Significant events this year for China Premium Lifestyle in Hong Kong where it is the official importer, distributor and dealer for Ferrari and Maserati include the Ferrari 60 Relay (top) and the summer 'Maserati Party' (above). Photo: China Premium Lifestyle.

China Premium Lifestyle Enterprise, Inc. has reported net sales for the quarter ended September 30, 2007 of approximately $26.7 million, a significant 82% increase over net sales for the similar period one year ago of approximately $14.6 million. The company reported a net profit for the quarter of approximately $310,472, which represented an increase of almost 84% from the net profit of $168,842 in the previous year's quarter.

For the nine month period ended September 30, 2007, the company's reported net sales of approximately $68.8 million represented a 74% increase over the comparable nine month period one year ago when the company reported approximately $39.5 million. For the nine month period ended September 30, 2007, the company reported net income of $439,071 as compared to net income of $420,742 for the nine month period in 2006.

The company attributed the growth in sales to its new and used vehicle trading segment, with significant increases in deliveries of Ferrari 8- cylinder models, the F430 and F430 Spider, together with the sell out performance of the new Ferrari 12-cylinder model, the 599 GTB Fiorano. Vehicle sales were approximately $64.2 million for the nine month period of 2007 compared to approximately $35.8 million in the similar period one year ago. Parts sales and service income increased in the nine month period to approximately $4.6 million as compared to approximately $3.7 million for the preceding period. The increase in parts sales and service income was attributed to significant growth in the number of both Ferrari and Maserati customers during the last few years, all of whom now require regular maintenance.

Richard Lee, Chairman and CEO, stated: "I am very pleased to report that we continue to show tremendous growth in our sales of the new and current model range of Ferraris and Maseratis as well as accelerating growth in parts sales and service income. This strong foundation is the ideal platform to enable us to incorporate other high end brands into our portfolio as we continue to build China Premium Lifestyle Enterprise, Inc."

Joseph Wong, CFO, added: "Our operations generated cash resources of approximately $9.5 million for the nine months ended September 30, 2007, compared to generating cash resources of approximately $1.9 million for the similar period one year ago. This was a result of our increased sales. Our account receivables decreased by approximately $7.8 million in the nine month period ended September 30, 2007, primarily due to the collection of a receivable pursuant to certain sales recognized in the last three quarters."

China Premium Lifestyle Enterprise, Inc.

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, such as the John Richmond fashion line from Italy, which the company markets to its already established customer base of high net worth Chinese individuals.