Hi-Tech Wealth Inc. (HITW.OB), one of the leading Chinese consumer sales and marketing company’s that are engaged in both the development and distribution of digital devices, provided a business update regarding the launch of their Solar Mobile Phone in China earlier today.
According to Dr. ZhengYu Zhang, Chief Executive Officer of Hi-Tech Wealth, “In the third quarter of 2007, we delayed shipment of approximately 30,000 Solar Mobile Phone units of the 50,000 we had expected to ship in order to make manufacturing improvements and in anticipation of our next generation version, the 4500, which we expect to commence shipping in early 2008”.
He further stated: “While we are disappointed with the delay, the Solar Mobile Phones we did ship during the third quarter generated a net profit per phone despite the increased costs of manufacturing enhancements. Our sights are set on early 2008 when we expect our sales to reflect three key initiatives: a proactive Solar Mobile Phone marketing campaign to reinforce our brand leadership, expanded manufacturing capacity to quickly meet demand, and a potential new distribution channel”.
Jacques Ma, Chief Financial Officer of Hi-Tech Wealth Inc., concluded “In our experience, we have never witnessed customer demand like the initial demand for the Solar Mobile Phone. We generated over 100 orders from only one sixty-minute interactive television program in one of our test markets, for example. We believe that 2008 will be a transformative year for our Company”.
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