CAAH .075 + .01 - looks like they are making good progress on their new "China" business plan. This is the old SEHO.
China America Holdings, Inc. Reports Record Year End Operating Results
Revenue Climbs to $16.29 Million up From $81,000 in 2006
Apr 15, 2008 8:00:00 AM
Copyright Business Wire 2008
View Additional ProfilesFORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
China America Holdings, Inc., (OTCBB:CAAH), a diversified holding company operating in both the United States and China, announced today the results of operations for the year ending December 31, 2007. The Company reports revenue of $16,290,353 in 2007 as compared to $81,517 for 2006.
The increase in revenue for 2007 was mainly attributable to the acquisition of Shanghai Aohong Chemical in 2007. In addition to posting record revenue, China America substantially reduced its net operating loss in 2007 to approximately $1.1 million down from $3.7 million in 2006. Management believes the company is on track to reach profitability in early 2008 and to record its first profitable year in 2008.
China America Holdings begins 2008 with two majority owned China based subsidiaries. The first, Shanghai Aohong Industry Company, Limited ("Aohong"), a leading distributor of chemical fluorine products throughout Asia, is 56% owned by our company. Aohong specializes in the processing, distribution, and import/export of a variety of refrigerant and coolant products used in automobiles, air conditioning systems, refrigeration units, and fire extinguishing agents. The second, Big Tree Toys, Inc, a Chinese Toy sourcing and exporting company located in Shantou, China, is 60% owned by our company. Big Tree Toys specializes in sourcing, quality control and logistics in the toy and entertainment related industry in China with over 100,000 toys and entertainment related products. In addition, the company continues to develop and market its biometric and explosive detection products through its Sense Technologies subsidiary.
Commenting on the results, Dore Perler, CEO of China America Holdings, Inc. stated, "2008 was a year of great change as we repositioned the company for future growth and forged ahead with our acquisitions in China. These decisions have lead to record revenue, a dramatic decline in net losses and placed our company on the doorstep of profitability. China America expects continued growth in revenue and profitability for 2008. In the past year, the company has gained valuable experience working with its new partners, and we are excited by the opportunities for our company in China as we anticipate 2008 will be another record year for China America."
About China America Holdings, Inc.
China America Holdings, Inc. (OTCBB:CAAH) is a diversified global holdings company with operations in the U.S. and China. China America Holdings has three operating divisions.
Shanghai Aohong Chemical Co., based in Shanghai, China, is a distributor of assorted liquid coolants which are utilized in a variety of applications, primarily as refrigerants in air conditioning systems for automobiles, residential and commercial air conditioning systems, and a manufacturer of steel non-refillable cylinders. For more information, please visit shanghaiaohong.com.
Big Tree Toys, Inc, based in Shantou, China, is an authorized agent for thousands of toy manufacturers in China. Big Tree represents over 8,000 toy manufacturers. Our product offerings include in excess of 100,000 varieties of toy products including remote control toys, digital toys, sports toys, play sets, educational toys, dolls, and infant toys. Big Tree Toys simplifies sourcing products from China. For more information, please visit bigtreetoys.com and bigtreetoysusa.com.
Sense Technologies, Inc., based in Fort Lauderdale, FL, is a leading provider of biometric solutions, and micro-sensor identification systems. Sense develops products targeting Homeland Security, and offers solutions that improve and secure many business, military, and personal processes. Sense owns patents and intellectual property for a MEMS based explosives detection technology licensed through a national government laboratory. For more information about us, please visit our corporate website at chinaamericaholdings.com.
Safe Harbor Statement
Statements contained herein, other than historical data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with doing business in the People's Republic of China; the Company's ability to generate meaningful revenues and achieve profitable operations; its ability to obtain necessary capital; whether biometric fingerprint technology is accepted in the marketplace; whether the Company is able to develop and successfully market products incorporating MEMS technology; whether it can compete in a challenging marketplace; and whether the Company can successfully integrate its technology with other technologies to create commercially viable products. Additional risks and uncertainties are set forth in the Company's SEC filings including its Annual Report on Form 10-KSB and registration statements filed under the Securities Act of 1933, as amended.
Source: China America Holdings, Inc. |
