BEIJING, June 24 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation ("Telestone") (Nasdaq: TSTC), a leading developer and provider of wireless communication coverage solutions in the People’s Republic of China, today announced improved results in its account receivable management and collection. Up to RMB 22 million of overdue amounts in accounts receivable of Telestone have been collected during the second quarter of 2009 to date, including approximately RMB 3.7 million of receivables that had been overdue for more than two years, and approximately RMB 18.5 million receivables that had been overdue for more than one year.
Telestone believes that due to its current collection management, accounts receivable turnover is improving steadily. As compared with the previous fiscal quarter, Telestone anticipates that accounts receivable turnover of the current quarter would improve by approximately 30 percent.
The CEO of Telestone states, "We have been taking a variety of measures to collect accounts receivable. It is of great importance to our company to effectively utilize capital and, therefore, improve the earning capacity of the company’s assets. Telestone anticipates that it will continue to speed up the turnover of accounts receivable to improve our performance in the second fiscal quarter and the 2009 fiscal year."
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.
Safe Harbor Statement
Statements about Telestone’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 Telestone’s actual results could differ materially from expected results. In reflecting subsequent events or circumstances, Telestone undertakes no obligation to update forward-looking statements.
For further information please contact:
Telestone Technologies Corporation
Dan Shang
Tel: +86-10-8367-0088 x1233
Email: zongbushangdan@telestone.com
Jean Wen
Tel: +86-10-8367-0088 x1232
Email: wenjing@telestone.com
