China Keli Electric Company Ltd.
TSX VENTURE : ZKL

August 17, 2010 19:29 ET

China Keli Electric Co., Ltd. Announces the Financial and Operational Results of Creative Grace Limited for Year Ended April 30, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2010) - China Keli Electric Co., Ltd. (TSX VENTURE:ZKL) ("Keli" or the "Company") today announced the financial and operating results of Creative Grace Limited ("Creative Grace") for the year ended April 30, 2010. The Company acquired all of the issued and outstanding share capital of Creative Grace as its qualifying transaction and shares of the Company resumed trading on May 5, 2010. Creative Grace reports its results in Chinese Yuan (also known as "Reminbi" or "RMB"), as reported here, unless otherwise stated. These financial results were achieved prior to the transaction between Creative Grace and HSF Capital which resulted in the listing of China Keli Electric. These results are not impacted by the capital raised at the time of the transaction and represent organic growth of the non-publicly funded company prior to the transaction.

For the year ended April 30, 2010, Creative Grace reported total revenue of RMB 76,520,787 an increase of 21.9% over FY2009 (RMB 62,790,206) with income before tax of RMB 15,280,164. The Company had incurred for the year cost of sales totaling RMB 45,340,076 (RMB 37,723,095 for 2009) and SG&A of RMB 15,638,856 (RMB 13,112,648 for 2009). After accounting for other expenses of RMB 2,596,364, Creative Grace ended the year with net income of RMB 12,683,800 compared with RMB 9,757,065 in 2009 representing a 30.0% increase in net income. Diluted earnings per share for 2010 were RMB 126,838 compared RMB 97,571.

As of April 30, 2010, Creative Grace had total cash and cash equivalents of RMB 4,579,502 compared with RMB 7,695,389 as of April 30, 2009, and accounts receivable of RMB 30,351,613. On an year to year basis, Creative Grace's accounts receivable increased by RMB 10,884,392 from RMB 19,467,221 as of April 30, 2009.

Full financial results of Creative Grace for the year ended April 30, 2010 are available on SEDAR under profile of the Company at www.sedar.com.

About China Keli Electric Company Ltd.

China Keli Electric Company Ltd. is a publicly-traded company manufacturing and developing high voltage electrical switches and equipment in China.

ON BEHALF OF THE BOARD

Lou Meng Cheong
Chief Executive Officer

This press release contains forward-looking statements that include our belief as to the potential of our products. Certain risks and uncertainties such as our ability to successfully win future bidding projects could cause the Company's actual results to differ materially from those in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • China Keli Electric Company Ltd.
    George Dorin
    (604) 831-2114
    or
    China Keli Electric Company Ltd.
    Michael Raymont
    (403) 389-3488