SOURCE: China INSonline Corp.

May 16, 2008 08:30 ET

China INSOnline Corp. Reports Record Financial Results for Three and Nine Month Period Ended March 31, 2008

Management Continues to See Rapid Growth Ahead for Fiscal 2009

BEIJING--(Marketwire - May 16, 2008) - China INSOnline Corp. (OTCBB: CHIO) (the "Company"), an integrated licensed insurance services provider operating a leading industry web portal www.soobao.cn in the People's Republic of China, announced today the Company has filed a 10-Q form reporting financial results for the third quarter of fiscal year 2008.

Revenues for three months ended March 31, 2008 were $3,345,933, resulting in gross profit of $2,607,268, income from operations of $2,301,748 and net income of $1,610,186, or $0.04, exclusive of $374,563 gain on foreign currency translation.

For nine months ended March 31, 2008, revenues reached $8,646,686, resulting in gross profit of $7,623,409, income from operations of $7,046,984 and net income of $5,648,389, or $0.18, exclusive of $560,144 gain on foreign currency translation.

At March 31, 2008, total assets were $11,548,016 and shareholder equity was $8,147,297, representing increases from December 31, 2007 of 52% and 32% respectively. Cash and equivalents were $2,885,743 and net working capital was $5,161,273 as of March 31, 2008.

Mrs. Betty Xu, Chief Executive Officer of China INSOnline Corp., commented, "We are pleased to report the results of another successful quarter with record revenues and very high profit margins. Our online network business model appears ideally fit for the rapidly growing Chinese insurance market, resulting in consistent expansion of our base of agents and customers."

Mr. Zhenyu Wang, Chairman of the Board, elaborated, "Our strong proprietary software platform positions us extremely well for continued rapid growth."

Following a reverse merger transaction in December 2007, the Company has recently completed its first nationwide investor road show in the U.S. The Company's presentation from the road show is available at http://www.china-insonline.com/newspdf/roadshow-presentation.pdf.

About China INSOnline Corp.:

China INSOnline Corp., incorporated in Delaware and headquartered in Beijing, is a rapidly growing licensed insurance agency in The People's Republic of China. Representing major insurance underwriting firms in China, the Company offers online automobile, property and life insurance services through its industry web portal, www.soobao.cn. The Company's online platform also provides consumers, agents and insurance companies with online transaction capabilities, advertising, online inquiry, news circulation, statistical analysis and software development services.

"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 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.

Contact Information

  • Contact:

    Alan Stone & Company LLC
    Alan Stone
    Managing Director
    (212) 521-4102
    astone@alanstone.com
    www.AlanStone.com

    Stephen Pollack
    Director
    (212) 949-1476

    John S. Keffalas
    Senior Associate
    (949) 233-2972