SOURCE: China Crescent Enterprises, Inc.

August 15, 2008 09:42 ET

China Crescent Enterprises, Inc. Reports Substantial YTD Net Income Growth and Revenue on Track to Meet 2008 $50 Million Forecast

Webcast Scheduled at 4:15 EDT Tuesday, August 19, 2008 to Review YTD Performance and 2008 Outlook

DALLAS, TX--(Marketwire - August 15, 2008) - China Crescent Enterprises, Inc. (OTCBB: CCSE) today announced that the Company has filed SEC Form 10-Q reporting the Company's performance for the first six months of 2008. China Crescent reported $19.2 million in revenue for the first six months of 2008, reflecting an 11% increase in revenue over the first six months of 2007. Notably, net income for the first six months of 2008 was $321 thousand compared to a loss of $22 thousand for the same period last year. China Crescent management has forecasted a 2008 revenue target of $50 million.

"The Company's net income performance is better than anticipated," said Paul Danner, Company CEO. "China Crescent is an early stage business and our first priority has been establishing an initial revenue footprint. China is a big economy and establishing an operation of some mass is important. We are on track to meet our $50 million revenue forecast. Remember, we historically have higher revenue in the second half of the year. And being on track to meet our revenue forecast, we are working on our bottom line and having results earlier than expected."

Additional Financial Highlights

--  Revenue for 2nd quarter 2008 increased 5% from 2nd quarter 2007
    ($10.7m v. $10.2m)
--  Net income (before currency translation) for 2nd quarter 2008 was
    $265k compared to a loss of $5k for 2nd quarter 2007
--  Stockholders' equity increased 45% from same quarter last year ($3.7m
    v. $2.6m)
    

Second Quarter Financial Webcast

China Crescent management will review YTD financials in a Webcast scheduled for 4:15 PM EDT on Tuesday, August 19, 2008. The Webcast can be accessed at http://www.investorcalendar.com/IC/CEPage.asp?ID=129836.

Further Information on China Crescent Enterprises

China Crescent is a U.S. corporation currently providing Information Technology infrastructure in China to both the private and public sector. The Company recently changed its name to better position itself in the Chinese market, and a Fact Sheet on the Company's updates and operations is now available.

If you are interested in receiving a copy of the Fact Sheet, please email or call China Crescent Investor Relations at ir@chinacrescent.com or 214-722-3065, with your full name, telephone number, e-mail address, city, state and country.

Corporate E-mail Updates

To be added to China Crescent's e-mail database to receive company updates or to obtain more information on the Company, please send an e-mail to ir@chinacrescent.com or call 214-722-3065.

About China Crescent Enterprises, Inc. (www.chinacrescent.com)

China Crescent Enterprises, Inc. is a technology leader in the rapidly developing Chinese market specializing today in software engineering, high quality software development and digital multimedia outsourcing services delivered to customers globally. At the same time, the firm is a systems integrator and value added reseller of major global hardware brands in the Chinese domestic market.

Headquartered in Dallas with operations in Shanghai and Beijing, China Crescent bridges the gap between Western and Eastern business cultures to assist western clients in realizing the advantages of the high quality, low cost technology products and services available from China. China Crescent also assists Western clients in localizing products and services to realize the tremendous growth potential available by expanding into the Chinese Market.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause China Crescent's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

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