China Expert Technology ( CXTI.OB ) ( articles ) was down a few percent today, but after the bell announced yet another huge contract . CXTI was awarded a $48M contract ($42.4 minus hardware purchases and PRC business tax) to construct e-government systems for Xi'an city government, located in the Shaanxi province of China. A 5% commission on the net figure will be paid in stock to the company's outside sales firm. While this will result in dilution of approximately 323,000 shares, I think its a small price to pay for such a large contract.
$42.4M is a nice addition to the backlog, to be sure. However, the significance of this contract extends far beyond its price tag. CXTI's previous contracts were limited to governments in Fujian province--this one is not. Hung Tao, Chairman of the Board, stated: " One of our major goals for 2007 was to expand into new cities and provinces and we are pleased that our efforts have enabled us to begin winning business in these new markets."
Investors should be pleased too. I don't own shares currently but would like to buy on a pullback.
Guigang City, located in the Guangxi Province, with contract sum of $25.8 million
Zhangping County, located in the Fujian Province, with contract sum of $24.7 million
Longyan City, located in the Fujian Province, with contract sum of $33.1 million
The company places the total net value of these contracts (which I believe excludes hardware purchases and Chinese value added tax) at $72.9 million. A 5% commission, payable in stock, is also due to the consultants who helped land the three contracts.
"We continue to sign new contracts and grow backlog with customers located both in our core Fujian market, in addition to new Provinces which we believe represent significant future growth opportunities," commented Mr. Zhu Xiao Xin, CEO of China Expert. "The momentum we have created in the market is based on our ability to reinforce the need for e-government solutions to cities and municipalities while leveraging our expertise to implement reliable and scalable solutions on time and within budget. The industry drivers remain in place as many municipalities and cities begin to comply with the stated Central Government goal of processing at least 50 percent of government administrative approvals electronically by 2010. As the pace of compliance accelerates China Expert is well positioned to capture incremental contracts from both our existing and new customers."
DISCLOSURE: I have no position in CXTI.OB. Not a recommendation to buy or sell any security. For informational and educational purposes only.
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