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CORRECTION FROM SOURCE: Symax Lift (Holdings) Co. Ltd. Announces Second Quarter 2014 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 08/30/14 --

In the news release published on August 28, the number of Earnings Per Share (Basic) was $6.00, we should read $0.06.

Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period ending June 30, 2014.

Highlights

--  Sales increased to $15 million during the second quarter in 2014,
    representing an 85% increase over $8.1million in the same quarter of the
    previous year. This is the highest quarterly sales in the history of
    Symax.

--  The increase was mainly due to the Company's marketing and selling
    strategy being adjusted to focus on the increasing demand from Chinese
    government sponsored housing projects, developments in Chinese Tier 3,
    Tier 4 cities and smaller Tier 2 cities, and the recent restructuring of
    its sales team and sales network to cover the whole of China except for
    Tibet. 

--  Gross profit increased to $4.7million during the second quarter in 2014,
    representing a 116% increase over $2.2 million in the same quarter of
    the previous year. Gross margin improved to 31% in this quarter,
    compared to 27% in the same quarter of the previous year as a result of
    higher pricing, lower purchase price and product design improvements.

--  Operation expenses increased by 55% to $2.5 million during the second
    quarter in 2014 over the same quarter of previous year. 48% of this rise
    in operation expenses was from increased selling expenses, including
    increases to freight, commission, VAT surtax associated with sales
    increase, and sales staff cost increase associated with the recent
    restructuring of the sales team and sales network and the remaining 52%
    was from increased G&A expenses, including increases to R&D expenditure
    on stairlift products, travelling expenses associated with the setup of
    Symax American and management personnel cost increases associated with a
    couple of senior managers being hired in late 2013 and early 2014.

--  Net income increased to $1.7 million ($0.06 per share) during the second
    quarter in 2014, representing a 460% increase, compared to $0.3 million
    ($0.01 per share) in the same quarter of the previous year. 

--  EBITDA increased to $2.4 million during the second quarter of 2014,
    representing an increase of 236% over $0.7 million in the same quarter
    of the previous year.

SUMMARY FINANCIAL STATEMENTS

                                       ------------------------------------
in thousands of Canadian dollars            Three Months Ended June 30     
                                       ------------------------------------
except per share and percentage data           2014        2013    % Change
                                       ------------------------------------
Sales                                        15,042       8,143         85%
Gross profit                                  4,736       2,197        116%
Gross margin                                    31%         27%            
Operating expenses                            2,506       1,617         55%
Operating income                              2,230         580        284%
Other income (loss)                           (124)       (224)       (45%)
Income taxes                                    404          53        662%
Net income                                    1,702         303        462%
EBITDA                                        2,448         729        236%
Earnings per share - basic                    $0.06       $0.00            
Earnings per share - diluted                  $0.06       $0.00            
                                                                           
                                          30-Jun-14   31-Dec-13            
                                       ------------------------            
Total assets                                 56,449      49,089            
Current liabilities                          37,904      33,309            
Long term liabilities                         5,908       4,562            
Shareholders' equity                         12,637      11,218            

"Benefiting from successful adjustments to the Company's marketing and selling strategy, a restructured sales team and sales network, Symax's sales growth continued in 2014.Sales increased by 85% in the second quarter, the highest quarterly sales and net income in the history of Symax," stated Ms. Sabrina Zhang, CEO of Symax. "We will continue to focus on tightening our costs to deliver better bottom line results as we move forward."

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contacts:
Michael Zheng
Skyone International Securities Corporation
Tel: 416.268.6178
Email: [email protected]

Mary Ma, CFO
Tel: 604.277.6678
Email: [email protected]

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