TORONTO, Feb. 17 /CNW/ - Liuyang Fireworks Limited (TSXV: FWK), a leading China-based manufacturer of consumer fireworks,
today announced record domestic sales for its 2011 Chinese New Year
selling season. Combined record domestic sales for the 10-week period
ended January 21, 2011 were approximately $3.6 million, representing
$2.3 million from traditional product sales to domestic wholesaler
network and $1.3 million from wholesale revenue of Zhejiang Wanjia, the
wholesaler acquired by Liuyang as a Joint Venture (51% owned by
Liuyang) in 2010. The result shows 80% of increase from 2.0 million
sales for the same selling season last year.
"We are very pleased to see both company's organic growth and new
contribution from Wanjia wholesaler to our total sales number," said
Miao Hu, President and Chief Executive Officer, Liuyang Fireworks. "We
continue to capitalize on the growing domestic market through new
products offering and additional marketing efforts on target markets.
We introduced 30 new products during 2011 Chinese New Year selling
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. 2011 Chinese New Year Celebrates
the year of rabbit and it will run from February 3rd to 17th. Fireworks
are a critical component of Chinese New Year celebrations.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading China-based manufacturer of
consumer fireworks that are distributed domestically and in more than
15 countries in North America, South America and Europe. The Company
has more than 16 years of 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
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
For further information:
Chief Financial Officer
Liuyang Fireworks Limited
Tel : 416-613-0208 ext 206