HARBIN, China, Jan. 5 /PRNewswire-Asia/ -- Xinyinhai Technology, Ltd. (OTC
Bulletin Board: XNYH), a market leader in China's fast-growing financial
documents printing industry, today announced that the company projects
revenues for the year ended December 31, 2008 will increase 17% year over year
to approximately $14 million, and net income for year of 2008 will increase by
30% to about $3.3 million, or $.16 per share, as compared with $2.6 million
for the same period in 2007.
"Due to the current turmoil in the global financial market and the
continue growth of the company, we have decided to pre-announce the results
for our fiscal year 2008," commented by Ms. Ling Tian, Chief Executive Officer
of Xinyinhai Technology, Ltd., "These results are preliminary and not yet
audited, however, the management feel confident that they will be very close
to the final number which will be released in early 2009."
Ms. Tian continued, "We continue to execute our expansion plan in 2008
despite of the worse financial crisis in generations. Our major clients, such
as Bank of China, Agricultural Bank of China, Postal Savings Bank of China and
China Rural Credit Union, are some of the strongest financial institutions in
China which experience tremendous growth in their deposit base and banking
customers in the past few years. They heavily depend on Xinyinhai Technology
for their growing needs for financial document printing, such as bank deposit
book and receipts, financial notes and forms. We have recently moved into our
brand new, 20,000 square meters manufacture facility in order to meet the
existing and future order flow from our clients."
"While we are very confident in the fundamental of our business, we have a
big catch up to do in terms of communicating our story with the investors
community. We feel that our current stock price, which is less than 2 times
of our 2008 earning per share, is grossly undervalued," concluded Ms. Tian,
"In 2009, the management expects to strengthen our investor relations effort
as well as to explore all alternatives to enhance our shareholder value."
About Xinyinhai Technology Ltd
Established in 1998, Xinyinhai specializes in printing high-end financial
documents using ISO-certified state-of-art technology and systems employing
the latest anti-falsification encryption methods. Its clients include many of
China's premier financial institutions, including the largest state-owned
banks (Bank of China, China Construction Bank, and Agricultural Bank of China,
Postal Savings Bank of China, the China Rural Credit Union, and China Domestic
City Commercial Bank). Additional information about Xinyinhai is available at
http://www.xnyhonline.com .
For more information, please contact:
Linda Li
Tel: +86-451-8681-1118
Mobile: +86-139-4605-4506
Email: ir@hrbjinhai.com.cn
SOURCE Xinyinhai Technology, Ltd.