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China America Holdings, Inc. Reports
Record Revenue over 6 Million for First Quarter of 2008
May 17, 2008
China America Holdings, Inc., (OTCBB: CAAH), a
diversified holding company operating in both the United States and
China announced today the results of operations for the first
quarter of 2008 ending March 31, 2008. The Company reports revenue
of $6,507,477 in the first quarter of 2008 as compared to $32,517
for 2007.
The increase in revenue for 2008 was mainly attributable to the
acquisition of Shanghai Aohong Chemical in 2007. In addition to
posting record revenue for the first quarter, China America was
operationally profitable before non cash expenses related to third
party services of approximately $264,820. The company reported an
operating loss of $94,455 after taking into consideration that non
cash expense. Management remains confident that the company is on
track to reach profitability and to record its first profitable year
in 2008 in the company's 10 year history.
Commenting on the results Dore Perler, CEO of China America
Holdings, Inc. stated, "We continue to see improvement in top line
revenues from our Aohong subsidiary and believe the investments we
have made will further represent themselves in the coming quarters.
Reaching operational profitability before non cash items in the
first quarter is only the first step toward our goal of a profitable
2008 on a net income basis. We are excited with the first quarter
results and believe we are on track to obtain our goal of a record
year of profitability in 2008."
About China America Holdings, Inc.
China America Holdings, Inc. (OTCBB:CAAH) is a global holdings
company with operations in the U.S. and China. China America
Holdings has two operating divisions.
Shanghai Aohong Chemical Co., 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 leading
provider of biometric solutions, and micro-sensor identification
systems. Sense develops products targeting Homeland Security, and
offers solutions that improve and secure many business, military,
and personal processes. Sense owns patents and intellectual property
for a MEMS based explosives detection technology licensed through a
national government laboratory. For more information about us,
please visit our corporate website at
http://www.chinaamericaholdings.com.
Safe Harbor Statement
Statements contained herein, other than historical data, may
constitute forward-looking statements. When used in this document,
the words "estimate," "project," "intends," "expects," "believes"
and similar expressions are intended to identify forward-looking
statements regarding events and financial trends which may affect
the Company's future operating results and financial position. Such
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause the Company's actual
results and financial position to differ materially from those
included within the forward-looking statements. These risks and
uncertainties include, but are not limited to, risks associated with
doing business in the People's Republic of China; the Company's
ability to generate meaningful revenues and achieve profitable
operations; its ability to obtain necessary capital; whether
biometric fingerprint technology is accepted in the marketplace;
whether the Company is able to develop and successfully market
products incorporating MEMS technology; whether it can compete in a
challenging marketplace; and whether the Company can successfully
integrate its technology with other technologies to create
commercially viable products. Additional risks and uncertainties are
set forth in the Company's SEC filings including its Annual Report
on Form 10-KSB and registration statements filed under the
Securities Act of 1933, as amended.
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