Contact Information: Contact: China Crescent Enterprises, Inc. ir@chinacrescent.com 214-722-3065
China Crescent Enterprises, Inc. Files Form 8-K on $30 Million Outsourcing Services Agreement
| Source: China Crescent Enterprises, Inc.
DALLAS, TX--(Marketwire - June 8, 2009) - China Crescent Enterprises, Inc. (OTCBB : CCTR )
today announced the Company has filed a Form 8-K regarding the recent $30
million outsourcing services agreement with Shanghai-based Beijing
Chuangzhitongda Technology Development. The $30 million in contract revenue
is expected to be earned over the three year contract period. Because of
the size of the agreement in relation to the Company's over $40 million in
2008 revenue, the Company has filed a Form 8-K on the material agreement.
The new outsourcing service offering is part of the Company's overall
strategy to increase margins and the percentage of its overall revenue
generated from recurring contracts. Beijing Chuangzhitongda Technology
Development is China Crescent's first outsourcing customer. China Crescent
anticipates engaging additional outsourcing customers over the course of
the year.
Company Anticipates Reporting Increased Earnings per Share in Q2 '09
Last week, the Company released a letter to shareholders from CFO Philip J.
Rauch. In the letter Mr. Rauch addresses the Company's improving
operational maturity, recent recapitalization and anticipated earnings per
share increase in the second quarter of fiscal year 2009. In 2008, the
Company reported over $40 million in revenue with more than $600,000 in net
income.
The letter is available in its entirety at:
http://finance.yahoo.com/news/China-Crescent-Enterprises-iw-15430380.html.
Outsourcing Strategy Webcast
China Crescent recently released an on-demand Webcast to present the
Company's new outsourcing services strategy and the new services' benefits
to customers, the Company and shareholders.
A link to the Webcast titled 'China Crescent Outsourcing Services Strategy
Webcast (June 2, 2009)' is available on the Company's website under
Webcasts at: http://www.newmarkettechnology.com/about-newmarket-china.htm.
Corporate E-mail Updates
To be added to China Crescent's e-mail database to receive company updates
or to obtain more information on the Company, please send an e-mail to
ir@chinacrescent.com or call 214-722-3065.
About China Crescent Enterprises, Inc. (http://www.chinacrescent.com/)
China Crescent Enterprises, Inc. is a technology leader in the rapidly
developing Chinese market specializing today in software engineering, high
quality software development and digital multimedia outsourcing services
delivered to customers globally. At the same time, the firm is a systems
integrator and value added reseller of major global hardware brands in the
Chinese domestic market.
Headquartered in Dallas with operations in Shanghai and Beijing, China
Crescent bridges the gap between Western and Eastern business cultures to
assist western clients in realizing the advantages of the high quality, low
cost technology products and services available from China. China Crescent
also assists Western clients in localizing products and services to realize
the tremendous growth potential available by expanding into the Chinese
Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause China Crescent's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.