VANCOUVER, BRITISH COLUMBIA – December 1, 2015 – Crownia Holdings Ltd. (TSX-V: CNH) (“Crownia” or the “Company”) reports its financial results for the period ended September 30, 2015.
Crownia, through its wholly owned subsidiary Jinsili International Steel Holdings, Co., Ltd. (“Jinsili”), is a global specialty steel trader and distributor, which sells a wide range of specialty steel products, connecting a strategic network of Chinese steel suppliers and specialty steel customers in markets around the world. Seeking to become a leading specialty steel trader in the global markets, Crownia anticipates significant growth potential in the global specialty steel market. The Company is currently focused on expanding its network of specialty steel product suppliers in order to offer a broad range of products to customers.
Highlights of Jinsili’s financial results for the period ended September 30, 2015. For complete details of the unaudited interim consolidated financial statements and associated management’s discussion and analysis, please refer to the Company’s filings on SEDAR.
– Revenue increased from US $1,925,558 for the three months ended September 30, 2014 to US $2,896,635 for the three month ended September 30, 2015, representing a 50% quarter-over-quarter growth, as a result of continuous efforts on expanding the sales networks
– Net loss was US $615,518 for the three-month period ended September 30, 2015 compared to a net income of US $31,383 for the period ended September 30, 2014. The decrease was primarily attributed to the increased operating expenses due to the one-off listing expense arising from the completion of the Qualifying transaction as a reverse take-over.
– Working capital was US $2,634,407 for period ended September 30, 2015 improved from US $1,879,592 for year ended June 30, 2014 as a result of primarily from the proceeds raised from the concurrent financing to the Qualifying transaction and decreased net effect of accounts receivable and decreased accounts payable.
About Crownia Holdings Ltd.
As a specialty steel trading company, Crownia provides value-add by identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers. For more information, please contact Gilbert Chan at (604)488-8878 or email firstname.lastname@example.org.
On behalf of the Board of Directors,
Crownia Holdings Ltd.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans” “expects” or “does not expect”, “proposed”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company’s as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.