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 .