ZHEJIANG PROVINCE, China, Dec. 7 /PRNewswire/ -- China 3C Group (BULLETIN BOARD: CHCG) , a major retailer and distributor of consumer and business products, announced today that its subsidiary Hangzhou Sanhe Electronic Technology has signed a sales agent agreement with Shanghai Haier Trade and Industry Company Limited, a wholly-owned subsidiary of Haier Group. Under the terms of the agreement, Hangzhou Sanhe will be an authorized sales agent of Haier products in Shanghai.
China 3C CEO Zhenggang Wang said, "We are now selling Haier's refrigerators, TV, home theaters, laptops, microwave ovens and many other products in Shanghai. This agreement expands our product offerings to existing and potential customers. These new products are expected to provide China 3C Group with annual revenues of approximately $2.5 million in 2007."
About Haier
Haier Group is the fourth largest white goods home appliance manufacturers in the world and the most valuable brand in China. Founded in 1984, Haier products are sold in more than 100 countries. Haier has 240 subsidiaries and more than 50,000 employees throughout the world. Haier's focused industries include technology research, manufacturing, trade and financial services. The global revenue of Haier for 2005 was U.S. $13.2 billion. Haier Electronics Group Co., Ltd. (HKG: 1169), a subsidiary of Haier Group, is listed on the Main Board of the Stock Exchange of Hong Kong. Qingdao Haier Co., Ltd. (SHA: 600690), also a Haier subsidiary, is listed on the Shanghai Stock Exchange. For more information, visit http://www.haier.com/.
About China 3C Group
China 3C Group is a leading retail chain operating over 800 retail outlets in Eastern China. The company specializes in selling 3C products (communication, information technology and digital) in China through its subsidiary Zhejiang Yong Xin Digital Technology Co., Ltd. Among China 3C's primary attributes is its efficient distribution network and rapid logistics system. The company's goal is to become the number one retailer of 3C products in China. For more information, visit http://www.china3cgroup.com/.
A profile for investors can be accessed at http://www.hawkassociates.com/chcgprofile.aspx. For investor relations information regarding China 3C, contact Jason Yuan at (201) 963-4226, e-mail:
Forward-looking Statement: We have included and from time to time may make in our public filings, press releases or other public statements, certain statements, including, without limitation, those under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7. In some cases these statements are identifiable through the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would" and similar expressions. You are cautioned not to place undue reliance on these forward-looking statements. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts and represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control.
