Zungui Haixi Corporation

Zungui Haixi Corporation

May 11, 2011 09:27 ET

Zungui Haixi Increases Casual Footwear Sales Orders by 53%

TORONTO, ONTARIO--(Marketwire - May 11, 2011) - Zungui Haixi Corporation (TSX VENTURE:ZUN), a China-based manufacturer of sportswear and casual footwear, announced that the dollar value of its sales orders for its casual footwear increased 53% over the previous year from its recently held sales fair. The Company showcased its higher end leather shoes for the 2011 Fall and Winter season during the semi-annual casual footwear Sales Fair held in April, 2011.

"We are pleased with the significant increase in the sales orders for the casual footwear which demonstrates both the strength of the luxury products market and the overall consumer market in China," said Mr. Yanda Cai, Chief Executive Officer of Zungui. "Our casual footwear products differentiate us from other sportswear competitors who do not offer this line of business; a high quality leather shoe that competes effectively with many of the international brands."

Zungui's casual footwear represents approximately 13% of the Company's revenue for the six months ended December 31, 2010. Casual footwear is sold through exclusive Zungui casual footwear concept retail outlets, separate from the Company's main sportswear stores. There are currently over 400 Zungui casual footwear retail outlets in the People's Republic of China.

Zungui recently announced its increase of 31% on the sports footwear and apparel sales orders from its sales fair held at the end of March, 2011 for its 2011 Fall and Winter season.

About Zungui Haixi

Zungui Haixi Corporation, through its wholly owned subsidiaries, is engaged in the manufacture and sale of athletic footwear, apparel and accessories, and also casual footwear, in the People's Republic of China. Both product lines are marketed under the ZUNGUI brand. Zungui Haixi distributes its products to consumers throughout China through an extensive network of retail outlets which exclusively carry ZUNGUI branded products. There are 62,080,400 common shares issued and outstanding. The corporate website is www.zunguihaixi.com.

Caution Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking information that involve risk and uncertainties. Statements other than statements of historical fact contained in this press release may be forward-looking statements within the meaning of certain securities laws, including, without limitation, statements involving management's expectations, intentions and beliefs concerning the domestic PRC sportswear industry, the competitive landscape in this industry and the general economy, statements regarding the future financial position or results of the Company, business strategies, proposed acquisitions, growth opportunities, budgets, litigation, projected costs and plans and objectives of or involving the Company. Such statements should be considered forward-looking statements. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "project", "continue" and similar expressions have been used to identify forward-looking statements.

These forward-looking statements reflect management's current beliefs and business judgement with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although management believes its current beliefs and assumptions are reasonable, many factors could cause Zungui's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as of and speak as of the date of this press release and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements to reflect new information, events, results or circumstances or otherwise after the date on which such statement is made as to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

Contact Information

  • Zungui Haixi Corporation
    Ms. Shelly Gobin
    Chief Financial Officer