Attached files
| file | filename |
|---|---|
| 8-K - SHARING ECONOMY INTERNATIONAL INC. | v175752_8k.htm |
| EX-99.3 - SHARING ECONOMY INTERNATIONAL INC. | v175752_ex993.htm |
| EX-99.2 - SHARING ECONOMY INTERNATIONAL INC. | v175752_ex99-2.htm |
Exhibit
99.1
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Company
Contact:
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Investor
Relations Contact:
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Ms.
Teresa Zhang
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Mr.
Crocker Coulson
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Chief
Financial Officer
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President
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China
Wind Systems, Inc.
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CCG
Investor Relations
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Tel:
+86-138-1194-8079
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Tel:
+1-646-213-1915 (NY office)
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Email:
teresa.zhang@chinawindsystems.com
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Email: crocker.coulson@ccgir.com
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www.chinawindsystems.com
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www.ccgirasia.com
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China
Wind Systems, Inc. Announces Preliminary Results for Fiscal Year
2009
Wuxi, Jiangsu Province, China
– February 22,
2010 – China Wind Systems, Inc. (NASDAQ: CWS) (“China Wind Systems” or
the “Company”), a leading supplier of forged products and industrial equipment
to the wind power and other industries in China, today announced preliminary
results for the year ended December 31, 2009. The Company has not completed the
audit of its 2009 financial results, and the information in this press release
is based on preliminary information. The Company will release its
audited financial information concurrently with filing its Form 10-K on or
before March 31, 2010.
For the
year ended December 31, 2009, revenue increased an estimated 26%, to
approximately $53.4 million from $42.3 million in the year ended December 31,
2008. Revenue from the sale of wind energy components exceeded 40% of total
revenue in fiscal 2009 and exceeded 52% of total revenues for the fourth quarter
of 2009. For 2009, the non-GAAP net income available to common
shareholders increased an estimated 33% to approximately $7.7 million, or $0.34
per diluted share, from $5.8 million, or $0.27 per diluted share, for the year
ended December 31, 2008. Non-GAAP fiscal 2009 net income excludes approximately
$32,000 of interest expense related to amortization of debt discount from
convertible debt and warrants, approximately $462,000 related to a deemed
preferred stock dividend, and $128,000 related to interest expense from another
debt conversion. Non-GAAP fiscal 2008 net income excludes $2.3 million of
interest expenses related to amortization of debt discount related to
convertible debt and $2.9 million related to a deemed preferred stock dividend,
and $21,000 related to amortization of debt issuance costs. Full year
2009 preliminary net income available to common shareholders was approximately
$7.1 million, or $0.31 per diluted share, up 1,087% from $598,000, or $0.03 per
diluted share, for the year ended December 31, 2008.
“In
fiscal 2009, our financial performance was primarily driven by the growth in our
forged products segment, which increased 91% to $37.9 million from $19.8 million
in fiscal 2008. We remain confident in our growth prospects, as we prepare to
launch our electro-slag remelted forged product line in March
2010.”
About
China Wind Systems, Inc.
China
Wind Systems supplies forged rolled rings and shafts to the wind power and other
industries and industrial equipment in China. For more information on the
Company, visit http://www.chinawindsystems.com.
Information on the Company’s Web site or any other Web site does not constitute
a portion of this release.
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Safe
Harbor Statement
This
release contains certain "forward-looking statements" relating to the business
of the Company and its subsidiary companies. These forward looking statements
are often identified by the use of forward-looking terminology such as
"believes, expects" or similar expressions. Such forward looking statements
involve known and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as anticipated, believed,
estimated or expected. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company’s periodic reports that are
filed with the Securities and Exchange Commission and available on its website
(www.sec.gov). All forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their entirety by these
factors other than as required under the securities laws. The Company does not
assume a duty to update these forward-looking statements.
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