BARNSTEAD, N.H., May 16 /Xinhua-PRNewswire/ -- Pay88 Inc. announced financial results for its first quarter ended March 31, 2008. The company posted net sales of approximately $5.5 M USD, or a 400 percent increase in net sales in comparison with the year-ago quarter. The gross profit margin for Pay88 was also up approximately 60 percent in comparison with the margins recorded in the same quarter last year.
Over the past year Pay88 continued to grow and develop their online distribution network through its subsidiary, Qianbao. Their websites, http://www.iamseller.com and http://www.17logo.com have enabled the Company to quickly penetrate the market and gain a foothold in the distribution and sale of various products to both consumers and retailers. The revenues generated for this past quarter were predominately from online product sales, primarily, prepaid multi-player online game cards.
"We are incredibly pleased with the increase in sales and profits for this quarter," said Guo Fan, President and CEO of Pay88. "And I feel the momentum building. We are constantly working on increasing our distribution channels. We are definitely moving in a positive direction with the distribution. In addition, we have been working hard to be able to continue offering our consumers more products. We are currently engaged in agreements with numerous suppliers and we have the ability to continue to grow our sales".
Over the next twelve months, Pay88 intends to continue to develop other internet distribution websites and increase their overall product line.
Certain information contained in this Press Release, including without limitation, statements related to Pay88’s outlook for 2008, which are based on current management’s expectations, is considered forward looking statements. Investors and prospective investors are cautioned about significant factors which have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. Actual results may also differ as a result of factors over which we have no control, including general economic and business conditions; earthquakes, effects of war or terrorists acts on the capital markets or the Company’s activities. Please refer to the Risk Factors contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2008.
