TORONTO, ONTARIO — (Marketwire) — 11/29/12 — Symax Lift (Holdings) Co. Ltd. (TSX VENTURE: SYL) („Symax“ or the „Company“) announces its financial results for the three-month period ending September 30, 2012.
Highlights
„With our Dingati and new Green elevator products, Symax is continuing to grow its market position in government housing developments and the domestic Tier 3 and 4 cities marketplace,“ stated Ms. Sabrina Zhang, CEO of Symax. „The set-up of Symax Stairlift will enable the Company to expand its product lines and is expected to contribute to Symax sales and net income increase in the near future.“
With the launch of the Green product line, the company experienced an increase in exports during this quarter to 16% of sales compared with 4% in the same period of 2011. This higher level of exports contributed to higher margins during the quarter.
Symax maintains a strong balance sheet with $4.6 million in cash and total loans of $8.2 million.
Expansion Initiatives
Symax establish a wholly-owned subsidiary – Symax Stairlift to develop, manufacture and distribute residential and commercial accessibility equipment for people with mobility challenges. Symax Stairlift is expected to launch its products in the second quarter of 2013.
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: Symax Lift (Holdings) Co. Ltd. Mary Ma CFO 604.601.8224
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