- 80% growth in orders reflects strategy to increase domestic sales -
TORONTO, Feb. 1 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK), a leading China-based manufacturer of fireworks, today announced record sales for its domestic 2010 Chinese New Year selling season. Sales for the 10-week period ended January 29 were $2.0 million, representing growth of 80% when compared to $1.12 million for the corresponding 2009 Chinese New Year selling period. All of Liuyang's sales were to a domestic wholesaler network.
"Demand for consumer fireworks in China is increasing as a result of the growing middle class and the easing of sales restrictions by local governments," said Miao Hu, President and Chief Executive Officer, Liuyang Fireworks. "Through our unique packaging and innovative fireworks products, including a line of new products designed specifically for Chinese New Year celebrations, we have been able to capitalize on the growing domestic market. Our increased focus on domestic sales supports our strategy to complement our established international sales channels and drive higher revenue."
Chinese New Year, which is also known as Chinese Lunar Calendar or Spring Festival, is the most important of the traditional Chinese holidays. It begins on the first day of the first month in the Chinese calendar and continues for 15 days. In 2010, Chinese New Year festivities, celebrating the Year of the Tiger, will run from February 14 to 28. Fireworks are a critical component of Chinese New Year celebrations.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading China-based manufacturer of fireworks that are distributed domestically and in more than 20 countries in the Americas, Europe, Australia, and Southeast Asia. The Company has more than 15 years experience in the fireworks industry and is a supplier to the world's top five fireworks wholesalers and retailers. Liuyang's ISO9001-certified manufacturing facilities are located in the Liuyang area of Hunan, China where more than half of the world's fireworks are produced.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Liuyang Fireworks Limited
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