HONG KONG, Dec. 1 /PRNewswire-FirstCall/ -- China Premium Lifestyle Enterprise, Inc. (OTC Bulletin Board: CPLY) today announced that its 49%-owned entity Technorient Ltd., through a wholly-owned subsidiary, opened its new Ferrari and Maserati 3S (Sales, Service and Spare Parts) Center in Nanjing, China, on November 22, 2008.
Nanjing, a city in the East of China, has a prominent place in Chinese history and culture, and is the capital of the Jiangsu Province. Located in the Yangtze River Delta Economic Zone, Nanjing has always been one of China's most important cities. Apart from having been the capital of China for six dynasties, Nanjing has also served as a national hub of education, research, transportation and tourism throughout history.
In recent years, Nanjing has been developing its economy, commerce, industry and city construction and since China's entry into the WTO, the city has received increasing attention from foreign investors; on average, two new foreign firms establish offices in the city every day. With an urban population of over five million, it is also the second largest commercial centre in the East China region, after Shanghai.
Following the successful opening of its Ferrari and Maserati facilities in Dalian in the North East of China in 2006, the opening of the Nanjing business now enables the Group to take advantage of certain economies of scale, as well as the rapidly developing economy, and creation of wealth, in much of East and North East China.
Richard Lee, Chairman and CEO of China Premium Lifestyle Enterprise, Inc., stated: "We are very pleased to have opened our new, state-of-the-art Ferrari and Maserati Center in Nanjing. This opening strategically places us in the second largest city in the East China region and in an area of very high economic growth. As the exclusive distributor for the brands in both Nanjing and the affluent Jiangsu Province, we expect this new business to further compliment and strengthen our recently reported revenue growth and profitability and enable us to continue to incorporate other high end brands into our platform."
China Premium Lifestyle Enterprise Inc., through its 49%-owned entity, has established itself as a leading Ferrari and Maserati importer, distributor and dealer in Hong Kong and dealer in China, having been affiliated with Ferrari and Maserati since 1992 and 1994 respectively. The company is expanding its offerings to include other luxury brands and goods from around the world, which it markets to its already established base of wealthy Chinese individuals.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this release that are not purely historical are forward-looking statements, beliefs, plans, expectations or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Investors should independently investigate and fully understand all risks before making investment decisions.
SOURCE China Premium Lifestyle Enterprise, Inc.