Message #8 From:
NewsBot Date: April 13, 2008 11:05:15 PM
China 3C Group Enters into Supply Agreement with Wal-Mart Stores in Zhejiang Province
China 3C Group Enters into Supply Agreement with Wal-Mart Stores in Zhejiang Province
ZHEJIANG PROVINCE, China, April 8, 2008 /Xinhua-PRNewswire-FirstCall/ --
China 3C Group (OTC Bulletin Board: CHCG), a leading retailer and distributor
of consumer and business products in China, announced that the Company has
signed a wholesale supply agreement with Wal-Mart China to sell audio
electronic equipment, including radios, CD players and stereo equipment at six
Wal-Mart stores in the Zhejiang province beginning in April 2008. This
agreement provides China 3C Group with the possibility of expanding its
distribution into other Wal-Mart stores located in Eastern China as well as in
other surrounding provinces in China in the future. Including Wal-Mart's six
stores in the Zhejiang province, Wal-Mart currently has thirteen stores in
Eastern China and eighty-one stores overall in China.
Mr. Wang Zheng-gang, China 3C Chairman and Chief Executive Officer
commented, ''We are thrilled that Wal-Mart is working with China 3C to sell
our audio products in their stores. While this agreement is initially
expected to have a limited material impact to our business, we believe there
is an opportunity to expand our relationship with this retailer in the future
to include a broader range of products and increase the total number of stores
we have with this partner. Our business is well-suited to work with leading
retailers such as Wal-Mart due to our broad product selection, competitive
pricing and our ability to operate in a large number of store outlets. Wal-
Mart has a strong brand presence and operating capability in China, which we
believe can provide China 3C with a very good platform for growth in the
Zhejiang province and in other surrounding provinces in the future. We believe
this supply agreement further validates the strength of our operating model.''
Mr. Michael Chen, Wal-Mart district manager for the Zhejiang province
commented, ''Wal-Mart is pleased to reach an agreement with China 3C Group to
sell its products in our six stores in the Zhejiang province. China 3C Group
is a major provider of electronic consumer goods in Eastern China with many
leading consumer brands in its portfolio. We believe the presence of their
products in our stores has the opportunity to enhance the overall product
offering and enrich the shopping experience for our customers. We look
forward to strengthening our relationship with China 3C in the months ahead.''
About China 3C
China 3C is a leading wholesale distributor and retailer operating over
900 retail outlets in Eastern China. The Company specializes in selling 3C
products which include: cell phones and accessories, fax machines and
printers, consumer electronics, computer and computer-related products and
small home appliances. Among China 3C's primary attributes is its efficient
distribution network and rapid logistics system. For more information, visit
http://www.china3cgroup.com .
Forward-looking Statements
Certain of the statements set forth in this press release constitute
'Forward looking statements' within the meaning of the Private Securities
Litigation Reform Act of 1995. We have included and from time to time may make
in our public filings, press releases or other public statements, certain
forward-looking statements. In some cases these statements are identifiable
through the use of words such as 'anticipate,' 'believe,' 'estimate,'
'expect,' 'intend,' 'plan,' 'project,' 'target,' 'can,' 'could,' 'may,'
'should,' 'will,' 'would' or words or expressions of similar meaning. You are
cautioned not to place undue reliance on these forward- looking statements. In
addition, our management may make forward-looking statements to analysts,
investors, representatives of the media and others. These forward-looking
statements are not historical facts and represent only our beliefs regarding
future events, many of which, by their nature, are inherently uncertain and
beyond our control. There can be no assurance that such forward-looking
statements will prove to be accurate and China 3C Group undertakes no
obligation to update any forward-looking statements or to announce revisions
to any of the forward-looking statements
