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CMQ Cathay Merchant Grp.

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Share Name Share Symbol Market Type
Cathay Merchant Grp. AMEX:CMQ AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Cathay Merchant Group Inc. Completes China Trading Platform

01/07/2005 1:30pm

PR Newswire (US)


Cathay Merchant (AMEX:CMQ)
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Cathay Merchant Group Inc. Completes China Trading Platform SHANGHAI, P. R. China, July 1 /PRNewswire-FirstCall/ -- Cathay Merchant Group Inc. (AMEX:CMQ), is pleased to announce today that it has established a trading platform for the export of aluminum products for Chinese companies. This platform is completed with the acquisition of two aluminum rolling mills that have an aggregated current production of 32,000 metric tonnes of finished goods. Projected combined sales from these mills for the calendar year 2005, exclusive of trading revenues, are estimated at euro 63 million with estimated earnings before interest and taxes of euro 2.5 million.* Estimated earnings before interest and taxes ("Estimated EBIT") is computed by adding the estimated interest charge and income tax to the estimated net income. Management uses projected combined sales and Estimated EBIT as a measurement of its own operating results. Management considers them to be a meaningful supplement to net income as a performance measure primarily because taxes and interest varies widely from company to company. Estimated EBIT do not reflect the impact of a number of items that affect net income, including financing costs. Estimated EBIT are not a measure of financial performance under GAAP, and should not be considered as an alternative to net income as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Projected combined sales and Estimated EBIT have significant limitations as an analytical tool, and should not be considered in isolation, or as a analysis of our results as reported under GAAP. The aggregated purchase price for the mills was euro 15.3 million, subject to certain adjustments, and is payable by way of euro 8 million in cash and euro 7.3 million of unsecured notes. The notes are due in 2008 and bear simple interest of 4.2%. One of the mills being acquired is owned by one of our shareholders and our merchant bank, MFC Bancorp Ltd. An independent evaluation will be undertaken to confirm that the purchase price is fair. Michael Smith, President of Cathay Merchant Group Inc., commented "This acquisition both expands our operations in China and allows access to the European market as a distribution source for Chinese products. As well, it allows the company to utilize technical expertise from the existing mills to assist in integrating and growing our trading platform." Statements in this news release which are not purely historical, are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release are marked with an asterisk (*). Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the risks and uncertainties discussed in the Company's most recent annual report on Form 10-KSB and other documents filed by the Company with the Securities and Exchange Commission. In addition, our estimate of sales and earnings from the two aluminum rolling mills is subject to continued demand for the finished goods at expected levels, and to an uninterrupted supply of aluminum stock at current prices, neither of which can be assured. Revenues may be significantly affected by changes in prices for aluminum. The prices for commodity can fluctuate widely as a result of various factors beyond our control such as supply and demand, exchange rates, inflation, changes in global economics, and political, social and other factors. For more information please contact: Cathay Merchant Group, Inc., North American Corporate Relations Telephone: 604-408-8538 Facsimile: 604-683-3205 DATASOURCE: Cathay Merchant Group Inc. CONTACT: Cathay Merchant Group, Inc., North American Corporate Relations, +1-604-408-8538, fax +1-604-683-3205

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