SOURCE: China Infrastructure Investment Corporation

February 12, 2010 08:00 ET

China Infrastructure Investment Reports Second Quarter Net Income Grew 526% Compared With the Same Period Last Year

Revenues in the Period Were Affected by Severe November Snowstorm, but Offset by Decreased Maintenance and Interest Expense

BEIJING--(Marketwire - February 12, 2010) - China Infrastructure Investment Corporation (NASDAQ: CIIC), which operates the Pinglin Expressway in Henan Province in central China, today reported substantial profit growth in its second quarter ended December 31, 2009 compared with results in the same period last year despite disappointing revenues in the period.

According to the Company, a severe snowstorm in November, 2009, which disrupted air, road and rail transportation for a lengthy period, led to an 8.2% reduction in average daily traffic volume units in the three month period ended December 31, 2009, compared with the same period in 2008. In turn, revenues in the current fiscal year second quarter declined to $11,606,494 from $12,101,788 in the same period last year.

At the same time, the Company reported that an associated 46% decline in operating costs of the toll operations and a nearly 20% decline in interest costs in this year's second quarter compared with the prior year period, helped increase net income 526% to $1,771,445 or $0.02 per share, for the three month period ended December 31, 2009 from $282,583 or $0.00 per share in the second quarter last year.

For the six months ended December 31, 2009 the Company said net income grew to $4,706,454 or $0.06 per share from $3,593,101 or $0.04 per share, in last year's first half, despite a decrease in revenues from $27,502,808 to $25,185,736 in the comparable six month periods.

Growth Outlook Maintained

The Company's Chairman and CEO, Mr. Li Xipeng, commented, "We are very pleased with the substantial advance we achieved in net income in both the second quarter and six month periods. Further, we continue to anticipate that barring unusual events such as the November snowstorm, toll growth on the Expressway should accelerate in 2010 in line with China's gradually improving economy, especially in the Henan province where the urbanization process is ongoing."

SEE ATTACHED TABLES

About China Infrastructure Investment Corporation:

China Infrastructure Investment Corporation, incorporated in Nevada, USA and headquartered in Henan Province, China, focuses on investing in, constructing, operating and managing infrastructure development projects in China. The Company currently operates the Pinglin Expressway, a 106-kilometer (66 miles) dual carriageway four-lane toll road in the central province of Henan. The Expressway is an important passage from the northwest region to the southeast coastal region of China. The Company is actively pursuing additional development opportunities in infrastructure projects, including expressways, electricity, water supply and bio fuel facilities. For more information, please visit www.ciicusa.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 alternative new routes and modes of transportation, pricing and new technology; changes in consumer preferences, and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of maintenance and construction, and other factors such as those discussed in the Company's reports filed with the Securities and Exchange Commission. 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.

                CHINA INFRASTRUCTURE INVESTMENT CORPORATION
        (FORMERLY LEARNING QUEST TECHNOLOGIES, INC.) AND SUBSIDIARIES
           CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                                (UNAUDITED)

                            Three Months Ended         Six Months Ended
                               December 31,              December 31,
                            2009         2008         2009         2008
                        -----------  -----------  -----------  -----------

REVENUES                $11,606,494  $12,101,788  $25,185,736  $27,502,808

OPERATING COSTS           1,309,615    2,466,673    2,087,778    3,671,134

DEPRECIATION AND
 AMORTIZATION             2,101,442    1,792,717    4,489,220    3,892,036
                        -----------  -----------  -----------  -----------

GROSS PROFIT              8,195,437    7,842,398   18,608,738   19,939,638

General and
 administrative
 expenses                 1,111,695    1,501,042    2,480,214    2,842,944
                        -----------  -----------  -----------  -----------

INCOME FROM OPERATIONS    7,083,742    6,341,356   16,128,524   17,096,694

OTHER INCOME (EXPENSES)

  Interest expense       (7,075,935)  (8,918,410) (14,542,137) (18,181,363)

  Interest income         2,143,809    2,768,605    4,269,607    5,538,004

  Other income, net         216,917      185,226      499,891      440,838
                        -----------  -----------  -----------  -----------

INCOME FROM OPERATIONS
 BEFORE INCOME TAXES      2,368,533      376,777    6,355,884    4,894,173

INCOME TAX EXPENSE         (597,088)     (94,194)  (1,649,431)  (1,301,072)
                        -----------  -----------  -----------  -----------

NET INCOME                1,771,445      282,583    4,706,454    3,593,101
                        -----------  -----------  -----------  -----------

OTHER COMPREHENSIVE
 INCOME

  Foreign currency
   translation gain           9,908       29,394      200,902      458,246
                        -----------  -----------  -----------  -----------

OTHER COMPREHENSIVE
 INCOME                       9,908       29,394      200,902      458,246
                        -----------  -----------  -----------  -----------

COMPREHENSIVE INCOME    $ 1,781,353  $   311,977  $ 4,907,355  $ 4,051,347
                        ===========  ===========  ===========  ===========

WEIGHTED AVERAGE SHARES
 OUTSTANDING, BASIC AND
 DILUTED                 80,000,000   80,000,000   80,000,000   80,000,000
                        ===========  ===========  ===========  ===========

NET INCOME PER COMMON
 SHARE, BASIC AND
 DILUTED                $      0.02  $      0.00  $      0.06  $      0.04
                        ===========  ===========  ===========  ===========

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