Symax Lift (Holding) Co. (TSXV:SYL) Wins 9 Contracts Worth Approximately $11 Million to Install & Service Elevators in China - Video News Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 26, 2013 -. Symax Lift (Holding) Co.
(TSXV:SYL) wins nine new contracts, worth approximately $11 million, to supply,
install and service Dingtai and Green elevators in China. The contracts, five of
which are for government housing projects, are expected to be completed in the
first half of 2014.
InvestmentPitch.com has produced a "video news alert" about Symax Lift based on
this news. If this link is not enabled, please visit www.InvestmentPitch.com and
enter "Symax" in the search box.
These 9 contracts are in addition to the 3 contracts worth approximately $5.5
million for domestic housing projects in eastern and southeastern China, that
were announced in September and expected to be completed by the end of March
2014.
Symax, through its subsidiaries, primarily operates in the People's Republic of
China, developing and manufacturing elevators. Products include the Green
Passenger Elevator which is designed for residential building with 5 to 20
floors, the Dingtai Passenger Elevator designed for both residential and
commercial buildings with 15 to 30 floors. Other products include freight
elevators, villa elevators, escalator, walkway and stair-lifts.
Ms. Sabrina Zhang, CEO stated, "This September and October were strong months
for Symax. Amid the concern of saturation of housing markets in the Chinese tier
1 cities, we still observed continuing growth in our business based on tier 2
and 3 cities, which have led to consistent demand for elevator products. We are
particularly encouraged by the increasing demand from government housing
projects."
For the quarter ended June 30th, the company reported sales of $8.1 million,
gross profit of $2.2 million, and net income of $304,000 or $0.01 per share.
These numbers were down from the same quarter in the previous year because of
tightening of monetary policy in China in the first half of 2013 with some
customers postponing delivery of orders until the 3rd and 4th quarters of 2013.
Symax has undertaken an expansion of its domestic Chinese business with a new
manufacturing facility located in Wanzhou, Chongqing. Upon completion, this
facility is expected to double the company's production capacity by 2014. Symax
plans to set up a subsidiary in Wuxi, China to manufacture and sell stairlift
products in China. The subsidiary is expected to be established in the third
quarter of 2013 and to launch its stairlift products in the Chinese domestic
market before year end 2013. The company has also undertaken an expansion of its
service network in support of its geographic expansion.
The company currently trades at $0.08 and with 30.7 million shares outstanding,
is capitalized at $2.5 million. For a more information, please visit the
company`s website at www.symax.ca, phone Mary Ma at 604-277-6678, or email
info(at)symax.ca.
Additional information is available from Skyone International Securities in
Toronto, Ontario. Contact Michael Zheng at 416-268-6178 or email
Michael.zheng(at)skyoneisec.com.
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Unternehmensinformation / Kurzprofil:
Datum: 26.11.2013 - 16:13 Uhr
Sprache: Deutsch
News-ID 320562
Anzahl Zeichen: 4493
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Kategorie:
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