$2.5 million in August 2010 Sales Exceed Management Expectations
SHISHI, China, Sept. 13 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a China-based manufacturer of Mingxiang(R) seafood-based snack foods, "Hi-Power" marine algae-based beverages, and distributor of frozen marine catch, today announced $2.5 million of Hi-Power beverage sales for the month ended August 31, 2010.
China Marine has made a commitment to investors and analysts to provide monthly sales figures for the Company's Hi-Power beverage business acquired in January of 2010. Sales of Hi-Power beverages exceeded management expectations for August due to increased restocking orders over the summer months in China and the results of its ongoing television and print advertising campaigns.
On the Company's August 10 second quarter conference call, the Company reported $2.2 million in July 2010 sales giving the Company $12.8 million in sales through July 31, 2010. Including the $2.5 million in sales for the month of August, year to date sales of Hi-Power beverages were $15.3 million as of August 31, 2010. China Marine has currently provided investors with $20.0 million in revenue guidance of Hi-Power sales for the year which it has announced it may consider increasing as the year progresses.
"We are very pleased with the continued growth of Hi-Power beverages and the pace at which Hi-Power distributors restocked the beverages over the summer months," began Mr. Pengfei Liu, Chairman and CEO of China Marine.
"Hi-Power has become a meaningful contributor to our revenue this year and we are pleased to report our distributors and retailers are very confident on
Hi-Power sales which will continue on this strong growth trajectory this year and into next."
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang(R) seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang(R) brand as a category leader in 2,900 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
For more information, please contact:
Company
Mr. Marco Hon Wai Ku, CFO
China Marine Food Group Limited
Suite 815, 8th Floor
Ocean Centre, Harbour City
Kowloon, HONG KONG
Tel: +852-2111-8768
Email: marco.ku@china-marine.cn
Web: http://www.china-marine.cn
Investor Relations
John Mattio, SVP
HC International, Inc.
Tel: US +1-203-616-5144
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
