HOHHOT, Inner Mongolia, Oct. 16, 2007 (PRIME NEWSWIRE) -- Speedhaul Holdings, Inc. (to be known as Gold Horse International, Inc.) (OTCBB:SPEH) released its 2007 Annual Report for the fiscal year ended June 30, showing revenues of $28.3 million, net profits of $2.6 million, and net assets of $15.37 million. Year-to-year, net revenues increased 25.3% and net income increased 55.5%.
Mr. Yang Lian Kuan, Chairman and CEO of Gold Horse commented: "As a U.S. public company, we are seriously aware of the importance of performance and forecasts, and we want Gold Horse to be judged by results, not promises. We are pleased with the results of our fiscal year, as audited by the California firm, Kabani & Company, Inc. "I am asking that our U.S. Director, Mr. Jonathan Blum, serve as the spokesperson and liaison for Gold Horse in the United States. He will be organizing an executive office in New York, as he is uniquely qualified in leading a Chinese real estate development company's activities in the U.S."
Mr. Blum commented: "I am pleased to have the opportunity to represent Gold Horse's interests in the United States. Through its development and construction activities, I believe Gold Horse is uniquely positioned to capitalize on the burgeoning Chinese real estate market. Gold Horse's financial performance for the recently completed fiscal year is a testament to the Company's strength of operations, market position, and potential."
Mr. Adam Wasserman, Chief Financial Officer, summarized the Company's year-to-year performance: "For the year ended June 30, 2007, net revenues amounted to $28,322,306 compared to $22,608,755 for the year ended June 30, 2006, an increase of $5,713,551 or 25.3%. Additionally, for the year ended June 30, 2007, net income amounted to $2,594,526 as compared $1,668,699, an increase of $1,409,247 or 55.5%. For the years ended June 30, 2007 and 2006, net income per common shares was $.05 and $.03, respectively."
About Speedhaul Holdings, Inc.
Speedhaul Holdings, Inc., through its wholly owned subsidiaries, Gold Horse International, Inc. and Global Rise International Ltd., controls and operates Inner Mongolia Jin Ma Construction Co., Ltd. ("Jin Ma Construction"), Inner Mongolia Jin Ma Hotel Co., Ltd. ("Jin Ma Hotel") and Inner Mongolia Jin Ma Real Estate Development Co., Ltd. ("Jin Ma Real Estate", and collectively the "Jin Ma Companies"), all based in Hohhot City, the regional capital of Inner Mongolia Autonomous Region in the People's Republic of China. Jin Ma Construction has been providing construction and general contractor services in Hohhot City to both private developers and the local and regional governments since 1980. Jin Ma Hotel owns, operates and manages the Jin Ma Hotel, a full-service two-star hotel located in Hohhot City. Jin Ma Real Estate develops residential and commercial properties in Hohhot City. For more information, visit www.GoldHorseInternational.com
Forward-looking Statements
Statements made in this news release may contain forward-looking statements concerning Speedhaul's business operations. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, market acceptance, competition from existing and new competitors, and various other factors beyond its control. The risks inherent in Speedhaul's business operations are detailed under "Risk Factors" in its Current Report on Form 8-K/A filed on July 9, 2007. Speedhaul undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.