DALIAN, China, Sept. 13 /PRNewswire-Asia-FirstCall/ -- BEFUT
International Co., Ltd. (OTC Bulletin Board: BFTI), ("Befut" or the
"Company"), a developer, manufacturer and distributor of wire and
cable products in China, today
announced that the Company will be participating in the Rodman
& Renshaw Annual Global Investment Conference scheduled to take
place on September 12th - 15th, 2010,
at the New York Palace Hotel in New York
City. The Company is currently scheduled to present on
Tuesday, September 14th at
3:40 pm Eastern Time and will be
available for investor meetings. Interested parties should contact
their Rodman & Renshaw institutional sales representative.
In addition, the Company announced today preliminary financial
results for the 2010 fiscal year ended June
30, 2010. Based on preliminary unaudited results, full year
2010 revenue and net income are expected to be approximately
$31.3 million and $4.6 million, respectively. Additional fiscal
2010 results include:
-- Cash and inventory of approximately $2.5 million and $2.5 million;
-- Total assets of approximately $67.4 million;
-- Total liabilities of approximately $27.2 million; and
-- Shareholders' equity of approximately $39.1 million.
Mr. Hongbo Cao, Chairman and CEO
of Befut said, "We are pleased to finish our 2010 fiscal year with
what we believe will be record revenue and profit for the Company.
We look forward to building upon this success in fiscal 2011."
These unaudited preliminary results are subject to further
review by the Company and audit by the Company's independent
accountants and, therefore, may change. The Company expects to
report its final, audited 2010 results in late September, at which
time it will issue a press release announcing the audited FY2010
financial results.
About BEFUT International Co., Ltd.
BEFUT International Co., Ltd. is a developer, manufacturer and
distributor of wire and cable products in China and is headquartered in the northeastern
city of Dalian with offices
throughout China. It is engaged in
the production of traditional cables used for electric power
systems, as well as high-end specialty cables, including marine
cable, mine specialty cable, nuclear cable, and petrochemical
cable. The Company's traditional cable products are primarily
focused on serving end user applications in the telecommunication,
electrical utility, and transportation (including automotive)
markets, while its specialty cable products are used for marine
building, nuclear power plants, mining corporations and
petrochemical enterprises. Befut's customer base consists of
China's largest industrial
conglomerates. The Company recently completed expansion of its
production capacity and will focus its efforts on developing and
producing sophisticated specialty cable for the Chinese market.
Safe Harbor Statement
Statements made in this news release may constitute
forward-looking statements within the meaning of the Federal
securities laws that are subject to certain risks and uncertainties
and involve factors that may cause actual results to differ
materially from those projected or suggested. Factors that could
cause actual results to differ materially from those in
forward-looking statements include, but are not limited to: (i) the
ability of Befut to obtain additional funding; (ii) the ability of
Befut to attract and/or maintain customers and (iii) the ability of
Befut to develop and commercialize new products that can compete
favorably with those of its competitors. Additional factors that
could cause actual results to differ materially from those
projected or suggested in any forward-looking statements are
contained in Befut's most recent periodic reports on Form 10-K and
Form 10-Q that are filed with the Securities and Exchange
Commission. Except to the extent required by applicable law, Befut
assumes no obligation to update and supplement forward-looking
statements because of subsequent events.
SOURCE BEFUT International Co., Ltd.
Copyright . 13 PR Newswire