Open EC Technologies, Inc. Opens 3rd China Office and Signs Additional Contracts
2008-04-02 06:00:00
Open EC Technologies, Inc. Opens 3rd China Office and Signs Additional Contracts
NORTH VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 2, 2008) – Open EC Technologies, Inc. (the “Company”) (TSX VENTURE:OCE) (PINK SHEETS:OCEIF) announced today that the Ji’nan office of its subsidiary Shenzhen Jinhuaye Software Ltd. has been established on March 15, 2008. The new office is located in the capital city of Shangdong province, a northern coastal province southeast of Beijing. The Ji’nan office has hired about 20 employees with the plan to expand the office to 50 people to generate a forecasted revenue of RMB 6,000,000 or C$ 865,000 annually.
Mr. Martyn Armstrong, President & co-CEO of Open EC Technologies states: “We are pleased to continue our expansion of office locations in China to further service our previously announced strategic relationship with Huawei Technologies in China. This is our 3rd office location in China adding to our Shenzhen, China head office and Nanjing China, development center.
Mr. Zhongdong Zhou, President of subsidiary Shenzhen Jinhuaye Software and co-CEO of Open EC states: “With this 3rd office opened and engaged in contracts, we are looking forward to opening an additional 3 development centers as customer contract opportunities like this Shandong development centre of Huawei arise. We are very encouraged at the rate of business development all areas of our China business interests.”
On March 18, 2008, the new office has been awarded two initial contracts from the Shandong development centre of Huawei valued at 450,000 RMB or C$65,000. In the 2008 calendar year the company is forecasting revenue of RMB 4,000,000 or C$ 580,000. Based on a net profit estimate of 20%, the annual net profit is estimated to be RMB 1,200,000 or C$170,000. Included in the 2008 calendar year, the estimated net profit will be RMB 800,000 or C$110,000.
About Open EC Technologies Inc.
Open EC Technologies Inc. (“OCE”) www.openec.com is a TSX Venture Exchange listed holding company specializing in the acquisition of software companies in e-business, mobile business and business to business (b2b) commerce. Our subsidiaries, SoftCare EC Solutions Inc., www.softcare.com , and Shenzhen Headware Software Systems Ltd., www.headware.cn provide software solutions to customers throughout North America and Asia. With over 400 employees in the OpenEC Group of companies we deliver global innovative software solutions to mid market through fortune 100 companies.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting either, Mr. Martyn A. Armstrong, President & CEO of the Company or Mr. Michael (Gong) Chen, CFO of the Company.
Trading in the securities of Open EC should be considered speculative. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact Open EC Technologies, Inc. |
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