By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
INTERNATIONAL ELITE LTD.(incorporated in the Cayman Islands with limited liability) (Stock Code: 1328)
PROFIT WARNING
This announcement is made by the Company pursuant to Inside Information Provisions under Part XIVA of the SFO and Rule 13.09(2)(a) of the Listing Rules.
The Board wishes to inform the shareholders of the Company and potential investors that based on the preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2012 and information currently available to the Board, the Group expects to record a significant decrease in profit for the year ended 31
December 2012 as compared to the profit for the year ended 31 December 2011.
This announcement is made by International Elite Ltd. (the "Company" and together with its subsidiaries, the "Group") pursuant to Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) (the "SFO") and Rule 13.09(2)(a) of the Listing Rules.
The board (the "Board") of directors of the Company (the "Directors") wishes to inform the shareholders of the Company and potential investors that the Group expects to record a significant decrease in profit for the year ended 31 December 2012 as compared to the profit for the year ended 31 December 2011. Based on the preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2012 and information currently available to the Board, to the best of the Directors' knowledge, the significant decrease in profit for the year ended 31 December 2012 was mainly attributable to the one-off significant gain on changes in fair values of the purchase consideration payables on 31 May 2011, recorded prior to the issuance of convertible notes on the same date, less interest expenses accreted on convertible notes. The above mentioned net gain would not be recorded in the financial statements of the Company for the year ended 31 December
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2012 as the convertible notes were issued and converted into shares during the year ended
31 December 2011. In addition, it is expected that there would also be a decrease in profit of the Group for the year ended 31 December 2012 as compared to the profit of the Group for the year ended 31 December 2011 mainly due to a drop in sales of the RF-SIM products as compared to the year ended 31 December 2011. The extent of the decrease has yet to be ascertained as at the date of this announcement.
The information contained in this announcement is only based on the preliminary assessment made by the Board with reference to the unaudited consolidated management accounts of the Group for the year ended 31 December 2012 and information currently available and such information has not been audited, confirmed and/or reviewed by the auditor of the Company. It is, therefore, subject to finalization and necessary adjustments. Shareholders of the Company and potential investors are advised to read carefully the annual results announcement of the Company for the year ended 31 December 2012 which is expected to be announced in March
2013.
By Order of the Board
International Elite Ltd. Kwok King WaChairman
Hong Kong, 21 January 2013
As at the date of this announcement, the executive Directors are Ms. Kwok King Wa, Mr. Li Kin Shing, Ms. Li Yin, Mr. Wong Kin Wa and Mr. Li Wen and the independent non-executive Directors are Mr. Chen Xue Dao, Mr. Cheung Sai Ming and Mr. Liu Chun Bao.
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