kinds of work."
As an important component of this event, Wind Power
Shanghai 2007 finished all the agendas at the Sheraton
Grand Tai Ping Yang Hotel, Shanghai, and received 60
papers. 108 people delivered speeches at the three-day
event and 430 representatives from 14 countries attended.
The topics of these speeches covered domestic and foreign
policies, experience, technology, markets, forecasts and
project development and operation in relation to wind
power, wind farms at sea, investment and financing, etc.
All sectors concerned with wind power, including
governments, enterprises, research institutes and NGOs
participated and jointly made it a high-level,
high-standard wind power event.
Mr. Shi Lishan, Deputy Director of the State
Development and Reform Commission, gave a keynote speech at
the event and Huang Guancong, Vice Chairman of the Chinese
People's Political Consultative Conference (CPPCC) Shanghai
Committee also attended its opening ceremony along with
other leaders.
Wind power resources, a clean and renewable new energy,
are abundant in China. Although the wind power generation
is in its infancy here in China, its development momentum
is favourable thanks to the support of favourable policies
and there will be much room for its development in the
future. The successful delivery of this event will further
promote the healthy and rapid development of China's wind
power market and industry.
About Shanghai International Exhibition Co., Ltd.
(SIEC)
Shanghai International Exhibition Co., Ltd. (SIEC) is
jointly invested by Shanghai World Expo (Group) Co., Ltd.
and the Council for the Promotion of International Trade,
Shanghai. The SIEC was founded on July 1st, 1984 with the
approval of the Ministry of Foreign Trade & Economic
Cooperation and the People's Government of Shanghai
Municipality.
The SIEC is a full member of Union des Foires
Internationales (UFI). With the total exhibition space of
5.8 million square meters, the SIEC has held 500
international exhibitions of various themes and sizes. It
also has successfully held a number of solo exhibitions at
national level. "AUTO SHANGHAI",
"SHANGHAITEX", "CHINA CYCLE",
"FASHION SHANGHAI", "ELE/PT COMM CHINA
" are among the first eight exhibitions approved
excellent by THE EVALUATION COMMITTEE OF SHANGHAI
CONVENTIONAL & EXHIBITION INDUSTRIES.
For more information, please contact:
Shanghai International Exhibition Co., Ltd.
Tel: +86-21-6279-2828
Fax: +86-21-6545-5124
Email: info@siec-ccpit.com
Website: http://www.siec-ccpit.com
2007'12.05.Wed
Pizza Inn Announces Multi-Unit Agreement in Kuwait
November 15, 2007
20 Unit Development Plan Further Expands Chain's
International Presence
THE COLONY, Texas, Nov. 15 /Xinhua-PRNewswire/ -- Pizza
Inn, Inc. (Nasdaq: PZZI) today announced the signing of a
multi-unit development agreement to open 20 new Pizza Inn
restaurants in the country of Kuwait. Pizza Inn, famous for
its made from scratch crusts, has awarded a master license
agreement to the Raja Company W.I.I., based in Kuwait City,
Kuwait, in a continuation of the brand's expansion
throughout the Middle East and into Asia.
The Raja Group of Companies (formerly known as Raja
Trading Est.) is led by chairman Waleed Adulla Ayoub,
Managing Director Rohit Mirchandani and Director Mohit
Mirchandani. Established in 1962, the Raja Company
specializes in the region's petroleum, construction and
energy industries in addition to marketing, logistics and
food and beverage services.
"We are excited and proud to partner with the Raja
Company in Kuwait," stated Ward Olgreen, Sr.
Vice-President of Worldwide Franchising for Pizza Inn.
"The passion and business experience that Waleed and
Rohit bring to the partnership, combined with our brand
experience in the region, will make us a very formidable
team."
"This is an exciting time for our company and for
Pizza Inn. Our goal is to take the brand to new heights
throughout Kuwait," stated Rohit Mirchandani.
"We're convinced customers will love Pizza Inn in
every city where we open."
The new partnership with the Raja Company will also
utilize the support services of United Food Company, Pizza
Inn's master licensee for Saudi Arabia and Qatar. United
Food Company will serve as the training hub for Pizza Inn
restaurants in the region.
"As a company that has been franchising
internationally for over 30 years, Pizza Inn has
significant experience in supporting new master licensees
with development and operational support in addition to
supply chain management. With our Norco Restaurant Services
Division at our side we have the flexibility to fully
support any new franchise, regardless of location,"
stated Olgreen.
The news follows the chain's recent announcements of
same store sales growth in its domestic buffet category and
positive earnings for fiscal year 2007 and first quarter for
fiscal year 2008.
Pizza Inn is actively seeking new franchisees for both
international and domestic development. To learn more about
these opportunities, go to http://www.pizzainn.com for
details and contact information.
Certain statements in this press release, other than
historical information, may be considered forward-looking
statements, within the meaning of the "safe
harbor" provisions of the Private Securities
Litigation Reform Act of 1995, and are subject to certain
risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may
differ materially from those anticipated, estimated or
expected. Among the key factors that may have a direct
bearing on Pizza Inn's operating results, performance or
financial condition are its ability to implement its growth
strategies; success of its franchise operations; national,
regional and local economic conditions affecting the
restaurant industry; competition within the restaurant
industry; restaurant sales cannibalization; negative
publicity; fluctuations in quarterly results of operations,
including seasonality; government regulations; weather; and
commodity, insurance and labor costs.
Pizza Inn, Inc. ( http://www.pizzainn.com ) is
headquartered in The Colony, Texas, along with its
distribution division, Norco Restaurant Services Company.
Pizza Inn franchises approximately 346 restaurants and owns
one restaurant with annual domestic and international
chain-wide sales of approximately $145 million.
For more information, please contact:
Ward Olgreen
Senior Vice President
Pizza Inn, Inc.
Tel: +1-469-384-5250
Email: wolgreen@pihq.com
2007'12.05.Wed
RedRoller, Inc., the World's First Internet-Based Shopping Service for Shipping Packages
November 15, 2007
Completes $6 Million Financing and Begins Trading
STAMFORD, Conn., Nov. 15 /Xinhua-PRNewswire/ --
RedRoller Holdings, Inc., (OTC Bulletin Board: RROL),
formerly Aslahan Enterprises Ltd., today announced the
closing of a stock-for-stock merger with RedRoller, Inc.
The combined company will operate under the name RedRoller
Holdings and will assume and execute RedRoller's
Internet-based comparison service for shipping packages as
its sole business. RedRoller will retain senior management
led by William Van Wyck, its founder and CEO. Calibrax
Capital Advisors, LLC acted as financial adviser for this
transaction.
( Logo:
http://www.newscom.com/cgi-bin/prnh/20071114/REDROLLERLOGO
)
In contemplation of the merger, RedRoller completed a
$6 million private placement of common stock and warrants
to a group of institutional and private investors. The
company plans to use the funds to strengthen its corporate
infrastructure and product offerings. "The successful
completion of the merger and financing represents a major
milestone for RedRoller, positioning the company for
continued growth," said Van Wyck. "The financial
resources and corporate visibility provided by today's
announcement will enable us to broaden our investor base,
recruit additional key team members, accelerate the
development of our online products, and bring convenience
and savings to businesses which ship packages. We believe
there is a substantial world-wide market for RedRoller's
system, and we intend to position RedRoller as the
undisputed leader in this category."
RedRoller, Inc. was founded in 2004 by current CEO
William Van Wyck to conceive and commercialize a unique,
Internet-based comparison service for shipping packages.
The RedRoller System was designed to make shipping packages
simple and to save users time and money by providing service
comparisons that are similar to popular eTravel and eBanking
systems such as Travelocity(TM), Expedia(TM) and
LendingTree(TM), where comparisons of available services
from multiple vendors are displayed for selection. The
Package Delivery Market has been the fastest-growing
transportation segment in the U.S. for the past two decades
and at $53 billion in 2006 accounted for nearly 10% of the
nation's daily freight shipments. With the advent of the
Internet, there has been a significant increase in parcels
requiring delivery to and from U.S. businesses and homes.
According to IDC, Small businesses spent over $24.5 billion
shipping parcels in 2004.
About RedRoller
RedRoller Holdings, headquartered in Stanford
Connecticut, is the operator of an on-demand software
platform accessed via the Internet intended to enable
customers to compare various carriers' services and select
the best available value which meets their shipping needs,
thereby saving time and money when shipping packages. The
RedRoller System allows users to select a shipping carrier
based on the user's required delivery day and time, arrange
for package pickup or drop-off, and print authorized
bar-coded shipping labels for each listed carrier. After
preparing a package with the RedRoller System, a user
simply attaches the authorized computerized shipping label
to the package to be shipped. If a carrier pick-up was
selected, the carrier will pick up the package from the
user's location or alternatively, the user drops the
package at a local drop-off location for that carrier. The
RedRoller System also provides various value-added
functions for business users, including insurance options,
package tracking and shipping reports. For more information
about the company, go to http://www.redroller.com .
Forward-Looking Statements
This press release contains `forward-looking
statements' within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. Although the forward-
looking statements in this release reflect the good faith
judgment of management, forward-looking statements are
inherently subject to known and unknown risks and
uncertainties that may cause actual results to be
materially different from those discussed in these
forward-looking statements including, but not limited to,
our ability to maintain our website and associated computer
systems, our ability generate sufficient market acceptance
for our shipping products and services, our inability to
generate sufficient operating cash flow, and general
economic conditions. Readers are urged to carefully review
and consider the various disclosures made by us in the our
reports filed with the Securities and Exchange Commission,
including those risks set forth in the Company's Current
Report on Form 8-K filed on November 13, 2007, which
attempt to advise interested parties of the risks and
factors that may affect our business, financial condition,
results of operation and cash flows. If one or more of
these risks or uncertainties materialize, or if the
underlying assumptions prove incorrect, our actual results
may vary materially from those expected or projected.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date
of this release. We assume no obligation to update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release.
For more information, please contact:
Investor Relations
Web: http://www.redroller.com
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