China Crescent Enterprises, Inc. (OTCBB: CCTR) recently announced signing a letter of intent agreement for an anticipated $15 million outsourcing contract. The contract is scheduled to be finalized within the 4th quarter of 2009.
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This would be the Company's second large outsourcing contract in China this year. China Crescent recently announced a $30 million contract signed with Beijing Chuangzhitongda Technology Development. China Crescent has been marketing a new outsourcing service since the beginning of this year to increase the Company's percentage of sales from recurring revenue and improve the gross margins. The Company has scheduled a senior management outsourcing summit October 12th in Shanghai intended primarily to focus on finalizing the anticipated $15 million contract. The non-binding letter of intent was previously announced last week. Today the Company has announced the anticipated three-year contract would generate approximately $15 million in revenue for China Crescent. China Crescent reported over $40 million in annual revenue for 2008. The Company reported $17 million in revenue and an over 200% net income increase to $1.1 million for the first six months of 2009. The Company's sales are historically seasonal with its largest sales and profits usually occurring in the 4th quarter. The Company has forecasted $50 million in profitable revenue for 2009. This Thursday at 12 pm CDT China Crescent is scheduled to conduct a complimentary lunchtime presentation on its business and corporate growth strategies in Dallas, Texas this Thursday, September 24th. The main purpose of the presentation will be to detail China Crescent's plans for East Africa and the Company's recently announced upcoming Trade Mission to Kenya. However, the presentation will also include a general overview of China Crescent, with a preview of the anticipated record 3rd quarter financial results and discussion of a potential increase to the 2009 forecast. The presentation is scheduled for 12 pm CDT in North Dallas and lunch will be served. Any interested clients, vendors, or shareholders are invited to attend. A reservation is required to attend the presentation and those interested in attending the presentation should call 214-722-3060.
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