Symax Lift (Holding) Co. Wins 9 Contracts Worth Approximately $11 Million to Install & Service Elevators in China - Video News Alert on InvestmentPitch.com

Vancouver, British Columbia--(Newsfile Corp. - November 26, 2013) - Symax Lift (Holding) Co. (TSXV: SYL) wins nine new contracts, worth approximately $11 million, to supply, install and service Dingtai and Green elevators in China. The contracts, five of which are for government housing projects, are expected to be completed in the first half of 2014.

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These 9 contracts are in addition to the 3 contracts worth approximately $5.5 million for domestic housing projects in eastern and southeastern China, that were announced in September and expected to be completed by the end of March 2014.

Symax, through its subsidiaries, primarily operates in the People's Republic of China, developing and manufacturing elevators. Products include the Green Passenger Elevator which is designed for residential building with 5 to 20 floors, the Dingtai Passenger Elevator designed for both residential and commercial buildings with 15 to 30 floors. Other products include freight elevators, villa elevators, escalator, walkway and stair-lifts.

Ms. Sabrina Zhang, CEO stated, "This September and October were strong months for Symax. Amid the concern of saturation of housing markets in the Chinese tier 1 cities, we still observed continuing growth in our business based on tier 2 and 3 cities, which have led to consistent demand for elevator products. We are particularly encouraged by the increasing demand from government housing projects."

For the quarter ended June 30th, the company reported sales of $8.1 million, gross profit of $2.2 million, and net income of $304,000 or $0.01 per share. These numbers were down from the same quarter in the previous year because of tightening of monetary policy in China in the first half of 2013 with some customers postponing delivery of orders until the 3rd and 4th quarters of 2013.

Symax has undertaken an expansion of its domestic Chinese business with a new manufacturing facility located in Wanzhou, Chongqing. Upon completion, this facility is expected to double the company's production capacity by 2014. Symax plans to set up a subsidiary in Wuxi, China to manufacture and sell stairlift products in China. The subsidiary is expected to be established in the third quarter of 2013 and to launch its stairlift products in the Chinese domestic market before year end 2013. The company has also undertaken an expansion of its service network in support of its geographic expansion.

The company currently trades at $0.08 and with 30.7 million shares outstanding, is capitalized at $2.5 million. For a more information, please visit the company`s website at www.symax.ca, phone Mary Ma at 604-277-6678, or email info@symax.ca.

Additional information is available from Skyone International Securities in Toronto, Ontario. Contact Michael Zheng at 416-268-6178 or email Michael.zheng@skyoneisec.com.

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