China Sun Group High-Tech Co. Reports Record Financial Results for the Quarter Ended February 29, 2008
April 15 2008 - 10:01AM
PR Newswire (US)
- Revenue Increased 167% to $7.2 Million; Net Income Up 1016% to
$2.0 Million - LIAONING PROVINCE, China, April 15
/PRNewswire-FirstCall/ -- China Sun Group High-Tech Co. (OTC:CSGH)
(BULLETIN BOARD: CSGH) ("China Sun Group"), which through its
majority-owned subsidiary Da Lian Xin Yang High-Tech Development
Co. Ltd ("DLX") has the second largest cobalt series production
capacity in the People's Republic of China ("PRC"), announced its
financial results for the third quarter of fiscal 2008. Full
details for the three-month period ended February 29, 2008 are
available on its Quarterly Report on Form 10-QSB filed with the
Securities and Exchange Commission on April 14, 2008 and is
available at http://www.sec.gov/. Q3 Financial Highlights -- Net
revenue grew 167% to a $7.2 Million -- GAAP Net income increased
1016% to $1,953,365 -- Basic and diluted earnings (loss) per share
were $0.05 compared to $(0.01) for the same period the year before
Bin Wang, Chief Executive Officer of China Sun Group, said, "Our
sterling performance in the third quarter demonstrates our ability
to increase sales quarter-over-quarter and achieve profitable
growth. Our revenue growth and substantial increase in net income
are based on a number of factors, including increased customer
demand for our products, expanded production capacity and stricter
cost control. "For example, we started batch production for lithium
cobalt oxide in February 2008 and expect to secure our first order
and begin production in May of 2008. Based on our current and
projected customer base and product lines, we are on track to more
than double our revenue and net income for the full fiscal year
2008 compared to fiscal 2007." Wang continued, "In a significant
new development, DLX has been approved to produce a new, safer and
less expensive ternary material that acts as an ideal substitute
anode material. This ternary material is not only lower in price
and safer to use but also has a longer life compared to lithium
cobalt oxide. This positions DLX to introduce this next-generation
battery component for the production of small lithium ion batteries
(used in laptops, cell phones and MP3 players), and also manganese
lithium large-capacity batteries (used in pure and electric hybrid
vehicles). The versatility of this unique material positions China
Sun Group to serve multiple commodity markets in the near future."
About China Sun Group China Sun Group High-Tech Co., ("China Sun
Group") produces anode materials used in lithium ion batteries.
Through its majority-owned operating subsidiary, Da Lian Xin Yang
High-Tech Development Co. Ltd ("DLX"), the Company primarily
produces cobaltosic oxide and lithium cobalt oxide. According to
the China Battery Industry Association, DLX has the second largest
cobalt series production capacity in the People's Republic of
China. Through its research and development division, DLX owns a
proprietary series of nanometer technologies that supply
state-of-the-art components for advanced lithium ion batteries.
Leveraging its state-of-the-art technology, high-quality product
line and scalable production capacity, the Company plans to create
a fully integrated supply chain from the primary manufacturing of
cobalt ore to finished products, including lithium ion batteries.
For more information, visit
http://www.china-sun.cn/English/Aboutus.asp. Safe Harbor Statement
The statements contained herein that are not historical facts are
considered "forward-looking statements." Such forward-looking
statements may be identified by, among other things, the use of
forward-looking terminology such as "believes," "expects," "may,"
"will," "should," or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of
strategy that involve risks and uncertainties. In particular,
statements regarding the potential growth of the markets are
examples of such forward-looking statements. The forward-looking
statements include risks and uncertainties, including, but not
limited to, the effect of political, economic, and market
conditions and geopolitical events; legislative and regulatory
changes that affect our business; the availability of funds and
working capital; the actions and initiatives of current and
potential competitors; investor sentiment; and our reputation. We
do not undertake any responsibility to publicly release any
revisions to these forward-looking statements to take into account
events or circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at http://www.sec.gov/. DATASOURCE:
China Sun Group High-Tech Co. CONTACT: Thomas Yang, Assistant to
the President of China Sun Group, U.S., +1-917-432-9350, or China,
+86-411-8289-7752, or Fax, +86-411-8289-2739, Web site:
http://www.china-sun.cn/English/Aboutus.asp
http://www.china-sun.cn/ http://www.sec.gov/
Copyright