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China Jiangsu Golden Horse Steel Ball, Inc. (Pink Sheets: CJGH) (Mon, February 4th, 2008, 8:00am ET) China Jiangsu Golden Horse Steel Ball, Inc. ("Golden Horse" or "the Company") a leading Chinese manufacturer and supplier of ball bearings has announced unaudited operating results for the year ended December 31, 2007 ("FY2007").
"We had a very solid year, and we were happy to see the continued growth in our business," commented Mr. Qiang Ma, President of China Jiangsu Golden Horse Steel Ball, Inc. "We expect to continue the year-on-year net revenue growth at a rate of approximately 20% for 2008."
For the year ended December 31, 2007, the Company recorded revenue of $12.9 million, an increase of $1.4 million or 12.0% from the $11.5 million recorded in fiscal 2006 ("FY2006"). The increase in revenue is attributable to growing global demand for steel bearings as the Company had positive growth in sales from its existing customer base and was able to obtain new contracts.
The cost of production materials, labor and other indirect manufacturing costs increased by $1.6 million or 16.3% to $11.2 million for FY2007 when compared to last year. The increase is mainly due to higher direct material costs as the price for raw material steel products continue to increase as a result of higher global demand. In addition, the Company has made capital investments to improve its offering of bearing products and modernization of equipment and machinery, including the opening on the new plant in Xuyi, which will result in efficient production processes.
Gross margin for the year was $1.7 million, a decrease of 10.3% from the $1.9 million recorded in 2006. The decrease in gross margin was a result of the aforementioned higher raw materials and the costs associated with upgrading manufacturing equipment and machinery.
Selling expenses were $84,000, a decrease of $58,000 or 41.0%, general and administrative expenses were $537,000, an increase of 64.2% from $327,000, and interest expense were $236,000, higher by $74,000 or 45.6%. The increase in general and administrative -- and financial -- expenses is primarily a result of the increased business activity and the opening of the new plant during the course of the year.
FY2007, the Company recorded net income of $1.1 million, an increase of $0.3 million or 36.5% from the $0.80 million recorded in FY2006.
As at December 31, 2007, the Company had a working capital surplus of $1.4 million and a working capital ratio of 1.11. The Company has made substantial investments in equipment and machinery in 2007 that will support the growth of the business activity from a production capacity and efficiency prospective. During FY2007, the Company's operating activities generated $2.0 million in cash. Investment activities during 2007 consumed $2.3 million for the purchase of capital equipment and machinery.
During FY2007, Total Assets increased by 32.4% from $15.3 million to $20.3 million and Total Shareholder Equity increased by 19.2% from $5.8 million to $6.9 million.
About Us:
Golden Horse along with its affiliates and controlled entities is one of the top five manufacturers of steel ball bearings in China. The Company produces over three billion ball bearings annually of various specifications along with its development of over 15 new products, such as stainless steel balls, aluminum balls, and ceramics balls. In addition, the Company continues to export its products to over twenty countries worldwide including the USA, Japan, Brazil, India, and Germany.
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iVoice Technology, Inc. (OTCBB: IVOT) (Tue, February 5th, 2008, 6:05am ET) iVoice Technology, Inc. announced today that it signed a non-binding Letter of Intent to acquire Atire Technologies, Inc ("Atire Technologies"). iVoice Technology, Inc. ("iVoice Technology") previously was a wholly owned subsidiary of iVoice, Inc. (OTCBB: IVOI) prior to the spin-off from iVoice that was completed in August 2005 as a special stock dividend distribution to iVoice shareholders. The transaction, which is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement, is expected to close in May 2008. It is anticipated that Atire Technologies will merge into a wholly owned subsidiary of iVoice Technology.
Robert Williams, founder of Atire Technologies stated, "Our Company is built on the fundamental values of providing affordable superior quality products while contributing to a solution for the abundance of tires globally; we are part of the solution to an escalating environmental issue."
Atire Technologies was founded in 2005 by an HVAC contractor and his son. SoundSponge (which is patent protected) is made from 100% recycled tires. We stand behind our products with a total satisfaction money back guarantee and invite everyone to become "Part of the Solution."
According to the EPA released Scrap Tire Cleanup Guidebook, released 6/8/06; "Large scrap tire stockpiles present a risk to human health and the environment for several reasons. They provide an ideal breeding ground for mosquitoes, which carry and transmit life-threatening diseases such as encephalitis, West Nile and Eastern Equine virus, and dengue fever in some regions. Stockpiles can also catch on fire as a result of lightning strikes, equipment malfunctions or arson. State, federal and local agencies have spent tens of millions of dollars over the past few decades responding to tire fires."
Jerry Mahoney, CEO of iVoice Technology, remarked, "We are excited to be working with Atire Technologies." Mahoney added, "We continue to work to find and complete acquisitions that offer excellent growth potential, that are in viable and stable market segments and have management teams committed to success."
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S3 Investment Company, Inc. (Pink Sheets: SIVC) (Tue, February 5th, 2008, 10:00am ET) S3 Investment Company, Inc., a holding company with two subsidiaries doing business in the China market, today announced that it has received a financing commitment, which results in the S3 being fully funded for 2008 and is implementing a strategy by which the company will apply for reinstatement to the Over-the-Counter Bulletin Board (OTCBB) market. The funding covers all corporate expenses for the 2008 calendar year and would eliminate the need for any equity transactions to finance S3 operations for the year.
As part of the financing terms, S3 will complete the audited financial reports required to file for an OTCBB listing. The audited financials to be filed are expected to include annual reports for the 2006, 2007 and 2008 calendar years.
"We are pleased to have received the financing commitment that will cover all corporate expenses for 2008 and eliminate the need to use S3 stock as a funding resource for the year," stated Jim Bickel, chairman and chief executive officer of S3 Investment Company. "The deal flow that has been established by our Redwood Capital subsidiary, which includes the recently closed Dalian Chuming transaction, as well as current clients HaiJai Metallurgical Machinery Manufacturing and Wuhan International Trade College, provides significant anticipated value based on equity participation in each closed transaction. This, and the continued growth of our SINO UJE subsidiary, is expected to make 2008 another strong year for S3."
Redwood Capital participated in a recently closed acquisition transaction involving Dalian Chuming, a pork processing company with USD $70.4 million in sales in 2006, and USD $89.7 million in unaudited sales in the first three quarters of 2007. Energroup Holdings Corporation, a publicly traded Nevada corporation, acquired all of the issued and outstanding capital stock of Precious Sheen Investments Limited, a British Virgin Islands corporation ("PSI") and parent company of PRC-based Dalian Chuming.
Energroup Holdings Corporation is traded under the symbol ENHD.
S3 recently announced that the company's Board of Directors had met and began formulating a plan to dividend shares of the stock of Redwood Capital's reverse merger clients to S3 shareholders of record at a future date. Further details and plans to implement such a strategy are expected to be discussed as they are developed.
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AmeriResource Technologies, Inc. (OTCBB: ARRT) (Mon, February 4th, 2008, 6:30am ET) AmeriResource Technologies, Inc., a diversified holding company, announced today that January revenues (unaudited) for its subsidiary, BizAuctions, Inc., increased by approximately 335% over revenues for the same period in 2007.
"For the month ending January 31, 2008, revenues (unaudited) have increased to approximately $386,495 from approximately $88,844, an increase of $297,651 or 335% over the corresponding month in 2007. BizAuctions' eBay business model continues to demonstrate strong and steady growth while the Company broadens its operations. Management has made great strides in increasing gross profits while reducing monthly operating expenses and has not realized net profits on a consistent basis," comments Delmar Janovec, CEO of AmeriResource.
"BizAuctions employs two primary business models, whereby it liquidates inventory through eBay on consignment for a lucrative commission; and/or it purchases inventory at a fraction of retail price for the purpose of liquidating it for a profit. BizAuctions consigns, buys inventory, and liquidates through eBay," continues Janovec.
BizAuctions' clients have included some of the Nation's leading retail names at the forefront of their industries. With a long-term strategy to provide eBay liquidation services to Fortune 1000 enterprises, BizAuctions is a clear and lucrative solution for most any business to liquidate excess inventory on eBay.
BizAuctions' operations are designed for maximum capacity to handle most any eBay liquidation project. Whether the client is a Fortune 500 company with 1,000 items or a small business with 100 items, BizAuctions can take on most any project and recover funds from clients' excess inventory.
More information is available at www.BizAuctions.com. Investors and media can receive a free investor kit for BizAuctions, Inc. by contacting Investor Relations at investors@BizAuctions.com or (800) 961-3275.
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