Revenue reaches $10.5 million, up over 60% sequentially from the
first quarter of 2008
China America Holdings, Inc., (OTCBB: CAAH), a holding company operating
in both the United States and China announced today the results of
operations for the second quarter of 2008 ending June 30, 2008. The
Company reports revenue of $10,457,430 in the second quarter of 2008 as
compared to $19,673 in the second quarter of 2007.
Net income for the second quarter of 2008 was $233,561 compared to a
loss of $(490,080) for the second quarter of 2007. This represents the
first quarter of profitability in the history of the company and more
importantly since the company’s decision to
move forward with its acquisition plan in China which began in 2007. The
increase in revenue and profitability for 2008 was mainly attributable
to the acquisition of Shanghai Aohong Chemical in 2007. In addition,
China America reported its second straight quarter of record revenue.
Management expects that the company will continue this trend for the
remainder of 2008.
Commenting on the results Dore Perler, CEO of China America Holdings,
Inc. stated, “We are extremely pleased to have
reached this important milestone in the history of our company. When we
embarked on our focused plan forged in early 2007, we were confident and
have been tireless in our efforts to reach the goal of profitability in
2008. We are happy to have achieved that goal in this quarter and we
expect to attain profitability for the full year. We recognize it is
only the first step in building our company for the future. As we
continue to expand Aohong and search for additional drivers to fuel
continued growth, we remain committed to achieving further improvements
in our top and bottom line performance for the benefit of our
shareholders.”
About China America Holdings, Inc.
China America Holdings, Inc. (OTCBB:CAAH)
is a holding company with operations in the U.S. and China. China
America Holdings has two operating divisions.
Shanghai Aohong Chemical Co., Ltd. based in Shanghai, China, is a
distributor of assorted liquid coolants which are utilized in a variety
of applications, primarily as refrigerants in air conditioning systems
for automobiles, residential and commercial air conditioning systems,
and a manufacturer of steel non-refillable cylinders. For more
information, please visit http://www.shanghaiaohong.com/English/index.asp.
Sense Technologies, Inc., based in Ft. Lauderdale, FL, is a provider of
biometric solutions and micro-sensor identification systems.
