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The Company estimates that revenue for the second quarter of 2010 will be
in the range of
The Company is constructing new production equipment, which management
believes should be capable of producing up to approximately 24 million units
annually at full capacity. The testing process for the new production
equipment construction is underway. Management expects the first phase of the
construction to be completed by the end of
Mr. Yue Wang, Chief Executive Officer of China Electric, said, "Our revised estimates for the second quarter reflect sustained strong demand for home appliance motors, as well as successful execution of our plan to grow our customer base. We also benefited from an increase in the average selling price during the quarter, particularly in motors used in home appliances. While we expect the strength in the market for home appliance motors to be sustainable, the second quarter is typically one of the strongest for our company and the industry from a demand perspective."
Management had previously estimated that revenue for the second quarter of
2010 would be in the range of
China Electric is finalizing its quarter-end closing process. Further
detail on the second quarter and first half results and outlook for fiscal
year 2010 will be released in
The Company's actual results of operations for the second quarter of 2010 could differ materially from the Company's estimates due to completion of its quarter closing procedures, final adjustments, final review by its independent registered public accounting firm, and other developments that may arise before our financial results for the period is finalized. See below for a discussion cautioning against reliance on forward-looking statements.
About China Electric Motor, Inc.
China Electric Motor, Inc. (Nasdaq: CELM) is a
Forward-looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995: Certain of the statements made in the press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the use
of forward-looking terminology such as "believe," "expect," "may," "will,"
"should," "project," "plan," "seek," "intend," or "anticipate" or the negative
thereof or comparable terminology. Such statements typically involve risks and
uncertainties and may include financial projections or information regarding
the progress of new product or equipment development. Actual results could
differ materially from the expectations reflected in such forward-looking
statements as a result of a variety of factors, including our ability to
maintain and increase revenues and sales of our products, our ability to
develop and market new products, our strategic investments and acquisitions,
our ability to timely develop new production equipment, compliances and
changes in the laws of
For more information, please contact: Investor Contacts: Dexter Fong China Electric Motor, Inc. Tel: +86-136-6666-1663 +1-408-476-7139 Email: dexterfong@gmail.com Simon Ze China Electric Motor, Inc. Tel: +86-755-8257-7750 Email: ze_simon@hotmail.com Investor Relations (HK): Ruby Yim Taylor Rafferty Tel: +852-3196-3712 Email: ChinaElectricMotor@Taylor-Rafferty.com Investor Relations (US): Delia Cannan Taylor Rafferty Tel: +1-212-889-4350 Email: ChinaElectricMotor@Taylor-Rafferty.com Media Contact: Jason Marshall Taylor Rafferty Tel: +1-212-889-4350 Email: ChinaElectricMotor@Taylor-Rafferty.com Investor Relations (US): John Baldissera BPC Financial Marketing Tel: +1-800-368-1217
SOURCE China Electric Motor, Inc.