FY 2010 Exceeds Guidance

Company Provides 2011 Guidance: $150.0+million in revenues and $27.3 million in adjusted net income

Mar. 2, 2011 (PR Newswire) --

Source: PR Newswire (March 2, 2011 - 6:02 PM EST)

China Marine has made a commitment to investors and analysts to provide monthly sales figures for the Company's Hi-Power beverage business acquired in January of 2010. Sales of Hi-Power beverages exceeded management expectations for August due to increased restocking orders over the summer months in China and the results of its ongoing television and print advertising campaigns.

On the Company's August 10 second quarter conference call, the Company reported $2.2 million in July 2010 sales giving the Company $12.8 million in sales through July 31, 2010. Including the $2.5 million in sales for the month of August, year to date sales of Hi-Power beverages were $15.3 million as of August 31, 2010. China Marine has currently provided investors with $20.0 million in revenue guidance of Hi-Power sales for the year which it has announced it may consider increasing as the year progresses.

"We are very pleased with the continued growth of Hi-Power beverages and the pace at which Hi-Power distributors restocked the beverages over the summer months," began Mr. Pengfei Liu, Chairman and CEO of China Marine. "Hi-Power has become a meaningful contributor to our revenue this year and we are pleased to report our distributors and retailers are very confident on Hi-Power sales which will continue on this strong growth trajectory this year and into next."

About China Marine

China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang(R) seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang(R) brand as a category leader in 2,900 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

    For more information, please contact:

    Company
     Mr. Marco Hon Wai Ku, CFO
     China Marine Food Group Limited
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    Investor Relations
     John Mattio, SVP
     HC International, Inc.
     Tel:   US +1-203-616-5144
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net

SHISHI, China, March 22 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a China-based manufacturer of Mingxiang(R) seafood-based snack foods, "Hi-Power" marine algae-based beverages and distributor of frozen marine catch, today announced record financial results for its fourth quarter and fiscal year endedDecember 31, 2009.

    Fourth Quarter Fiscal Year 2009 Highlights:
    -- Revenue was $24.9 million, up 85.0% from Q4 2008.
    -- Gross profit was $5.8 million, up 54.7% from Q4 2008.
    -- Operating income was $4.8 million, up 71.0% from Q4 2008.
    -- Net income was $4.4 million, up 74.1% from Q4 2008.
    -- Earnings per share were $0.18 based on 24.4 million shares.

    Fiscal Year 2009 Highlights:
    -- Revenue was $69.6 million, up 42.6% from the year ended December 31,
       2008.
    -- Gross profit was $19.1 million, up 25.9% from the previous year.
    -- Operating income was $16.2 million, up 29.8% from the previous year.
    -- Net income was $14.6 million, up 30.9% from 2008, with earnings of
       $0.60 per diluted share.
    -- Completed a new manufacturing facility during Q3 2009 which increased
       capacity from 10,000 tons to 20,000 tons per annum.

"China Marine experienced strong demand during the fourth quarter for both our processed seafood-based snack foods and marine catch product lines as retailers prepared for the Chinese Lunar New Year celebrations. The additional capacity we added during the year was instrumental in meeting our sales goals," said Mr.Pengfei Liu, Chairman and Chief Executive Officer of China Marine.

Fourth Quarter Fiscal Year 2009 Results

Total revenue in the fourth quarter ended December 31, 2009 was $24.9 million, up 85.0% from $13.5 million in the prior year's period. Sales growth was driven by increased shipments of Mingxiang(R) snack food products to distributors and by shipments of frozen marine catch to distributors in the Liaoning province. The processed seafood segment contributed $14.5 million of revenues and grew 29.7% from the fourth quarter of 2008. The marine catch product line contributed $10.4 million in revenue and increased over three-fold from Q4 2008. As previously discussed, while the Company's focus is Mingxiang(R) snack foods and beverages, China Marinewill take advantage of opportunities to drive incremental revenue growth by selling bulk orders of frozen squid to its established base of marine catch distributors.

Gross profit in the fourth quarter of fiscal year 2009 was $5.8 million, an increase of 54.7% from $3.8 million in the prior year's corresponding period. Gross margins for the processed snack food line were 33.1%, compared to 32.0% in the fourth quarter of 2008. Marine Catch margins were 10.0% versus 8.2% in the fourth quarter of 2008.

Selling, general and administrative expenses in the fourth quarter ended December 31, 2009 were approximately $1.0 million, up 5.8% from $0.9 million in the prior year's period.

Operating income in the fourth quarter was $4.8 million, with operating margin of 19.4%, a 71.0% increase from$2.8 million with operating margin of 21.0%, in the prior year's period.

Net income for the quarter ended December 31, 2009 was $4.4 million, compared to $2.5 million in the prior year's corresponding period. Earnings per diluted share were $0.18 based on 24,391,942 diluted shares outstanding.

Fiscal Year 2009 Results

Total revenue for fiscal year 2009 was $69.6 million, up 42.6% from $48.8 million for the year ended December 31, 2008. In 2009, 74.8% of revenue was generated by sales of processed seafood products, and 25.2% of revenue was generated by sales of marine catch compared to 90.9% and 9.1%, respectively in 2008. Domestic sales accounted for 97.4% of revenue in 2009, compared to 95.1% of revenue in 2008. The Company exceeded its top line revenue guidance of $60.0 million by approximately $9.6 million, or 16.0%.

Gross profit was $19.1 million in 2009, a 25.9% increase from $15.2 million in 2008. In 2009, 90.6% of gross profit was generated by sales of processed seafood products and 9.4% of gross profit was generated by sales of marine catch compared to 97.1% and 2.9%, respectively in 2008. In 2009, sales of processed seafood had a gross margin of 33.3%, and sales of marine catch had a gross margin of 10.3% compared to 33.2% and 9.9%, respectively in 2008.

Operating income totaled $16.2 million in 2009, a 29.8% increase from $12.5 million in the previous fiscal year. The Company's operating margin was 23.2% compared to 25.5% in the prior year. Net income for fiscal year 2009 was $14.6 million, a 30.9% increase from $11.1 million during 2008, with net margins of 20.8% and 22.8% for 2009 and 2008, respectively. Earnings per share were $0.60 per diluted share in fiscal year 2009, compared to $0.48 per diluted share for the year ended December 31, 2008.

"We were very pleased to exceed both our revenue guidance of $60.0 million and net income guidance of $14.3 million for the year," said Mr. Pengfei Liu, Chairman and CEO of China Marine. "We leveraged our growing distribution network of Mingxiang(R) snack foods and significantly expanded our retail network to 2,200 stores from 1,400 in 2008. In 2010, we plan to enter new provinces and develop select export markets in Asia to drive future growth."

Financial Condition

As of December 31, 2009, the Company had $7.1 million in cash. Working capital was $48.4 million, up from$36.8 million as of December 31, 2008. Accounts receivable were $18.8 million, compared to $4.8 million as ofDecember 31, 2008, which was attributed to the increase in sales volume during the year and the extension of credit period to the Company's major customers and consistent with existing market practices. Current liabilities were $8.1 million compared to $6.6 million as of December 31, 2008. Shareholder's equity was $59.9 million, a 32.9% increase from $45.0 million as of December 31, 2008.

The Company has $26.4 million in notes receivable on December 31, 2009 which was attributable to the convertible loan due from the acquisition's target company, and $2.3 million in prepayment for land use right due to the land cost for development of cold storage facilities.

Recent Events

On January 1, 2010, China Marine exercised an option to purchase 80.0% of the registered capital stock of Shishi Xianghe Food Science and Technology Co., Ltd. ("Xianghe"), the manufacturer of "Hi-Power", an algae-based health beverage. The acquisition consisted of transferring a loan of $26.4 million, which was owed by Xianghe to China Marine, and a payment of $1.4 million from China Marine to the former sole shareholder of Xianghe. 2010 revenues from Xianghe are forecast to be over $20 million with a 20.0% net profit margin.

In January 2010, China Marine announced that it entered into an agreement to sell 4,615,388 shares of common stock at a price of $6.50 per share, generating net proceeds of approximately $28.5 million, which will be used for working capital and general corporate purposes.

Business Outlook and Guidance

"Our acquisition of Xianghe complements our product line and gives us entry into new markets. Xianghe's "Hi-Power" algae-based drink is popular among health conscious consumers, a growing market segment in China," said Mr. Liu. "China Marine management will take over and manage Xianghe, and we intend to develop additional sales of "Hi-Power" algae-based drink through our Mingxiang(R) existing and expanding distribution network," Liu concluded.

After acquiring Xianghe, the Company increased its fiscal year 2010 guidance to $100.0 million in revenues and$21.5 million in net income. These guidance numbers are subject to change and before any non-cash amortization charges associated with intangible assets generated from the Xianghe acquisition.

Conference Call

To attend the call, please use the dial information below. When prompted, ask for the "China Marine Call" and/or be prepared to provide the conference ID.

    Date:                             March 23, 2010
    Time:                             10:00am ET
    Conference Line Dial-In (U.S.):   1-877-941-2069
    International Dial-In:            1-480-629-9713
    Conference ID:                    4269718
    Webcast link:                     
    Current liabilities:
      Short-term borrowings                    $4,139,121         $4,289,341
      Accounts payable, trade                     885,286            416,463
      Amount due to a stockholder                  69,587            170,091
      Income tax payable                          618,664            362,326
      Accrued liabilities and other
       payable                                  2,334,384          1,387,427

    Total current liabilities                   8,047,042          6,625,648

    Commitments and contingencies

    Stockholders' equity:
      Preferred stock, $0.001 par value;
       1,000,000 shares authorized; 0
       shares issued and outstanding as
       of December 31, 2009 and 2008                   --                 --
      Common stock, $0.001 par value;
       100,000,000 shares authorized;
       23,413,639 and 23,026,301 shares
       issued and outstanding as of
       December 31, 2009 and 2008                  23,414             23,026
      Additional paid-in capital               16,888,532         16,752,945
      Statutory reserve                         5,614,517          4,883,700
      Accumulated other comprehensive
       income                                   3,576,135          3,448,436
      Retained earnings                        33,745,608         19,911,971

    Total stockholders' equity                 59,848,206         45,020,078

    TOTAL LIABILITIES AND
     STOCKHOLDERS' EQUITY                     $67,895,248        $51,645,726



                          CHINA MARINE FOOD GROUP LIMITED
          CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME
                  FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
               (Currency expressed in United States Dollars ("US$"),
                            except for number of shares)

                                                 Years ended December 31,
                                               2009                  2008

    Revenue, net                           $69,585,683           $48,798,804

    Cost of revenue (inclusive of
     depreciation and amortization)        (50,456,225)          (33,606,972)

    Gross profit                            19,129,458            15,191,832

    Operating expenses:
      Depreciation and amortization            (79,725)              (58,310)
      Sales and marketing                     (608,685)             (608,259)
      General and administrative            (2,276,006)           (2,067,802)

    Total operating expenses                (2,964,416)           (2,734,371)

    Income from operations                  16,165,042            12,457,461

    Other income (expenses):
      Subsidy income                           309,901                68,225
      Rental income                             82,299                73,941
      Interest income                          288,687               505,173
      Interest expense                        (230,433)             (319,229)

    Income before income taxes              16,615,496            12,785,571

    Income tax expense                      (2,051,042)           (1,662,761)

    NET INCOME                             $14,564,454           $11,122,810

    Other comprehensive income:
    - Foreign currency
     translation gain                          127,699             2,195,540

    COMPREHENSIVE INCOME                   $14,692,153           $13,318,350

    Net income per share - basic                 $0.63                 $0.48
    Net income per share - diluted               $0.60                 $0.48

    Weighted average shares
     outstanding - basic                    23,062,839            23,010,842
    Weighted average shares
     outstanding - diluted                  24,391,942            23,010,842



                            CHINA MARINE FOOD GROUP LIMITED
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                    FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
                (Currency expressed in United States Dollars ("US$"))

                                                  Years ended December 31,
                                                2009                 2008
    Cash flows from operating activities:
    Net income                              $14,564,454          $11,122,810
    Adjustments to reconcile net
     income to net cash provided by
     operating activities:
      Depreciation and amortization             330,419              237,400
      Loss on disposal of property,
       plant and equipment                        1,386              156,681
      Stock issued to an executive               66,975               77,136
      Stock issued for service                   69,000               96,420
      Allowance for doubtful accounts            70,425                3,196
    Changes in operating assets and
     liabilities:
      Accounts receivable                   (14,085,053)            (639,193)
      Inventories                             2,802,538           (5,492,153)
      Prepaid expenses and other
       current assets                           175,324             (161,449)
      Accounts payable, trade                   468,823              (20,157)
      Income tax payable                        256,338               21,232
      Accrued liabilities and other
       payable                                  946,957              598,575

    Net cash provided by operating
     activities                               5,667,586            6,000,498

    Cash flows from investing
     activities:
      Purchase of property, plant and
       equipment                               (353,177)            (634,069)
      Proceeds from disposal of
       property, plant and equipment                 --               13,906
      Cash paid to construction in
       progress                                (995,235)          (3,558,441)
      Cash paid to prepayment for land
       use right                             (2,274,323)                  --
      Advances to note receivable           (26,399,696)                  --

    Net cash used in investing activities   (30,022,431)          (4,178,604)

    Cash flows from financing activities:
      Repayment of amount due to a
       stockholder                             (100,504)             (92,297)
      Proceeds from short-term borrowings     4,139,121            8,844,844
      Payment on short-term borrowings       (4,289,341)          (5,388,690)

    Net cash (used in) provided by
     financing activities                      (250,724)           3,363,857

    Effect of exchange rate changes
     in cash and cash equivalents               108,494            1,977,909

    NET CHANGE IN CASH AND CASH
     EQUIVALENTS                            (24,497,075)           7,163,660

    CASH AND CASH EQUIVALENTS,
     BEGINNING OF YEAR                       31,640,307           24,476,647

    CASH AND CASH EQUIVALENTS, END OF
     YEAR                                    $7,143,232          $31,640,307

    SUPPLEMENTAL DISCLOSURE OF CASH
     FLOW INFORMATION
    Cash paid for income taxes               $1,794,704           $1,641,529
    Cash paid for interest                     $230,433             $319,229



    SUPPLEMENTAL DISCLOSURE OF NON-CASH
     INVESTING AND FINANCING TRANSACTIONS
    Transfer from construction in progress to
     property, plant and equipment                  $2,600,090           $--


    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine....

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, New York
     Tel:   +1-203-616-5144 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternation...

Net proceeds, after underwriting discounts and commissions and before offering expenses payable by the Company, are approximately $28,500,000. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The shares were sold under the Company's previously filed shelf registration statement that was declared effective by the Securities and Exchange Commission on December 23, 2009. Global Hunter Securities LLC and Brean Murray Carret & Co., LLC acted as co-lead placement agents and joint book-running managers in the transaction.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and there shall not be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission Copies of the final prospectus supplement and the accompanying prospectus will be available on the SEC's website, http://www.sec.gov , and by contacting either Global Hunter Securities LLC at (949) 274-8044 or Brean Murray Carret & Co., LLC at (212) 702-6500.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

Forward Looking Statements

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward- looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Net proceeds, after underwriting discounts and commissions and before offering expenses payable by the Company, will be approximately $28,500,000. The offering is subject to customary closing conditions and is expected to close on January 25, 2010. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The shares are being sold under the Company's previously filed shelf registration statement that was declared effective by the Securities and Exchange Commission on December 23, 2009. Global Hunter Securities LLC and Brean Murray Carret & Co., LLC acted as co-lead placement agents and joint book-running managers in the transaction.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and there shall not be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and the accompanying prospectus will be available on the SEC's website, http://www.sec.gov , and by contacting either Global Hunter Securities LLC at (949) 274-8044 or Brean Murray Carret & Co., LLC at (212) 702-6500.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

FORWARD LOOKING STATEMENTS

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, New York
     Tel:   +1-203-616-5144 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net

China Marine's acquisition of Xianghe was finalized after management's due diligence through December 2009. As detailed in the Company's press release on December 2, 2009, the acquisition plan included the transfer of an initial loan of $26.4 million, which was owed by Xianghe to China Marine, to be the purchase consideration for the Shares of Xianghe and a final payment of $1.4 million to the former sole shareholder of Xianghe within 30 days after completion of the audit report of Xianghe for the year ended December 31, 2009.

Xianghe's flagship product, "Hi-Power" algae-based soft drink, was developed by the Yellow Sea Fisheries Research Institute of Chinese Academy of Fishery Science in coordination with Xianghe's founder, Mr. Qiu Shang Jing. Hi-Power is marketed as a high-protein content drink, low in calories and fat, which provides the consumers a combination of immune system benefits, improved digestion and reductions in hyperglycemia and hypertension. Hi-Power's target market focuses on health-conscious consumers in China's fast-growing beverage market.

Similar to China Marine, Xianghe has developed a network of distributors with exclusive territories in Fujian, Zhejiang, Guangdong and Hunan provinces, which sell Hi-Power to retail food stores, restaurant food supply dealers and the hospitality industry. 2010 estimates of revenues from Xianghe are $20 plus million with net profit margins anticipated at 20%. Through integrating the product into China Marine's distribution network and expanding distribution to untapped provinces in China, management expects revenues for 2011 to grow over 60% year over year with a trend toward normalized long-term net profit margins of 25%.

As part of the acquisition, the management team of Xianghe and all associated sales and marketing staff will join the China Marine team. Collectively, the team plans to meet the strategic goals of Hi-Power's marketing strategy and also collaborate with China Marine's Mingxiang(R)-branded seafood-based snack food sales team to leverage China Marine's current distribution in seven provinces and future distribution throughout China.

"We are very pleased to announce the closing of the acquisition of Xianghe Food," began Pengfei Liu, Chairman and CEO of China Marine. "In addition to the earnings contribution from this newly acquired product line, there are a number of synergies, including our customer base, brand identity and distribution methodology that meet our acquisition criteria. Xianghe's location in our home province of Fujian is very near to our Shishi-based headquarters which leads to their quick assimilation into our business operations and corporate culture. We are equally pleased that we have added a product line in beverages which is one of the fast growing categories in China's retail food and drink markets. The final consideration was that the company's use of algae as the base raw material in Hi-Power is consistent with healthy, marine-based food sources we currently use ourselves. We are equally confident that our investors will find similar value in our decision, expansion of our product portfolio and anticipated of payback for this investment within four years," Liu concluded.

Revised 2010 Guidance

Based on the revenue and net income projections from Xianghe for 2010, China Marine will increase its previously stated guidance of $80.0 million in revenues and $18.0 million in net income to $100.0 million in revenues and $21.5 million in net income for the year ending December 31, 2010.

About Xianghe Food Science and Technology

Shishi Xianghe Food Science and Technology Co., Ltd. is a Fujian-based manufacturer of the branded Hi-Power algae-based soft drinks. Hi-Power was developed by the Yellow Sea Fisheries Research Institute of Chinese Academy of Fishery Sciences in coordination with the founder. Xianghe has developed a network of distributors with exclusive territories in Fujian, Zhejiang, Guangdong and Hunan which sell Hi-Power to retail food stores, restaurants food supply dealers and the hospitality industry.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. China Marine is located in the Fujian province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

FORWARD LOOKING STATEMENTS

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, New York
     Tel:   +1-203-616-5144 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net

SHISHI, China, Dec. 2 / PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (NYSE Amex: CMFO), a manufacturer of seafood-based snack foods and distributor of fresh and frozen marine catch, today announced the signing of a definitive loan and option agreement with Fujian based Xianghe Food Science and Technology ("Xianghe"), the manufacturer of the branded "Hi-Power" algae-based soft drinks in China. China Marine received an option to purchase 80% of the stock of Xianghe for $27.8 million in cash consideration with the closing expected after the satisfactory completion of customary due diligence and auditing within the next two months. In consideration for the option, China Marine agreed to loan Xianghe $26.4 million, which will become part of the consideration for the purchase price from Mr. Qiu Shang Jing, the founder and sole shareholder of Xianghe, in the event China Marine exercises the option. The loan will be secured with a pledge by the seller of all of the stock in Xianghe.

China Marine's transaction with Xianghe was made after management determined the company would be a strong complement to China Marine's existing health-conscious seafood-based products. Xianghe's flagship product, "Hi- Power" algae drink, was developed by the Yellow Sea Fisheries Research Institute Chinese Academy of Fishery Science in coordination with Xianghe's founder, Mr. Qiu Shang Jing. Hi-Power markets itself as a high-protein content drink, low in calories and fat, with benefits to the immune system, improved digestion and reductions in hyperglycemia and hypertension. Hi-Power's target market is focused on health-conscious consumers in China's fast-growing beverage market.

Similar to China Marine, Xianghe has developed a network of distributors in the Fujian, Zhejiang, Guangdong and Hunan provinces which sell Hi-Power to retail food stores, restaurant food supply dealers and the hospitality industry. Preliminary 2010 estimates of revenues from Xianghe are over $20 million with net profit margins anticipated at 20%. China Marine's estimate regarding Xianghe's performance is subject to the completion of due diligence and future development of the business. Through integrating the product into China Marine's distribution network and expanding distribution to untapped provinces in China, management expects revenues can accelerate significantly during 2010 and beyond.

Revenue contributions from Xianghe were exclusive of China Marine's previously stated 2010 guidance of $80 million in revenues and $18 million in net income.

As part of the acquisition, the parties intend that the managing director of Xianghe and all associated sales and marketing staff will join the China Marine team. Collectively, the team plans to meet the strategic goals of Hi- Power's marketing strategy and also collaborate with China Marine's Mingxiang®-branded seafood snack food sales team to leverage China Marine's current distribution in seven provinces throughout China.

"We believe Xianghe is at a key inflection point in its business evolution," began Pengfei Liu, Chairman and CEO of China Marine. "In addition to the potential earnings contribution from this contemplated acquisition, there are a number of synergies, including cross selling to our collective customer base, brand identity and distribution methodologies, which meet our acquisition criteria. Xianghe's location in our home province of Fujian is very near to our Shishi based headquarters which lends to their quick assimilation into our business operations and corporate culture. This beverage product line is ideally situated in one of the fastest growing categories in China's retail food and drink markets. The final consideration was that the company's use of algae as the base raw material in Hi-Power is consistent with healthy, marine-based food sources we currently use ourselves. We look forward to completing our due diligence and reviewing Xianghe's 2009 audit as we take the next steps in this contemplated acquisition. We are also confident that our investors will also find similar value in our decision and expansion of our product portfolio and that Xianghe's anticipated accumulated profits will equal our initial investment within four years," Liu concluded.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. It is located in Fujian province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

Forward Looking Statements

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited, its subsidiary companies and Xianghe Food Science and Technology, which can be identified by the use of forward-looking terminology such as "believes, estimates, expects, anticipates" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited and Xianghe Food Science and Technology is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    Company:
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768 (HK)
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine....

    Investor Relations:
     John Mattio, SVP
     HC International, New York
     Tel:   +1-203-616-5144 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternation...

    -- Q3 revenues increased by 16.5% to $13.4 million YOY; seafood-based
       snack foods represent for 90.3% of revenues. Gross margins increased
       110 basis points to 32.0%.
    -- Q3 Net income increased by 24.5% to $3.2 million compared to Q308; EPS
       was $0.14 vs. $0.11 in Q308.
    -- For the 9-months ended September 30, 2009 revenues increased 26.5% to
       $44.7 million and net income increased 18.4% YOY to $10.2 million. EPS
       was $0.44 vs. $0.37.
    -- Sales to new distribution territories increased 214.7% during the first
       nine months of 2009 vs. the same period in 2008.
    -- Company completes second phase of capacity expansion to 20,000 tons per
       annum, a 100% increase in capacity leading into the 2010 fiscal year.

2009 Third Quarter Financial Results

China Marine's revenues increased 16.5% to $13.4 million year-over-year. The increase in revenues was due to the combination of revenue growth from processed seafood snack segment and China Marine's frozen seafood catch trade which grew 11.0% and 115.7% respectively for three-month period ended September 30, 2009. China Marine's Mingxiang®-branded dried seafood snack food products accounted for approximately 90.3% of China Marine's revenues for the quarter while its marine catch segment accounted for approximately 9.7%. Based on demand and favourable market pricing, China Marine will at times execute a sale of frozen marine catch to select distributors in its marine catch network. China Marine's retail snack food segment remains the focus of the Company's product development and sales efforts and its primary contributor of gross profits.

Developments in the Company's distribution network included strong year-over-year sales increases in Jiangsu, Shanghai, Guangdong and Shenzhen and its newest sales territory, Sichuan and Chongqing area, were the Company shipped new orders totaling $0.5 million in the third quarter of the year.

Cost of goods sold was $9.1 million yielding gross profits of $4.3 million in the third quarter 2009 which represented an increase of 20.7% versus the same period in 2008. For the third quarter 2009, gross profit margins were 32.0%, versus 30.9% in 2008. Processed, dried and packaged seafood-based snack foods gross margins of 33.5% contributed significantly to the quarter and marine catch margins were 18.2% for the Company's marine catch sales executed during the three-month period ended September 30, 2009. Seafood snack foods contributed 94.5% of China Marine's gross profit for the quarter. The Company expects the profit margin for its seafood snack foods will remain over 30% for the balance of 2009.

Total operating expenses for the third quarter of 2009 were $0.7 million, or 5.2% of revenues in the quarter. Operating income was $3.6 million for the third quarter of 2009, an increase of 27.2% compared to the year ago period with operating margins of 26.9% for the three-month period ended September 30, 2009. Income taxes for the quarter were $0.5 million based on the Company's effective tax rate of 12.5%. China Marine maintains a favourable tax rate of 12.5% as a foreign investment enterprise through the end of 2009 and has already secured a reduced tax rate of 15% for 2010 through 2012 as New and High Technology Enterprise in China.

Net income for the third quarter of 2009 was $3.2 million, representing an increase of 24.5% compared to $2.6 million reported in the same period prior year. Net profit margins for the three-month period under review were 24.1% in 2009 and 22.6% in 2008, a 150 basis points improvement in margins in 2009. Earnings per share were $0.14 for the third quarter of 2009, compared to $0.11 for the third quarter of 2008, a 27.3% increase year over year.

"Growth during the third quarter benefitted from an expanded distribution network and solid profit margins in both our business segments yielded measurable improvements in our profitability," began Pengfei Liu, CEO of China Marine. "We were pleased to report increased sales in new regions like the Sichuan area and accelerating growth in the Guangzhou and Shanghai territories, where we see enormous potential. As we bring the second phase of capacity expansion online, we anticipate a strong finish to the year and meeting our revenue and net income guidance of more than $60 million in revenues and $14.3 million in net income for our 2009 fiscal year." Liu concluded.

2009 Nine-Month Financial Results

Revenues for the first nine months ended September 30, 2009 increased by approximately $9.4 million, or 26.5%, to $44.7 million compared to the same period a year ago. Sales of the Company's seafood-based snack foods increased by $4.4 million, or 13.1%, whereas sales in the marine catch segment increased by $5.0 million, or over 200%, due to trading sales booked during the first quarter of this year plus follow on sales of frozen marine catch to select distributors. While the Company will opportunistically sell marine catch in volume throughout the year, it will continue to direct all of its sales efforts in the seafood snack segment which provides the most long-term growth trajectory and highest return for its shareholders.

As committed to investors in the second quarter of 2009, China Marine completed its 100% increase in capacity to 20,000 tons in the closing weeks of the third quarter. The Company began 2009 with 10,000 tons of available capacity and for the third quarter 2009 reported approximately a 70% utilization rate. The new capacity has doubled the Company's seafood-based snack food lines. The Company reported that the project was completed on time and under the budget allocated for the expansion.

Gross profit increased 16.4% to $13.3 million while gross margins were 29.8%, a decrease from 32.3% recorded during the first nine months of 2008 due to the marine catch revenue recorded in the first quarter of 2009. China Marine's gross profits are a blend of two product lines; seafood-based snack foods and marine catch. Average gross profit margins for seafood-based snack foods are 30% to 34% and for frozen marine catch 8% to 16%; marine catch sales are based entirely on a volume pricing program. The Company recorded approximately $10.2 million in net income for the nine months period versus $8.6 million for the same period in 2008, an 18.4% increase year-over-year. For the nine months of 2009 and 2008, earnings per share were $0.44 and $0.37, respectively, based on 23.0 million shares.

Balance Sheet and Cash Flow Discussion

Cash and cash equivalents as of September 30, 2009 amounted to approximately $31.3 million. The Company's debt as of September 30, 2009 was comprised of short-term bank loans in the amount of $4.1 million compared to $4.3 million as of December 31, 2008.

Net cash provided by operating activities for the nine months ended September 30, 2009 amounted to approximately $1.1 million, whereas net cash provided by operating activities for the same period in 2008 amounted to approximately $1.4 million. The reduction of net cash this year was mainly attributable to an increase in inventories and accounts receivable of $7.4 million and $2.4 million, respectively. $8.3 of the inventory balance was related to trading of marine catch. To meet anticipated customer demand for a marine catch trade combined with the Company's yearly requirement to boost inventories in the summer during mandatory provincial reductions of fishing, China Marine was able to negotiate favourable prices on a bulk buy of raw materials.

The increase in accounts receivables and associated days sales outstanding ("DSO") is directly related to growth in the Company's food retail sales segment. Market trends have extended payment terms for some food distributors to as much as 90 days to encourage continued distribution of goods in their respective network. China Marine's payment terms are credit-based, and mostly are either, payment in advance, 30 or 60 days dependant on the distributor's credit rating. For the first three quarters of 2009, China Marine's DSO's were 37 days.

Working capital on September 30, 2009 was $46.0 million; an increase of $9.2 million from working capital at December 31, 2008 totaled $36.8 million, which was primarily attributable to net income the Company realized for the period. The Company also maintained a current ratio of 7.8 to 1.

Conference Call

To attend the call, please use the dial information below. When prompted, ask for the "China Marine Call" and/or be prepared to provide the conference ID.

Date: November 12, 2009 Time: 10:00am ET Conference Line Dial-In (U.S.): 1-877-941-8601 International Dial-In: 1-480-629-9810 Conference ID: 4182014 Webcast link: http://viavid.net/dce.as... or at ViaVid's website at http://www.viavid.net , where the webcast can be accessed through November 12, 2010.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang®" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

FORWARD LOOKING STATEMENTS

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

For further information, please contact: COMPANY Marco Hon Wai Ku, CFO Add: Suite 815, 8th Floor Ocean Centre, Harbour City, Kowloon, HONG KONG Tel: +852-2111-8768 Email: marco.ku@china-marine.cn Web: http://www.china-marine.... INVESTOR RELATIONS HC International, Inc. John Mattio, SVP Add: 56 June Road, North Salem, NY Tel: +1-203-616-5144 (U.S.) Email: john.mattio@hcinternational.net Web: http://www.hcinternation... CHINA MARINE FOOD GROUP LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 (Currency expressed in United States Dollars (US$), except for number of shares) September December 30, 2009 31, 2008 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $31,298,084 $31,640,307 Accounts receivable, net 7,211,701 4,819,434 Inventories 14,082,458 6,679,488 Prepaid expenses and other current assets 219,579 326,977 Total current assets 52,811,822 43,466,206 Property, plant and equipment, net 8,678,539 5,944,515 Land use rights, net 619,409 630,150 Construction in progress -- 1,604,855 TOTAL ASSETS $62,109,770 $51,645,726 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $4,138,879 $4,289,341 Accounts payable, trade 904,874 416,463 Amount due to a stockholder 95,540 170,091 Income tax payable 446,153 362,326 Accrued liabilities and other payable 1,185,842 1,387,427 Total current liabilities 6,771,288 6,625,648 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value; 1,000,000 shares authorized; 0 share issued and outstanding as of September 30, 2009 and December 31, 2008 -- -- Common stock, $0.001 par value; 100,000,000 shares authorized; 23,045,791 shares and 23,026,301 shares issued and outstanding as of September 30, 2009 and December 31, 2008, respectively 23,045 23,026 Additional paid-in capital 16,752,926 16,752,945 Statutory reserve 4,883,700 4,883,700 Accumulated other comprehensive income 3,564,866 3,448,436 Retained earnings 30,113,945 19,911,971 Total stockholders' equity 55,338,482 45,020,078 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $62,109,770 $51,645,726 CHINA MARINE FOOD GROUP LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (Currency expressed in United States Dollars (US$), except for number of shares) (Unaudited) Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 Revenue, net $13,392,423 $11,496,462 $44,696,859 $35,346,113 Cost of revenue (inclusive of depreciation and amortization) (9,105,924) (7,944,212) (31,398,803) (23,924,208) Gross profit 4,286,499 3,552,250 13,298,056 11,421,905 Operating expenses: Depreciation and amortization (20,248) (19,218) (59,300) (38,984) Sales and marketing (147,254) (198,051) (404,810) (451,330) General and administrative (522,630) (507,479) (1,504,226) (1,302,341) Total operating expenses (690,132) (724,748) (1,968,336) (1,792,655) Income from operations 3,596,367 2,827,502 11,329,720 9,629,250 Other income (expenses): Subsidy income 93,548 4,242 236,756 67,868 Rental income 20,391 18,772 61,162 55,166 Interest income 29,618 218,105 190,680 390,431 Interest expense (56,136) (81,871) (174,864) (241,475) Income before income taxes 3,683,788 2,986,750 11,643,454 9,901,240 Income tax expense (453,998) (393,240) (1,441,480) (1,283,497) NET INCOME $3,229,790 $2,593,510 $10,201,974 $8,617,743 Other comprehensive income: - Foreign currency translation gain 56,366 83,784 116,430 2,194,885 COMPREHENSIVE INCOME $3,286,156 $2,677,294 $10,318,304 $10,812,628 Net income per share:- Basic $0.14 $0.11 $0.44 $0.37 - Diluted $0.14 $0.11 $0.44 $0.37 Weighted average shares outstanding:- Basic 23,045,791 23,026,301 23,045,791 23,026,301 - Diluted 23,045,791 23,026,301 23,045,791 23,120,014 CHINA MARINE FOOD GROUP LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (Currency expressed in United States Dollars (US$)) (Unaudited) Nine months ended September 30, 2009 2008 Cash flows from operating activities: Net income $10,201,974 $8,617,743 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 242,510 167,550 Loss on disposal of property, plant and equipment -- 64,462 Allowance for doubtful accounts 12,021 2,342 Changes in operating assets and liabilities: Accounts receivable (2,404,288) 283,097 Inventories (7,402,970) (7,758,595) Prepaid expenses and other current assets 107,398 (183,953) Accounts payable, trade 488,411 362,965 Income tax payable 83,827 66,887 Accrued liabilities and other payable (201,585) (189,830) Net cash provided by operating activities 1,127,298 1,432,668 Cash flows from investing activities: Purchase of property, plant and equipment (347,057) (465,054) Addition of construction in progress (995,235) (2,394,953) Net cash used in investing activities (1,342,292) (2,860,007) Cash flows from financing activities: Repayment to a stockholder (74,551) (217,417) Proceeds from issuance of common stock -- 173,556 Proceeds from short-term borrowings 4,138,879 8,844,844 Payment on short-term borrowings (4,289,341) (5,388,690) Net cash (used in) provided by financing activities (225,013) 3,412,293 Effect of exchange rate changes on cash and cash equivalents 97,784 1,977,013 NET CHANGE IN CASH AND CASH EQUIVALENTS (342,223) 3,961,967 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 31,640,307 24,476,647 CASH AND CASH EQUIVALENTS, END OF PERIOD $31,298,084 $28,438,614 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for income taxes $1,357,653 $1,216,610 Cash paid for interest $174,864 $241,475 NON-CASH INVESTING AND FINANCING ACTIVITIES: Transfer from construction in progress to property, plant and equipment $2,600,090 $62,323

To attend the call, please use the dial information below. When prompted, ask for the "China Marine Call" and/or be prepared to provide the conference ID.

    Date:                           November 12, 2009
    Time:                           10:00 a.m. ET
    Conference Line Dial-In (U.S.): 1-877-941-8601
    International Dial-In:          1-480-629-9810
    Conference ID:                  4182014
    Webcast link:                   http://viavid.net/dce.as... or at ViaVid's website at http://www.viavid.net , where the webcast can be accessed through November 12th, 2010.

About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to six provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine....

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, New York
     Tel:   +1-203-616-5144 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternation...
]]>
      
    
    
      
      message_3620
      15 Oct 2009 13:00:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/3620
      
        Company receives recognition as an enterprise of "New and High Technology" in the Fujian Province
SHISHI, China, Oct. 15 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (NYSE Amex: CMFO), a processor of seafood-based snack foods and distributor of fresh and frozen marine catch, today announced it has been recognized as a "New and High Technology Enterprise" in the Fujian province and will also qualify for a three year tax benefit through 2012.
China Marine has recently received a notice of recognition as an enterprise of new and high technology, which was jointly issued by The Science and Technology Department of Fujian, The Finance Department of Fujian, The State Tax Bureau of Fujian and The Local Taxation Bureau of Fujian for a company engaged in advanced food processing technologies for the Fujian Province.  From 2007 through 2009, the Company was provided a 50% tax reduction on the standard 25% China's Enterprise Income tax rate.  Beginning in 2008, "new and high technology" companies in China were awarded a flat 15% tax rate for their efforts in promoting technological advancements in their fields of expertise and commercialization in China.  The recognition of the status was only awarded after application to the local authorities and tax bureaus.  As a new and high technology company, China Marine qualifies for a reduced tax rate of 15% on the Company's income through 2012.
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang®" brand as a category leader in 2,200 retail sales points in the PRC.  The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea.  The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine....

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, Inc.
     56 June Road, North Salem NY
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternation...
]]>
      
    
    
      
      message_1133
      23 Mar 2009 08:01:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/1133
      
        SHISHI, China, March 23 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO - News), a China-based processor of seafood-based snack foods and fresh and frozen marine catch seafood, today announced the Company's financial results for the fourth quarter and full year 2008.




    -- Q4 revenues increased 28.8% to $13.5 million compared to Q407
    -- Q4 Net Income was $2.5 million with EPS of $0.11; 2008 revenues
       increased 34.0% to $48.8 million;  net income increased 28.4% to $11.1
       million with EPS of $0.48
    -- Successfully expanded production to 10,000 tons annually by the end of
       2008, with further expansion planned for 2009
    -- 2009 guidance; Company expects revenues in excess of $60.0 million and
       net income in excess of $14.3 million

2008 Fourth Quarter Financial Results
Net revenues for the fourth quarter ended December 31, 2008 reached $13.5 million, an approximate $3.0 million or 28.8% increase over the same period of the prior year.  Revenue increases were driven by the Company's seafood-based snack food product lines which now account for about 91% of the Company's revenues.  Processed, dried, flavored and packaged seafood snack foods remain the focus of China Marine's operations, marketing and distribution strategy.
Cost of goods sold were $9.7 million yielding gross profits of $3.8 million in the fourth quarter 2008, which represented an increase of $0.6 million, or 17.2% versus the fourth quarter 2007.  For the fourth quarter 2008, gross profit margins were 28.0% in 2008 vs. 30.8% for the same period in 2007. The decrease in gross margin was attributed to the increased sales of marine catch in the fourth quarter 2008, which generated lower gross margins when comparing to that of processed seafood products.  Profit margins for trading of marine catch approximately 10% compared to more than 30% for processed foods.  The increase in marine catch sales produced a slightly lower than average blended margin for the quarter.
Total operating expenses for the fourth quarter of 2008 were $0.9 million versus $0.4 million for the same period in 2007.  Operating expenses as a percentage of revenues were 7.0% compared with 4.3% for the same period, 2007.
Net income for the fourth quarter was $2.5 million, representing an increase of 3.1% vs. $2.4 million reported in the same period prior year. Corresponding net profit margins were 18.6% for the quarter.  The mild increase in net profits was attributed to strong operating results but offset by increased operating expenses associated with being a public company. Based on 23 million shares outstanding, earnings were $0.11 per diluted share for the quarter.
"We are very pleased with our financial results and growth during the fourth quarter which pushed production capacity near full utilization.  This certainly paves the way for our new production facilities which will accommodate incremental growth in 2009," stated Pengfei Liu, CEO and Chairman of China Marine.
Full Year 2008 Results
Revenue increased approximately 34.0% to $48.8 million in 2008 as compared to $36.4 million for 2007.  Gross profits for the year were $15.2 million compared to $10.8 million in 2007, an increase of 41.0%.  Gross margins were 31.1% compared to 29.6% in 2007.  Operating income for the year totaled $12.5 million, an increase of 24.7% compared to $10.0 million in 2007.  Operating margins were 25.5% compared to 27.4% in 2007.   The decrease in operating margins was mainly attributed to the costs of being a US-listed public company.
In July 2008, the Company signed agreements with two new master distributors based in Shanghai and Guangdong.  Combined, the new distributors and their respective customer bases contributed $3.5 million or 7.2% of the Company's overall revenues in 2008.  The Company expects this growth trend to continue as new sales opportunities are developed in these highly-populated areas.  On March 3 of 2009, the Company subsequently announced a sales contract with a leading convenient store chain in Shanghai which over time can add over 1,000 new points of sale to the Company's existing retail network of 1,400 locations.  Similar sales opportunities are developing in Guangdong and other provinces where the Company actively markets and sells its goods.  Convenient store chains are one of China Marine's target customers.
The top selling province in 2008 was Zhejiang which contributed 45.8% of the Company's revenues.  Zhejiang is one of China's richest and most populous provinces with a population of over 50 million habitants.
Net income was $11.1 million for the year ended December 31, 2008, an increase of $2.5 million, or approximately 28.4% compared to last year. Earnings per diluted share were $0.48 based on 23 million shares outstanding.
During 2008, the Company added more than 3,000 tons of additional capacity to its production lines, which came online at the end of the fourth quarter. The additional capacity boosted total annual output by 50% to 10,000 tons per year.  The Company has also announced plans to double annual capacity up to 20,000 tons by Q3 of 2009.  Utilizing its current land use rights at its corporate headquarters in Shi Shi, Fujian Province, the Company expects to complete the "Phase 2" expansion within $5.0 million in capital expenditures, a significant decrease to previously budgeted CAPEX expenses.  Space and machinery for both phases of capacity expansion are allocated entirely to the production of China Marine's line of "Mingxiang"-branded, seafood-based snack foods
Balance Sheet and Cash Flow Discussion
Cash and cash equivalents on December 31, 2008 were $31.6 million. Accounts receivable stood at $4.8 million, with corresponding 34 days sales outstanding.  Inventories were $6.7 million on December 31, 2008, of which $4.3 million was related to trading raw materials that are expected to be sold entirely by the end of first quarter 2009.  The Company reported $4.3 million in short term borrowings: China Marine has no long term debt and uses short term financing to support working capital each fiscal year and to maintain favorable lending and deposit rates with the banks.  For 2008, the Company generated $6.0 million in cash flow from operations, a decrease of 10.4% from 2007, mainly related to the purchase of marine catch for trade.  Stockholder's equity increased 42.8% to $45.0 million vs. $31.5 million in 2007.
2009 Guidance
For the full year ending December 31, 2009, the Company estimates revenues in excess of $60.0 million and net income in excess of $14.3 million, representing approximately 23% and 29% growth over 2008.  Based on 23 million shares outstanding, EPS guidance for 2009 would be $0.62.  This is the Company's current and preliminary view, which is subject to change.
Conference Call
The Company will host a conference call on March 25, 2009, at 10:00 a.m. ET.  To attend the call, please use the dial information below.  When prompted, ask for the "China Marine Call" and/or be prepared to provide the conference ID.
    Date:                            March 25, 2009
    Time:                            10:00am ET
    Conference Line Dial-In (U.S.):  +1-800-762-8795
    International Dial-In:           +1-480-248-5085
    Conference ID:                   4037396
    Webcast link:                    http://viavid.net/dce.aspx?sid=00006049

Please dial in at least 10-minutes before the call to ensure timely participation. A playback will be available through April 6, 2009. To listen, please call 800-406-7325 within the United States or +1-303-590-3030 when calling internationally.  Utilize the pass code 3939777 for the replay.
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to six provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,400 retail sales points in the PRC.  The Company has received "The Famous Brand" and "Green Food" awards.  China Marine is located in the Fujian Province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea.  The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

                       CHINA MARINE FOOD GROUP LIMITED
                         CONSOLIDATED BALANCE SHEETS
                       AS OF DECEMBER 31, 2008 AND 2007
            (Currency expressed in United States Dollars ("US$"))

                                                       As of December 31,
                                                      2008           2007
    ASSETS
    Current assets:
      Cash and cash equivalents                  $ 31,640,307   $ 24,476,647
      Accounts receivable, net                      4,819,434      4,183,437
      Inventories                                   6,679,488      1,187,335
      Prepaid expenses and other current assets       326,977        165,528

    Total current assets                           43,466,206     30,012,947

    Property, plant and equipment, net              5,944,515      3,510,837
    Land use rights, net                              630,150        605,823
    Construction in progress                        1,604,855             --

    TOTAL ASSETS                                 $ 51,645,726   $ 34,129,607

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Short-term borrowings                      $  4,289,341   $    772,481
      Accounts payable, trade                         416,463        436,620
      Amount due to a stockholder                     170,091        262,388
      Income tax payable                              362,326        341,094
      Accrued liabilities and other payable         1,387,427        788,852

    Total current liabilities                       6,625,648      2,601,435

    Commitments and contingencies

    Stockholders' equity:
      Preferred stock, $0.001 par value;
       1,000,000 shares authorized; 0
       shares issued and outstanding as of
       December 31, 2008 and 2007
      Common stock, $0.001 par value;
       100,000,000 shares authorized;
       23,026,301 and 22,972,301 shares
       issued and outstanding as of
       December 31, 2008 and 2007                      23,026         22,972
      Additional paid-in capital                   16,752,945     16,579,443
      Statutory reserve                             4,883,700      3,110,266
      Accumulated other comprehensive income        3,448,436      1,252,896
      Retained earnings                            19,911,971     10,562,595

    Total stockholders' equity                     45,020,078     31,528,172

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 51,645,726   $ 34,129,607



                       CHINA MARINE FOOD GROUP LIMITED
        CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME
                FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
            (Currency expressed in United States Dollars ("US$"),
                         except for number of shares)

                                                    Years ended December 31,
                                                      2008           2007

    Revenue, net                                 $ 48,798,804   $ 36,425,327

    Cost of revenue (inclusive of
     depreciation and amortization)               (33,606,972)   (25,649,518)

    Gross profit                                   15,191,832     10,775,809

    Operating expenses:
      Depreciation and amortization                   (58,310)       (37,013)
      Sales and marketing                            (608,259)      (148,840)
      General and administrative                   (2,067,802)      (597,767)

    Total operating expenses                       (2,734,371)      (783,620)

    Income from operations                         12,457,461      9,992,189

    Other income (expenses):
      Other income                                         --         13,533
      Subsidy income                                   68,225         62,142
      Rental income                                    73,941         68,066
      Interest income                                 505,173         79,183
      Interest expense                               (319,229)      (332,816)

    Income before income taxes                     12,785,571      9,882,297

    Income tax expense                             (1,662,761)    (1,220,942)

    NET INCOME                                   $ 11,122,810   $  8,661,355

    Other comprehensive income:
    - Foreign currency translation gain             2,195,540      1,188,929

    COMPREHENSIVE INCOME                         $ 13,318,350   $  9,850,284

    Net income per share - basic                 $       0.48   $       0.38
    Net income per share - diluted               $       0.48   $       0.34

    Weighted average shares outstanding - basic    23,010,842     22,972,301
    Weighted average shares outstanding - diluted  23,010,842     25,142,105



                       CHINA MARINE FOOD GROUP LIMITED
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
            (Currency expressed in United States Dollars ("US$"))

                                                     Years ended December 31,
                                                       2008           2007

    Cash flows from operating activities:
    Net income                                   $ 11,122,810   $  8,661,355
    Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation and amortization                   237,400        224,293
      Loss on disposal of property, plant and
       equipment                                      156,681             --
      Stock issued to an executive                     77,136             --
      Stock issued for service                         96,420             --
      Allowance for doubtful accounts                   3,196         14,581
    Changes in operating assets and liabilities:
      Accounts receivable                            (639,193)    (2,908,349)
      Inventories                                  (5,492,153)       (51,249)
      Prepaid expenses and other current assets      (161,449)      (130,644)
      Accounts payable, trade                         (20,157)       208,527
      Income tax payable                               21,232        341,094
      Accrued liabilities and other payable           598,575        340,975

    Net cash provided by operating activities       6,000,498      6,700,583

    Cash flows from investing activities:
      Purchase of property, plant and equipment      (634,069)       (21,079)
      Proceeds from disposal of property, plant and
       equipment                                       13,906             --
      Cash paid to construction in progress        (3,558,441)            --

    Net cash used in investing activities          (4,178,604)       (21,079)

    Cash flows from financing activities:
      Repayment of amount due to a stockholder        (92,297)      (383,706)
      Proceeds from short-term borrowings           8,844,844        772,481
      Payment on short-term borrowings             (5,388,690)    (3,792,640)
      Proceeds from private placement, net of
       offering expenses                                   --     15,925,000
      Payment on dividends                                 --     (4,562,044)

    Net cash provided by financing activities       3,363,857      7,959,091

    Effect of exchange rate changes in
     cash and cash equivalents                      1,977,909        655,813

    NET CHANGE IN CASH AND CASH EQUIVALENTS         7,163,660     15,294,408

    CASH AND CASH EQUIVALENTS, BEGINNING
     OF YEAR                                       24,476,647      9,182,239

    CASH AND CASH EQUIVALENTS, END OF YEAR       $ 31,640,307   $ 24,476,647

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW
     INFORMATION
    Cash paid for income taxes                   $  1,641,529   $    879,848
    Cash paid for interest expenses              $    319,229   $    332,816

    SUPPLEMENTAL DISCLOSURE OF NONCASH
     INVESTING AND FINANCING TRANSACTIONS
    Warrant shares granted for offering costs    $         --   $  1,941,014


    For more information, please contact:

    COMPANY

     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    INVESTOR RELATIONS

     John Mattio
     HC International, Inc.
     56 June Road, North Salem NY
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net
]]>
      
    
    
      
      broadcast_87
      10 Mar 2009 18:28:27 GMT
      http://chinasecurities.com/ir/ChinaMarine/webcasts/87
      
      
    
    
      
      message_574
      03 Mar 2009 12:39:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/574
      
        SHISHI, China, March 3 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO - News), a China-based processor and distributor of seafood-based snack foods and fresh and processed seafood, today announced the Company has won a contract to service a large convenient store chain in Greater Shanghai through its local distributor.




The convenient store chain maintains a network of more than 1200 stores throughout Shanghai. Each store carries a variety of snack foods, fresh and frozen foods, beverages and other convenient-type products. China Marine has begun shipping its proprietary Mingxiang® brand seafood-based snack foods to the retailer and secured prominent shelf positioning. China Marine's products will be placed on the end cap of the snack food isle and sales will be supported by various promotional activities planned as part of the product launch. The chain will initially feature several popular China Maine products in high traffic pilot locations. After a successful introduction and satisfactory customer uptake to the retailer, the complete integration of China Marine's products to all of the chain's 1200 plus stores is expected planned with a full product roll-out.
The contract was negotiated and secured in coordination with the Company's Shanghai-based distributor.  The distributor will be responsible for the shipment, invoicing and point of sale maintenance for the contract year. From a corporate level, China Marine supports its exclusive distributors and leverages their knowledge and relationships in each local market to drive sales and best manage customer service and logistics.  "This has always been our policy, and our strength," stated Chairman Pengfei Liu, "After the opportunity was initially presented to us by our Shanghai distributor, we worked as a team to consummate this contract.  We envision a successful launch and a long-term relationship with this new partner and congratulate our Shanghai distributor on closing this important agreement", Liu added.
Assuming a full roll-out to all stores, the additional capacity necessary to service this agreement can be met by The Company's current facility.  In January of this year, the Company updated investors on its capacity expansion which came on-line in January of 2009.  Through a combination of new processing equipment, modification of old processing machines and additional space added at the new facility, China Marine grew its annual capacity from 6,600 tons to 10,000 tons.
"Convenient stores and other food retail establishments represent the primary growth drivers for our Company," continued Liu.  "Consistent with the sectors that are growing in China, consumer staples and food continue to be in high demand.   This, combined with further expansion of retail food locations throughout China will provide us a steady stream of sales opportunities throughout the year."  Liu concluded.
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to six provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,400 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian Province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and the EU export registration.
FORWARD LOOKING STATEMENTS
This release contains certain "forward looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
    For more information, please contact:

    Company Contact:
     Marco Hon Wai KU, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    Investor Relations Contact
     John MATTIO, SVP
     HC International, Inc.
     56 June Road, North Salem NY
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
]]>
      
    
    
      
      message_575
      07 Jan 2009 08:00:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/575
      
        Company Begins Phase 2 Expansion Project - Will Double Capacity to 20,000 tons by Q3 2009 to Facilitate Future Growth
SHISHI, China, Jan. 7 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO - News), a producer of seafood-based snack foods and fresh and frozen marine catch, today announced that the Company formally inaugurated and has commenced operations of its new production facility located at the Company's Shi Shi processing and distribution plant.



During 2008, China Marine concluded the purchase, installation, set-up and testing of several pieces of equipment utilized for seafood processing, drying, and packaging as part of the Company's commitment to increase production capacity by 50% for calendar 2009.  The Company also upgraded certain legacy processing machines to further maximize efficiency.  Prior to this "Phase 1" capacity expansion, the Company maintained production lines capable of processing a maximum of 6,600 tons yearly which were operating at approximately 90% utilization rates.  The new production facility will afford the Company with the ability to process up to 10,000 tons when operating at full capacity.
Pengfei Liu, Chairman and Chief Executive Officer, stated, "We are pleased to complete this phase of development and meet a commitment to our distributors, end consumers and shareholders, who have collectively supported our expansion efforts to increase production and sales of our seafood-based snack food products.  We have begun to penetrate new geographic areas while gaining market share in our core provinces and this new production facility will meet our growing customer demand.  We are equally eager to complete our 'Phase 2' expansion which will position China Marine to capitalize on growth opportunities for 2010 and beyond."
China Marine has initiated its "Phase 2" expansion at its current Shi Shi plant which is anticipated to double its current capacity to 20,000 tons annually and is expected to be online during the third quarter of this year. The total anticipated capital expenditures for this new facility expansion, including all necessary equipment, are expected to be less than $5 million. This is significantly less than previously disclosed plans, which included the purchase of land use rights and the erection of an entirely new production plant and cold storage facility, and is expected to greatly enhance the Company's return on its investment.
Both phases of the capacity expansion will be fully funded by operations and the Company's initial raise of $19.9 million in a private placement offering in November of 2007. For the first nine months of 2008, China Marine recorded $35 million in revenues and $8.6 million in net income against an investor "make good" net income target of $10.5 million for the 2008 calendar year.
About China Marine
China Marine Food Group Ltd. processes and distributes processed seafood snack-type products, and fresh and frozen marine catch to six provinces in the PRC and select international markets.  Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,400 retail sales points in the PRC.  The Company has received "The Famous Brand" and "Green Food" awards.  It is located in Fujian Province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea.  The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and the EU export registration.
FORWARD-LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions.  Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
    For more information, please contact:

    Company Contact:
     Marco Hon Wai KU, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    Investor Relations Contact
     John Mattio, SVP
     HC International, Inc.
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net
]]>
      
    
    
      
      message_576
      17 Dec 2008 08:00:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/576
      
        SHISHI, China, Dec. 17 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO - News), a China-based processor and distributor of seafood snack foods and fresh and frozen marine catch, today announced that the Company's Chairman and CEO has purchased 100,000 shares of the Company's stock.  All of the shares were acquired in a block transaction from an individual shareholder for $1.50 per share.




Pengfei Liu, Chairman and Chief Executive Officer, stated, "We have continued to grow our business and market during the past two years by executing our growth plan.  In addition, our expansion plans for 2009 are on track.  The current market conditions have created a significant investment opportunity which I am pleased to seize and this action speaks to my belief in our Company, and my commitment to creating value for our shareholders."
About China Marine
China Marine Food Group Ltd. processes and distributes processed seafood snack-type products, and fresh and frozen marine catch to six provinces in the PRC and select international markets.  Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,400 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards.  It is located in Fujian Province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea.  The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and the EU export registration.
FORWARD-LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions.  Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected.  Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission.  China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
]]>
      
    
    
      
      message_577
      17 Nov 2008 08:01:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/577
      
        SHISHI, China, Nov. 17 /Xinhua-PRNewswire-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO), a China-based processor and distributor of seafood snack foods and fresh and frozen marine catch, today announced that the Company will present at the ROTH Capital Partners 'China Comes to Vegas' Conference on Thursday, November 20th, 2008. The Conference will be held on November 19-21 at the Wynn Hotel, Las Vegas.

The Roth Conference is a three-day conference in Las Vegas that features presentations of executives from approximately 70 U.S.-listed Chinese companies. The Company's presentation will take place in Palmer 1 Room at 2:00 p.m. PT on Thursday, November 20. Management will also participate in one-on- one meetings with analysts and investors throughout the three-day event.  Mr. Pengfei Liu, CEO of China Marin and Mr. Marco Ku, CFO, will present on behalf of the Company.
Management will discuss the Company's performance to date, the current product line, its customer base, sales channel segments in the PRC, and also update investors on the Company's current capacity expansion plans and its growth plans for 2009 and beyond.
Participation is by invitation and registration is mandatory. For more information on the conference, please contact your ROTH representative or visit http://www.roth.com .
About ROTH Capital Partners
ROTH Capital Partners is a full service investment banking firm dedicated to the small and micro-cap market. The firm is privately owned with current principals being majority owners. The core management team has been consistent for many years. Since the inception of the firm in 1984, ROTH has been a leader and innovator in the small and micro cap markets. ROTH's exclusive focus has been, is, and will continue to offer a full spectrum of investment banking services, including raising capital, research coverage, trading and market making, merger and acquisition advisory services, and investor conferences.
About China Marine
China Marine Food Group Ltd. processes and distributes processed seafood snack-type products, and fresh and frozen marine catch to six provinces in the PRC and select international markets. Founded in 1994, China Marine has grown steadily and positioned its 'Mingxiang' brand as a category leader in 1,400 retail sales points in the PRC. The Company has received 'The Famous Brand' and 'Green Food' awards. It is located in Fujian Province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and the EU export registration.
FORWARD-LOOKING STATEMENTS
This release contains certain 'forward-looking statements' relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as 'believes, expects' or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward- looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
    For more information, please contact:

    Company Contact:
     Marco Hon Wai KU, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    Investor Relations Contact
     John Mattio, SVP
     HC International, Inc.
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net

SOURCE  China Marine Food Group Ltd.

 Source: PR Newswire (November 17, 2008 - 9:01 AM EST)
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      message_578
      06 Nov 2008 15:00:00 GMT
      http://chinasecurities.com/ir/ChinaMarine/messages/578
      
        SHISHI, China, Nov. 6 /Xinhua-PRNewswire-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO - News), a China-based processor and distributor of fresh and processed seafood products and snack foods, today announced the Company's financial results for the third quarter ended September 30, 2008.

    -- Third quarter revenues increased 36.3% to $11.5 million compared to
       Q307
    -- Gross profits improved 52.0% to $3.6 million compared to Q307
    -- Net income increased 36.4% to $2.6 million for the quarter compared to
       Q307
    -- For the first nine months revenues increased 36.1% to $35.3 million and
       net income increased 38.3% to $8.6 million with earnings of $0.37 per
       diluted share

2008 Third Quarter Financial Results
Net revenues for the third quarter ended September 30, 2008 reached $11.5 million, an approximate $3.1 million or 36.3% increase over the same period of the prior year.  Revenue increases were generated from the Company's processed seafood product lines which doubled sales to $10.9 million versus the same period in 2007.  Processed seafood accounts for 95% of the Company's revenues and remains the focus of its operations, sales, marketing, and distribution strategy going forward.
Two new master distributors added in the second quarter of the year contributed $1.4 million, or 12% of the Company's overall revenue during the third quarter.  The significant increase in revenues from these initiatives compared to prior quarters reflects the successful launch of new distribution partners in the populous areas of Guangdong, Shenzhen and Shanghai.  The additional increase in revenue emanated from organic sales growth of the Company's existing product portfolio in the three principal provinces where China Marine actively promotes its products; Zhejiang, Fujian and Shandong.
Cost of goods sold was $7.9 million yielding gross profits of $3.6 million in the third quarter 2008.  These profits represented an increase of $1.2 million, or 52.0% versus the third quarter 2007.  For the third quarter 2008, gross profit margin improved by 320 basis points to 30.9% from 27.7% for the three months ended September 30, 2007.  The increase in gross margin was attributed to the higher-margin revenues generated by the Company's processed seafood segments, which include dried, flavored, and packaged seafood snacks entirely for domestic sales.  'There has been very little inflationary pressure on our products,' opened Marco Ku, CFO of China Marine.   'Small increases in cost detected in previous quarters were easily passed onto retail pricing without much impact on our sales for the quarter.  Different than the traditional fresh catch trade which is very sensitive on bunker fuel costs and other related transportation costs, the species of fish we purchase are not subject to the same pricing fluctuations thus we can keep our margins on processed seafood products stable.' Ku concluded.
Total operating expenses for the third quarter of 2008 were $724,748 versus $116,175 for the same period in 2007.  Operating expenses as a percentage of revenues were 6.3% compared with 1.4% for the same period, 2007. This increase was mainly due to increases in selling, marketing, distribution, and administrative expenses directly associated with the Company's increase of revenues and the additional costs incurred after going public in November 2007. The Company has also added seven new sales managers to its sales team this year totaling 23 sales managers in 2008.   Operating income and operating margin for the quarter were $2.8 million and 24.6%, versus $2.2 million and 26.3% in 2007.
Net income was $2.6 million, representing an increase of 36.4% from $1.9 million reported in the same period prior year.  Corresponding net profit margins were 22.6% for the quarter.  The Company will maintain a tax rate of 12.5% for the balance of the year and 2009.  Based on 23 million shares outstanding, earnings were $0.11 per diluted share for the quarter.
'Much has been reported about a downturn in the Chinese economy' stated, Pengfei Liu, Chairman and CEO of China Marine, 'While it's impossible for us to accurately predict the fallout of the global economic crisis and there is no doubt the export market has been significantly impacted, our belief is that consumer spending levels in China will be sufficient to enable us to meet our growth plans.  This belief is supported by our financial performance which is the result of increased demand in both our core markets and the two new markets we recently entered,' Liu commented.
Nine-Month Results
Revenue increased approximately 36.1% to $35.4 million for the nine months ended September 30, 2008 as compared to $26.0 million for the same period last year.  Gross profits for the nine months ended September 30, 2008 were $11.4 million compared to $7.6 million for the same period in 2007.  Operating expenses as a percentage of revenues is 5.1% for the nine months ended September 30, 2008.  Operating income for the nine months ended September 30, 2008 was $9.6 million, an increase of 33.3% compared to $7.2 million for the nine months ended September 30, 2007.
Net income was $8.6 million for the nine months ended September 30, 2008, an increase of $2.4 million, or approximately 38.3% compared to the same period last year.  Earnings per diluted share equaled to $0.37 based on 23 million shares.
Balance Sheet and Cash Flow Discussion
Cash and cash equivalents by the end of third quarter reached $28.4 million.  The Company had a current ratio of 6.8 and $3.9 million in accounts receivable on September 30, 2008.   Inventories were $8.9 million on September 30, 2008 compared to $1.2 million on December 31, 2007.  The Company reported $4.3 million in short term borrowings: China Marine has no long term debt and uses short term financing to support working capital each fiscal year and to maintain favorable lending and deposit rates with its banks.  For the first nine months of 2008, the Company generated $8.6 million in cash from net income, an increase of $2.4 million versus the same period prior year. Stockholders' equity was $42.5 million on September 30, 2008, representing an increase of 6.7% versus last period as of June 30, 2008.
'June and July are restricted fishing months in China and part of a government mandate to avoid 'overfishing' problems experienced by other markets in Asia.' CEO Liu opened.   'This regulation normally leads to a reduction of raw materials for processing needs and the market in general. This year, our strategy to bolster the cold storage facilities in the second quarter and assume a larger inventory position during this season enabled us to fully service our customer base with products and optimize production capabilities throughout the third quarter.   We could also capitalize on future trade of fresh marine catch which we added to our inventory position at very favorable prices in the third quarter.'
China Marine's production facility was running close to its maximum capacity in the third quarter.  Before the end of this year, the Company will complete the installation of new processing equipment thus increasing its capacity 50% to approximately 10,000 tons per year.  'The addition of our new production lines will enable us to meet pent up demand and capitalize on increased customer orders in the fourth quarter and during 2009.  We are confident in our fourth quarter results and our team will exceed our net income make good target of $10.5 million for 2008.' Mr. Liu concluded.
    Company Announcements:
    -- China Marine has authorized a $3.0 million dollar buy-back program.
    -- China Marine will participate in the Rodman and Renshaw Global
       Investment Conference in New York the 10-12th of November of this year.
       The Company will present at noon on November 10th 2008 and conduct a
       non-deal roadshow in the New York area to meet with current and
       prospective investors.
    -- The Company has recently appointed three new independent members to its
       board of directors thus meeting requirements to transition to a fully-
       listed exchange.
    -- China Marine will also attend and present at the Roth Vegas Conference
       in Las Vegas the 19-21st of November.  The Company is scheduled to
       present at 2:00 pm PT on the 20th of November.

Conference Call
The Company will host a conference call on November 7th, 2008, at 10:00 a.m. ET.  To attend the call, please use the dial information below.  When prompted, ask for the 'China Marine Call' and/or be prepared to provide the conference ID.
    Date:                           November 7th, 2008
    Time:                           10:00am ET
    Conference Line Dial-In (U.S.): 1 800-762-9439
    International Dial-In:          + 1 480-629-9041
    Conference ID:                  3939777
    Webcast link:                   http://viavid.net/dce.aspx?sid=000058DB

Please dial in at least 10-minutes before the call to ensure timely participation.  A playback will be available through November 14th, 2008.  To listen, please call 800-406-7325 within the United States or +1 303-590-3030 when calling internationally.  Utilize the pass code 3939777 for the replay.
About China Marine
China Marine Food Group Ltd. processes and distributes processed seafood products, and fresh and frozen marine catch to five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its 'Mingxiang' brand as a category leader in 1,400 retail sales points in the PRC. The Company has received 'The Famous Brand' and 'Green Food' awards.  Located in the Fujian Province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and the EU export registration.
Forward Looking Statements
This release contains certain 'forward-looking statements' relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as 'believes, expects' or similar expressions.  Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected.  Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission.  China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
                       CHINA MARINE FOOD GROUP LIMITED
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
  (Currency expressed in United States Dollars ('US$'), except for number of
                                   shares)
                                 (Unaudited)

                                        September 30, 2008   December 31, 2007
    ASSETS
    Current assets:
      Cash and cash equivalents       $        28,438,614   $      24,476,647
      Accounts receivable, net                  3,897,998           4,183,437
      Inventories                               8,945,930           1,187,335
      Prepaid expenses and other
       receivables                                349,481             165,528

        Total current assets                   41,632,023          30,012,947

    Property, plant and equipment, net          3,993,569           3,510,837
    Intangible assets, net                        634,148             605,823
    Construction in progress                    2,394,953                  --

        Total assets                  $        48,654,693          34,129,607

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Short-term borrowings           $         4,288,778            $772,481
      Accounts payable, trade                     799,585             436,620
      Amount due to a shareholder                  44,971             262,388
      Salaries payable                            353,827             345,319
      Income tax payable                          407,981             341,094
      Other payables and accrued
       liabilities                                245,195             443,533

        Total current liabilities               6,140,337           2,601,435

    Stockholders' equity:
      Common stock, $0.001 par value,
       100,000,000 shares authorized;
       23,026,301 and 22,972,301 shares
       issued and outstanding,
       respectively                                23,026              22,972
      Additional paid-in capital               16,752,945          16,579,443
      Statutory reserve                         3,110,266           3,110,266
      Accumulated other comprehensive
       income                                   3,447,781           1,252,896
      Retained earnings                        19,180,338          10,562,595

        Total stockholders' equity             42,514,356          31,528,172

        Total liabilities and
         stockholders' equity         $        48,654,693     $    34,129,607



                       CHINA MARINE FOOD GROUP LIMITED
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
       FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
            (Currency expressed in United States Dollars ('US$'))
                                 (Unaudited)

                           Three months ended           Nine months ended
                              September 30,                September 30,
                            2008         2007           2008          2007

    REVENUE, NET         $11,496,462   $8,432,856   $35,346,113   $25,978,827

    COST OF REVENUE       (7,944,212)  (6,095,555)  (23,924,208)  (18,418,553)

    GROSS PROFIT           3,552,250    2,337,301    11,421,905     7,560,274

    OPERATING EXPENSES:
    Depreciation and
     amortization            (19,218)      (7,021)      (38,984)      (29,417)
    Selling and
     distribution           (198,051)     (24,887)     (451,330)      (90,450)
    General and
     administrative         (507,479)     (84,267)   (1,302,341)     (214,204)

    Total operating
     Expenses               (724,748)    (116,175)   (1,792,655)     (334,071)


    INCOME FROM
     OPERATIONS            2,827,502    2,221,126     9,629,250     7,226,203

    OTHER INCOME
     (EXPENSE):
    Subsidy income             4,242        3,937        67,868        30,006
    Rental income             18,772       16,820        55,166        50,371
    Interest income          218,105       14,568       390,431        45,136
    Interest expense         (81,871)     (84,566)     (241,475)     (241,791)

    Total other income
     (expense)               159,248      (49,241)      271,990      (116,278)

    INCOME BEFORE
     INCOME TAXES          2,986,750    2,171,885     9,901,240     7,109,925

    Income tax expense      (393,240)    (270,028)   (1,283,497)     (879,252)

    NET INCOME            $2,593,510   $1,901,857    $8,617,743    $6,230,673


    Net income per
     share - basic             $0.11        $0.12         $0.37         $0.40

    Net income per
     share - diluted           $0.11        $0.12         $0.37         $0.40

    Weighted average
     shares outstanding
     - basic              23,026,301   15,624,034    23,026,301    15,624,034
    Weighted average
     shares outstanding
     - diluted            23,026,301   15,624,034    23,120,014    15,624,034



                       CHINA MARINE FOOD GROUP LIMITED
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
            FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 and 2007
            (Currency expressed in United States Dollars ('US$'))
                                 (Unaudited)

                                               Nine months ended September 30,
                                                    2008               2007

    Cash flows from operating activities:
    Net income                                   $8,617,743        $6,230,673
    Adjustments to reconcile net income
     to net cash
    provided by / (used in) operating
     activities:
    Depreciation                                    155,558           158,411
    Amortization                                     11,992            10,946
    Loss on disposal of property, plant
     and equipment                                   64,462                --
    Allowance for doubtful accounts                   2,342            17,801
    Change in operating assets and
     liabilities                                 (7,419,429)       (1,526,747)

    Net cash provided by operating
     activities                                   1,432,668         4,891,084

    Cash flows from investing activities:
    Purchase of property, plant and
     equipment                                     (465,054)          (19,756)
    Addition of construction in progress         (2,394,953)               --

    Net cash used in investing activities        (2,860,007)          (19,756)

    Cash flows from financing activities:
    Proceeds from a shareholder                      44,508           137,372
    Repayment of amount due to a
     shareholder                                   (261,925)               --
    Proceeds from issuance of common
     stock                                          173,556                --
    Drawdown from short-term borrowings           8,844,844         3,944,078
    Repayment of short-term borrowings           (5,388,690)       (3,792,640)
    Dividend paid                                        --        (4,562,044)

    Net cash provided by / (used in)
     financing activities                         3,412,293        (4,273,234)


    Foreign currency translation
     adjustment                                   1,977,013           272,248

    NET CHANGE IN CASH AND CASH
     EQUIVALENTS                                  3,961,967           870,342

    CASH AND CASH EQUIVALENTS, BEGINNING
     OF PERIOD                                   24,476,647         9,182,239

    CASH AND CASH EQUIVALENTS, END OF
     PERIOD                                     $28,438,614       $10,052,581

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW
     INFORMATION

    Cash paid for income taxes                   $1,216,610          $604,484
    Cash paid for interest expense                 $241,475          $241,791


SOURCE  China Marine Food Group Ltd.

 Source: PR Newswire (November 6, 2008 - 4:01 PM EST)
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