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(CCTR) China Crescent and (NUBLD) NuMobile, Inc. Take Next Steps to Advance $160 Million Letter of Intent Into Definitive Agreement
Sep 16, 2010 8:10:00 AM
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DALLAS, TX -- (MARKET WIRE) -- 09/16/10 -- China Crescent Enterprises, Inc. (OTCBB: CCTR) today announced the Company is taking next steps to advance its previously announced $160 million letter of intent for custom Wi-Fi devices into a definitive agreement. China Crescent has scheduled management summit meetings beginning September 27th, 2010 at its original design manufacturing (ODM) subsidiary's offices in Shenzhen, China to review progress on the $1.6 million ODM purchase order the Company received from a confidential Japanese customer for 100 sets of a special purpose Wi-Fi communication device. Based on a formal letter of intent, the Japanese customer has committed to purchase 10,000 of the custom Wi-Fi devices for a total of $160 million over the next three years, subject to the performance of the first 100 sets.
China Crescent will host management from its Greenfield Partners NuMobile, Inc. (OTCBB: NUBLD) and NewMarket Technology, Inc. (PINKSHEETS: NWMT) (OTCQB: NWMT) during the meetings. NuMobile has been selected by China Crescent to provide a key proprietary software component for the project.
Early customer reports indicate the current contract is on track to support the $160 million letter of intent being consummated into the intended contract that would result in $160 million in combined revenue to China Crescent and NuMobile. The outcome of the meetings will be reported in a Webcast presentation following the meetings.
China Crescent is a systems integration service provider of brand name technologies operating primarily in China that reported $45 million in profitable annual revenue in 2009. China Crescent reported $31.7 million in revenue for the first six months of 2010, up 87% compared to $16.9 million in revenue for the first six months in 2009. Net income increased to $1.12 million for the second quarter 2010 compared to $1.02 million for second quarter 2009 and for the first six months of 2010, net income was $1.77 million compared to $1.14 million for the same period in 2009. The Company's recent expansion into additional lines of business in China, including outsourcing services and original design manufacturing (ODM), has contributed to the growth.
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About NuMobile, Inc. (www.numobileinc.com)
NuMobile is building a portfolio of security and software solutions for the global mobile computing and smartphone market. Through a roll-up strategy, NuMobile plans to acquire and develop mobile computing solutions for a variety of applications, including mobile banking, for the global marketplace. The demand for mobile security and software applications is being driven in large part by the growing number of mobile phone sales into emerging economies that currently do not have substantial access to the Internet via desktop computing. Already in North America, the Company has also forged a partnership in the Chinese market and is developing a plan for the emerging economies of Latin America and East Africa. NuMobile is a SEC fully-reporting public company listed on the Over-the-Counter Bulletin Board.
About China Crescent Enterprises, Inc. (www.chinacrescent.com)
China Crescent is a systems integration service provider that markets technology outsourcing services in China including the sale and service of brand name technologies such as Microsoft, Cisco, IBM, HP and Dell. Following a strategic acquisition last year, the Company expanded its business line to include original design manufacturing (ODM). China Crescent reported $45 million in profitable revenue in 2009 after reporting over $40 million in revenue for both 2007 and 2008 and has set a goal of reaching $100 million in revenue in 2010.
Headquartered in Dallas with operations in Shanghai, Shenzhen, Dalian and Beijing, China Crescent bridges the gap between global business cultures to assist clients worldwide realize the advantages of the ...
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