China Energy Savings (NASDAQ:CESV)
Historical Stock Chart
From Jun 2019 to Jun 2024
China Energy Savings Delays 2-For-1 Forward Stock Split
HONG KONG, July 21 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc.
(NASDAQ:CESV) announces today that as a result of the recent decline in its
share price, its Board of Directors has decided to delay a 2-for-1 forward
stock split until such time as market conditions warrant. The Company will
announce a new record date for the forward split at the appropriate time.
"We recently announced record preliminary third quarter results and full-year
earnings guidance for our fiscal year ended September 30, 2005 of $1.10 per
share," said Sun Li, Chairman and CEO of China Energy Savings. "We are now
entering our peak earnings season, as conservation efforts during the Summer
months in China, when energy usage is greatest, should result in our highest
quarterly earnings ever. We intend to complete a forward stock split to improve
liquidity for our shareholders at a time when market conditions for our stock
better reflect the prospects for our business."
About China Energy Savings Technology
China Energy Savings Technology, Inc., through its ownership interest in
Starway Management Limited engages in the development, manufacture, sale, and
distribution of energy-saving products for use in commercial and industrial
settings in the People's Republic of China. According to test reports by
various PRC authorities including the National Center of Supervision &
Inspection on Electric Light Source Quality (Shanghai) issued in September
2002, Shenzhen Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection Department, the
energy saving products of Starway's subsidiaries may provide energy saving
rates ranging from approximately 25% to 45%. The energy saving projects
conducted by Starway's subsidiaries mostly relate to public or street lighting
systems, government administration units, shopping malls, supermarkets,
restaurants, factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops, small
arcades, offices and households through the sale of equipment, and the large-
scaled projects relate to large shopping malls, supermarkets, factories and
public bodies through the provision and installation of equipment over a term
usually extended for years.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press
release may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties that may cause actual results to differ materially, including the
following: changes in economic conditions; general competitive factors; the
Company's ability to execute its business model and strategic plans; and the
risks described from time to time in the Company's SEC filings.
Contact Information:
John Roskelley
President
First Global Media
480-902-3110
Ed Lewis
CEOcast, Inc.
212-732-4300
Website: http://www.cesv-inc.com/
Email:
DATASOURCE: China Energy Savings Technology, Inc.
CONTACT: John Roskelley, President of First Global Media,
+1-480-902-3110; or Ed Lewis, CEOcast, Inc., +1-212-732-4300
Web site: http://www.cesv-inc.com/