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ChineseWorldNet.com, Inc. (OTCBB:
CWNOF) announced today 106% increase in revenue for its December 31,
2007 fiscal year-end
July 03, 2008
ChineseWorldNet.com, Inc. (OTCBB: CWNOF) announced today its
financial results for the year ended December 31, 2007, as filed
with the U.S. Securities and Exchange Commission on Form 20-F.
Amounts, unless specified otherwise, are expressed in U.S. dollars
and in accordance with US Generally Accepted Accounting Principles
(US GAAP).
Summary of Fiscal Year 2007
For the year ended December 31, 2007 ChineseWorldNet.com, Inc.
reported a consolidated net gain of $108,354, which included
deferred income tax recovery of $54,221, (or $0.01 gain per common
share basic and diluted) compared to the 2006 consolidated net loss
of $209,883 (or $0.03 loss per common share basic and diluted). The
increase in income was primarily the result of an increase in number
of publicly listed companies from the mining industry sector and our
business expansion towards the GCFF conference business. There was
also revenue growth from Banner Advertisements, Chinese Webpage
Design and Hosting and IR/PR Service in the year 2007. The results
of operations were in line with management¡¯s expectations.
ChineseWorldNet.com, Inc. had seen sales increase of 106% in the
year 2007 compared to the year 2006. The Company had a cash position
of $0.25 per common share as at December 31, 2007, with no other
outstanding debt from lending institutions or line of credit.
"I¡¯m pleased with the progress we made in fiscal 2007 which has been
a significant year for our Company. Sales figure had jumped
substantially and we recognize that revenue growth will require
penetration into the market of Mainland China. We have subsequent to
the fiscal 2007 established our presence in China by forming a
Chinese-Foreign Joint Venture ChineseWorldNet.com (Shanghai) Limited
having a physical office located at Pudong, Shanghai. We will
continue to move forward on the road of becoming a global leader in
communication and information gateways between investors and service
providers." said Mr. Joe Tai, the president and CEO.
Complete financial results can be obtained on-line at http://www.otcbb.com/asp/Info_Center.asp
On behalf of Board of Directors
Joe K. F. Tai
President and CEO
ChineseWorldNet.com, Inc.
ABOUT ChineseWorldNet.com, Inc.
ChineseWorldNet.com Inc. (CWN) is a financial marketing company
specialized in the Chinese investor community. CWN offers marketing
solutions, investor relations, public relations, and other
promotional services to financial service providers and public
companies intend to promote their companies to the Chinese investors
market. CWN¡¯s inter-linked services are connected through four main
elements:
ChineseWorldNet.com, the financial information portal is an in-house
developed, user-friendly, Chinese language on-line investment
platform, serving individual and institutional investors in North
America and Asia.
FORWARD LOOKING STATEMENTS
This press release includes statements that may constitute
forward-looking statements made pursuant to the purposes of the safe
harbor provided by Section 21E of the Securities Exchange Act of
1934, as amended by Public Law 104-67. Forward-looking statements
may be identified by words including "anticipate," "believe,"
"intends," "estimates," "expect," and similar expressions.
ChineseWorldNet.com, Inc. cautions readers that forward-looking
statements including, without limitation, those relating to the
ChineseWorldNet.com, Inc.¡¯s future business prospects are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements, due to factors such as those relating to economic,
governmental, technological, and other risks and factors identified
from time to time in the ChineseWorldNet.com, Inc.¡¯s reports filed
with the SEC.
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