Message #8 From:
NewsBot Date: March 2, 2008 07:40:12 AM
China Premium Lifestyle Announces Reverse Stock Split
HONG KONG, Dec. 7 /PRNewswire-FirstCall/ -- China Premium Lifestyle
Enterprise, Inc. (OTC Bulletin Board: CPMM) today announced that at its annual
meeting of shareholders, the shareholders of CPMM approved a reverse stock
split of China Premium Lifestyle Enterprises common stock at a ratio of 1 for
5 shares effective at the opening of trading December 10, 2007. Following the
split, the Company's common shares will trade under the new ticker symbol
'CPLY'.
Richard Lee, Chairman and CEO, stated: 'Our strong financial results of
the past year continue to prove the strength of our business plan. The 1 for 5
shares reverse stock split is intended to enhance investor's visibility into
the Company's profitability on a per share basis while also providing more
useful information in making period-to-period comparisons. The Company also
believes that a higher share price could broaden its appeal to a wider base of
investors allowing it to potentially qualify for listing on a larger stock
exchange in the future, improving stockholder value.'
The Company recently reported an approximate profit of $310,472 for the
quarter ended September 30, 2007 on approximately $26.7 million in net sales,
an 82% increase over net sales for the similar period. For the nine months
ended September 30, 2007, the company's operations generated cash resources of
approximately $9.5 million compared to approximately $1.9 million for the
similar period. The company attributed the growth in sales to its new and used
vehicle trading segment, with significant increases in deliveries of Ferrari
8-cylinder models, the F430 and F430 Spider, together with the sellout
performance of the new Ferrari 12-cylinder, the 599 GTB Fiorano.
China Premium Lifestyle Enterprise, Inc., through its 49%-owned entity,
has established itself as a leading Ferrari and Maserati importer, distributor
and dealer in Hong Kong and dealer in China, having been affiliated with
Ferrari and Maserati since 1992 and 1994 respectively. The company is
expanding its offerings to include other luxury brands and goods from around
the world, such as the John Richmond fashion line from Italy, which the
company markets to its already established customer base of high net worth
Chinese individuals.
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements made on behalf of the Company and its
subsidiaries. All such forward-looking statements are, by necessity, only
estimates of future results and actual results achieved by the Company may
differ materially from these statements due to a number of factors. Any
forward-looking statements speak only as of the date made. Statements made in
this release that are not purely historical are forward-looking statements,
beliefs, plans, expectations or intentions regarding the future. Risk factors
that may cause results to differ from projections include, without limitation,
loss of suppliers, loss of customers, inadequate capital, competition, loss of
key executives, declining prices, and other economic factors. The Company
assumes no obligations to update these forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors affecting
such statements. Investors should independently investigate and fully
understand all risks before making investment decisions.
Contact: C&H Capital, Inc Jason Assad 678-570-6791 jwassad@bellsouth.net
