Exhibit 99.1
Deer Consumer Products, Inc. Approved for
NASDAQ Listing under New Symbol “DEER”, Effective
Friday July 17, Raises 2009 Earnings
Guidance to Between $0.86 and $0.91 Per Share, Management Signed 3
Year Share Lock-up Agreements
NEW
YORK, July 16, 2009 /PRNewswire-FirstCall/ -- Deer Consumer
Products, Inc. (OTC Bulletin Board: DCPD - News ;
Website: www.deerinc.com ), one of the world's largest
manufacturers of home and kitchen electronics targeting both
international and the Chinese domestic markets, today announced
that the Company’s common stock has been approved for listing
on the NASDAQ Stock Market. The new stock symbol will be
“DEER”, effective Friday, July 17, 2009 before the US
markets open.
As a NASDAQ
company, DEER has direct access to the vast Chinese consumers. DEER
is a US company with its primary operations in China, benefiting
from consumer wealth growth in China while operating under strict
US corporate governance, rules and regulations.
RAISING 2009 EARNINGS
GUIDANCE
Based on
customer orders received and anticipated product delivery schedule
for the remainder of 2009, DEER is raising 2009 earnings guidance
to between $0.86 and $0.91 per share, or approximately $10 million
in net income. DEER also is raising 2009 revenue guidance to
approximately $81 million. In 2008, DEER reported US GAAP audited
revenue of $43.8 million, net income of $3.4 million and earnings
per share of $0.39 on a post share split basis. DEER currently has
11.28 million shares issued and outstanding.
MANAGEMENT SIGNED 3 YEAR SHARE
LOCK-UP AGREEMENTS
DEER’s
management team voluntarily entered into 3 year share lock-up
agreements, reflecting their total commitment to the continued
success of the Company. The lock-up agreements apply to
management’s entire holdings in DEER, of which all of their
holdings are in restricted stock, representing approximately 69% of
the Company’s total issued and outstanding shares.
MANAGEMENT AND BOARD
COMMENTS
Bill He, Deer's Founder, Chairman
& CEO commented: "DEER expects to announce significant
sales
