TORONTO, ONTARIO — (Marketwire) — 04/30/12 — Symax Lift (Holdings) Co. Ltd. (TSX VENTURE: SYL) („Symax“ or the „Company“) announces its financial results for the three-month period and fiscal year ending December 31, 2011.
Highlights
„Symax Lift is extremely proud of our growth and success with our new Dingtai product line, which last year represented 60% of our total sales. This product-s success has allowed Symax to grow during this period of slowing economic activity and reduced real estate construction,“ stated Ms. Sabrina Zhang, CEO of Symax. „As part of our initiatives to sustain growth, we have undertaken a plant construction at Wanzhou to service the Southern and Western regions of China where government housing developments remain strong. We have also been investing in our sales and service network throughout China.“
In addition to the significant contribution of the Dingtai product line during 2011, sales also increased from 49% higher exports, rebranding from the Sanyo brand and higher sales from installation and parts.
SUMMARY FINANCIAL STATEMENTS
Gross margins were lower during 2011 due to higher sales of the lower margin Dingtai product as well as from higher cost of motors during the year. The higher motor costs was a temporary factor and these prices have since returned to more normal levels.
During 2011, the Company-s cash position increased to $3.8 million primarily due to higher profitability, increased loans, receivables and notes payable. The Company used $1.4 million of its cash flow to purchase land use rights as part of its expansion in Wanzhou.
About Symax Lift Holdings
Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax-s products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.
This news release contains certain statements that may be deemed „forward-looking statements“. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words „expects“, „plans“, „anticipates“, „believes“, „intends“, „estimates“, „projects“, „potential“ and similar expressions, or that events or conditions „will“, „would“, „may“, „could“ or „should“ occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company-s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements, except as required by law, in the event that management-s beliefs, estimates or opinions, or other factors, should change.
Contacts: EWC Corp. Robert Wilson 416-666-4005
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