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CH Lighting International Corp.: China Lighting International Corporation Says Domestic Sales Growth Spurred Significant Gains

^{Published on 2008-12-30 14:43:24, Last Modified on 2008-12-30 14:44:43 - Market Wire}
 

JINHUA, CHINA--(Marketwire - December 30, 2008) - CH Lighting International Corporation (OTCBB: [ CHHN ]), one of the world's leading designers, manufacturers and exporters of a wide variety of fluorescent lighting products and a leading company in China in the rapidly growing special light source market, today reported significant gains in sales and net income for its fiscal year ended September 30, 2008.

According to the Company, revenues in the year ended September 30, 2008 increased to $90,864,000, from $32,379,000 in the year ended September 30, 2007, a gain of approximately 181%. Reflecting the Company's decision to expand its innovative, environmentally friendly lighting products in the domestic Chinese market, sales in China grew 373.72% to $55,000,000 compared with $13,077,000 in the prior fiscal year. Over the same time, overseas revenue increased more than 83% from $19,302,000 to $35,454,000.

The increase in net income in fiscal 2008 was dramatic, as it grew to $14,408,000 or $0.15 per share on 98,621,918 shares outstanding from $1,969,000 or $0.02 per share on 93,000,000 shares outstanding in the period ended September 30, 2007.

Comprehensive income in the period ended September 30, 2008, reflecting foreign currency adjustments of $1,551,000 increased to $15,959,000 compared with $2,389,000 in the prior year period.

Describing the Company's outlook for fiscal 2009, Mr. Zhao Guosong, Chairman of the Board, President and Chief Executive Officer, stated, "In light of the strong impact of the global economic downturn, we have a pessimistic and optimistic view of the year ahead. In the worst case, while we have included the international export market recession in our plans, the speed, range and depth of the recession is beyond the Company's strategy. In our optimistic case, with the Chinese domestic market not impacted by the global economic downturn -- and with the Chinese government continuing to adhere to the reduction of energy savings policy, then the Company's performance compared with 2008 will grow 15%."

About the Company

Based in Jinhua, China, CH Lighting International Corporation, founded in 1994, is a diversified designer, manufacturer and exporter of more than 1,000 types of fluorescent lighting and related products. It is the leader in China in environmentally friendly special lighting products such as Air Cleaning Lamps, Power Saving Lamps and Plant Growth, Vision Improvement and Performance Improvement Lighting Products. Additionally, its General Light Products, which account for approximately 8% of China's linear fluorescent lamp manufacturing, make it the third largest manufacturer of these products in the country. While exports of the Company's products around the world continue to grow rapidly, it is increasingly focused on domestic sales, encouraged and supported by government policies aimed at reducing power consumption and improving the environment. Additional product information is available at [ http://chlighting.com ].

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the U.S. Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

No securities regulatory authority has either approved or disapproved the contents of this news release.

 CH Lighting International Corporation (formerly Sino-Biotics, Inc.) Consolidated Statements of Operations and Other Comprehensive Income Years ended September 30, 2008 and 2007 Year ended September 30, -------------------------- 2008 2007 Note US$’000 US$’000 Operating revenues: Net sales to third parties 90,864 32,379 Cost of sales (62,340) (23,001) ------------ ------------ Gross income 28,524 9,378 Operating expenses: Selling, marketing and distribution expenses (3,071) (2,550) General and administrative expenses (6,410) (3,133) ------------ ------------ Operating income 19,043 3,695 Other income 584 401 Interest income 815 586 Interest expense (3,941) (2,518) ------------ ------------ Income before income taxes and minority interests 16,501 2,164 Income taxes expenses 5 (2,091) (195) Minority interests (2) - ------------ ------------ Net income 14,408 1,969 Other comprehensive income Foreign currency translation adjustment 1,551 420 ------------ ------------ Comprehensive income 15,959 2,389 ============ ============ Shares Shares Earnings per share: 3 Weighted average number of common stocks outstanding, basic and diluted 98,621,918 93,000,000 ============ ============ US$ US$ Net income per share of common stock, basic and diluted 0.15 0.02 ============ ============