BEIJING, July 10 /Xinhua-PRNewswire-FirstCall/ -- Telestone Technologies Corporation Ltd. ("Telestone" or "the company") (Nasdaq: TSTC), a leading developer and provider of wireless communication coverage solutions based in People's Republic of China, today announced its business expectations for 2008 and 2009.
Despite the anticipation of Telestone's domestic business being impacted by the Beijing Olympic Games to be held in August, in light of the Chinese telecom restructuring currently under way and the promotion plan for Telestone's new products, the Company believes that its 2008 full year revenues and net income will grow by at least 20% compared with that of 2007. With the telecom restructuring expected to be complete in 2009, Chinese telecom operators are expected to increase their capital expenditures in indoor coverage network and the Company therefore anticipates 2009 revenue increasing around 100% from that of 2008.
Mr. Han Daqing, Chairman and CEO of Telestone, commented,"The Chinese telecom restructuring and the future issuance of 3G licenses in China presents an excellent opportunity for Telestone's business development. With our advanced technologies, close relationships with the telecom operators in China and a strong management team, I believe Telestone will continue to demonstrate increasingly impressive progress in the future."
About Telestone Technologies Corporation
Telestone provides wireless communications coverage solutions primarily in the PRC. These solutions include products such as repeaters, antennas and radio accessories. Telestone also provides services that include project design, project management, installation, maintenance and other after-sales services. Telestone currently has approximately 800 employees. For more information please visit http://www.telestone.com .
Safe Harbor Statement
Statements about the Company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The Company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the Company undertakes no obligation to update forward-looking statements.
For further information please contact:
Telestone Technologies Corporation Ltd.
Fang Cui
Tel: +86-10-8367-0088 x1202
Email: cuifang@telestone.com
Nick Lee
Secretary of The Board
Tel: +86-10-8367-0088 x1002
Email: nickl@telestone.com
