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News

Year end results expect to be on plan for BlueStar SecuTech

: 16 April, 2009  (Company News)
4th quarter agreements with Chinese banks signals healthy expectations for year end financial results at BlueStar SecuTech
BlueStar SecuTech results for the year ended 31 March 2009 are expected to be in line with market expectations.

Revenue for the year ended 31 March 2009 is expected to be approximately RMB 154 million, with Net Profit of RMB 20 million and EBITDA of approximately RMB 26 million. BlueStar's cash position remains strong with cash balances at the year end of approximately RMB 83 million. In addition, the Board confirms that it intends to maintain the Company's existing dividend policy and will be paying a final dividend based upon the Company's overall performance for the year ended 31 March 2009.

During the final quarter of the current financial year the Company continued to win new business contracts including a significant complementary agreement on networking projects with the China Construction Bank's (CCB) Beijing Branch, which follows on from a Framework Agreement with CCB signed in November 2006. The Company also signed a new framework agreement relating to DVR sales with the China Merchant's Bank.

Additionally, BlueStar's cooperation agreement with the Kaiyuan Company for the joint provision of video surveillance monitoring and mobile security guarding in Beijing is progressing well. The construction of the Beijing surveillance command center has now been completed below budget and ahead of schedule. A number of financial outlets have now been connected to the centre and a programme of testing is underway to confirm the stability and safety of the system. Initial demand to use the centre's services amongst Kaiyuan's existing customers has been extremely promising and it is hoped the command centre will be fully operational by the end of June. Under its agreement with Kaiyuan, BlueStar will receive a recurring monthly service fee for each outlet utilising the command centre's services and estimates annualised revenues in the region of RMB15 million will be achievable by BlueStar by the end of 2010.

Commenting on the trading update, Xiao Gang, Chief Executive of BlueStar said: "Whilst we are conscious of the difficulties the current economic environment pose, our strong cash position, comprehensive security services, integrated sales network, efficient and effective management team, continued expansion into more resilient fields and meaningful steps into the overseas market mean we are confident in the future development and success of BlueStar."
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