Symax Lift Holding Co. Ltd. ("Symax" or the "Company") (TSX VENTURE:SYL), a
developer, manufacturer and servicer of elevators and escalators globally with a
manufacturing base in China, today reported its interim financial results for
the quarter and nine months ended September 30, 2011. 


Sales increased by 74% to $9,174,000 and by 65% to $22,202,000 in the quarter
and nine months ended September 30, 2011, respectively, compared to same periods
of 2010. The increase was primarily driven by the continued benefits of a
standardized elevator model which is specially suited to Chinese government
funded housing development projects and Chinese Tier 2 and 3 city development
projects, as well as sales increases from overseas markets and elevator
components. This growth in sales illustrates the continuing opportunities in
government sponsored housing development projects in China and Chinese Tier 2
and 3 city development projects. 


Gross profit increased by 31% to $1,928,000 and by 40% to $4,987,000 in the
quarter and nine months ended September 30, 2011, respectively, compared to same
periods of 2010. The measure of this increase results from the combination of
the significant sales increase and slight gross margin decrease. 


Selling, general and administrative expenses decreased by 16% to $1,071,000 and
increased by 12% to $3,379,000 in the quarter and nine months ended September
30, 2011, respectively, compared to corresponding periods in 2010. These
expenses significantly decreased as a percentage of sales to 12% from 24% in the
third quarter and to 15% from 22% in the first nine months in 2010.The decrease
in the third quarter of 2011 was mainly due to less expenditure spent on
advertising, while in the same period in 2010, the company spent more on
advertising and promotion in connection with the Company's re-branding efforts.
The principal components of the increases for the nine months ended September
30, 2011 are increases in personnel expenses due to additional employees being
hired specializing in marketing, customer relationship, elevator installation
site investigation and elevator testing and more bonuses being paid to salesmen
in connection with sales increases. 


Net income was $603,000 and $1,035,000 for the quarter and nine months ended
September 30, 2011, compared to net income $95,000 and $217,000 in the same
periods of 2010, an improvement of 535% and 377% due to the aforementioned
factors. 


Cashflow from operations saw an outflow of funds of $740,000 in the nine months
ended September 30, 2011, compared to an outflow of $43,000 in the same period
in 2010. This increase was primarily as a result of the increase in accounts
receivable and decrease in accounts payable partially offset by inventories
decrease and net income increase. 


"We are excited with our continued year-over-year quarterly sales growth and
significant bottom line improvement," noted Xiaoyan (Sabrina) Zhang, Chief
Executive Officer. "We look forward to continuing substantial sales increase
while containing costs to deliver improved bottom line results for the fourth
quarter of the year." 


About Symax Lift (Holding) Co. Ltd. 

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.