China Sun Group High-Tech Co. Reports Record Financial Results for the Fiscal Year 2008
August 22 2008 - 9:02AM
PR Newswire (US)
- Annual Revenue Increases 206% to $25.3 Million; Net Income
Increases 1031% to $6.74 Million - LIAONING PROVINCE, China, Aug.
22 /PRNewswire-FirstCall/ -- China Sun Group High-Tech Co.
(OTC:CSGH) (BULLETIN BOARD: CSGH) ("China Sun Group"), which
through its wholly-owned subsidiary Dalian Xinyang High-Tech
Development Co. Ltd ("DLX") has the second largest cobalt series
production capacity in the People's Republic of China (PRC), today
announced its record-breaking financial results for the fiscal year
ended May 30, 2008. Full details are available on its Annual Report
on Form 10-K filed at http://www.sec.gov/. Revenue for the fiscal
year ended May 31, 2008 totaled $25,294,221, an increase of 206%,
compared to $8,275,066 for the fiscal year ended May 31, 2007. This
increase resulted from new sources of sales channels and sales to
new customers. Net income for the fiscal year ended May 31, 2008
was $6,740,126, an increase of 1,031%, as compared to $595,996 for
the fiscal year ended May 31, 2007. Basic and diluted earnings per
share were $0.13 on 53,422,971 common shares outstanding in fiscal
2008 compared to $0.01 per share on 43,422,971 common shares
outstanding in the fiscal year 2007. Bin Wang, Chief Executive
Officer of China Sun Group, said, "Fiscal 2008 has been a
monumental year of growth. We are pleased to report a 206% increase
in revenue year-over-year, surpassing our initial prediction of
100%. In June 2008, DLX became a wholly-owned subsidiary of China
Sun Group. Going forward, we shall be attributing a 100% of DLX's
profits and revenue to China Sun Group. "OEM manufacturers
relocating or opening new facilities in the PRC indicate a healthy
and rapidly emerging economy, and potentially, greater demand for
our products. For example, Japan's Diacelltec, Sanyo, Sony and
Panasonic companies have relocated their production bases and
Korea's LG, Samsung and SK companies have also opened procurement
centers in the PRC. We are poised to benefit from this trend and
anticipate increasing our sales domestically. "Further, our initial
outreach to certain potential international customers has indicated
strong interest in our products. Our agency agreement with Korea's
Project Development & Consultation Co., Ltd. to market our
products to South Korean companies is also expected to contribute
to our growing international sales. We plan to align ourselves with
industry experts to co-develop and launch the next generation
battery components. We believe the confluence of these factors will
create substantial new market opportunities to improve our sales
and continue our earnings momentum through the new fiscal year,"
enthused Mr. Wang. About China Sun Group China Sun Group High-Tech
Co., ("China Sun Group") produces anode materials used in lithium
ion batteries. Through its wholly-owned operating subsidiary,
Dalian Xinyang 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/. 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/. Contact:
China Sun Group Thomas Yang Assistant to the President Tel:
917-432-9350 (U.S.) or 86 411 8289-7752 (China) Fax: 86 411
8289-2739 e-mail: DATASOURCE: China Sun Group High-Tech Co.
CONTACT: Thomas Yang, Assistant to the President of China Sun
Group, +1-917-432-9350 (U.S.), or +86 411 8289-7752 (China), or
Fax: +86-411-8289-2739, Web site: http://www.china-sun.cn/
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