Press Releases

JINAN, China, Nov. 20 /PRNewswire-FirstCall/ -- Pansoft Company Limited (Nasdaq: PSOF), a leading enterprise resource planning ("ERP") software and professional services developer for China's oil and gas companies, today announced selected unaudited financial results for the third quarter ended September 30, 2008, and provided an update of its guidance for the full year 2008.

Third Quarter 2008 Unaudited Financial Results Highlights

For the third quarter ended September 30, 2008, Pansoft reports the following unaudited financial results.

    --  Revenues increased 49.93% to $2.17 million, from $1.45 million in the
        third quarter 2007
    --  Gross profits increased 87.83% to $1.48 million, with gross margin of
        67.98%
    --  Operating income increased 75.44% to $1.27 million
    --  Operating margin of 58.53%, improved from 50.02% in the third quarter
        2007
    --  Net income increased 46.29% to $1.06 million, or $0.23 per fully
        diluted share

Commenting on the third quarter 2008 results, Wang Hu, Chairman of Pansoft Company Limited, said, "Pansoft continues to deliver solid revenue and profitability growth due to continuously strong market demand. As we enter the fourth quarter, we expect better than anticipated full-year 2008 revenues as our services business remains strong and is expected to grow at least 5%, year-over-year."

Sales revenue for the third quarter 2008 was $2.17 million, up 49.93% from $1.45 million in the same quarter last year. The rapid growth of sales revenue was mainly attributable to the increased demand from major customers such as Sinopec and its subsidiaries for large-scale software systems integration and development projects.

Gross profit for the quarter was $1.82 million, up 40.89% from $1.29 million in the same quarter last year.

Gross margin was 67.99%, up from 54.27% in the same quarter in 2007. The increase in gross profit margin was due to an increase in revenue combined with control over company expenses.

Operating expenses were $0.21 million, up 235% from $0.06 million in the third quarter 2007. The increase in operating expenses was primarily due to (1) an increase in administrative expenses related to the Company's initial public offering to list its common stock on the NASDAQ Capital Market on September 9, 2008 and (2) an increase in stock option expenses after the Company's initial public offering.

Operating income was $1.27 million, up 75.44% from $0.72 million in the third quarter 2007. Operating margin increased to 58.53%, from 50.02% a year ago.

Net income for the third quarter 2008 was $1.06 million, or $0.23 per diluted share, up from $0.73 million, or $0.17 per diluted share, in the same quarter last year. Fully diluted weighted average shares outstanding increased to 4.53 million for the period from 4.24 million in the same period in 2007, due to our initial public offering of 1,200,000 shares in September 2008.

Financial Condition

As of September 30, 2008, we had $10.17 million in cash and cash equivalents, no long term debt, total liabilities of $0.45 million and working capital of $13.09 million. Shareholders' equity was $13.84 million, compared to $4.62 million as of September 30, 2007. Cash flow used in operating activities was $0.49 million as of September 30, 2008, due to increases in accounts receivables and cash used in relation to inventory purchases. As the Company usually provides services to customers first and only collects the payment from them when projects are almost completed, accounts receivable rose to $3.16 million, up from $1.18 million at the end of fiscal 2007, primarily due to the overall increase in the scale of the Company's operations.

Full Year 2008 Guidance

Even with the current financial crisis, the Company believes the need for its outsourced services remains strong as the oil industry in China is less affected by the crisis. The Company does not expect the financial crisis to have a significant negative impact on its fourth quarter 2008 and 2009 revenue. Management believes that the Company's balance sheet is strong and that it possesses a competitive position in its market. Management also expects to achieve at least 5% growth over 2007.

"Pansoft has a good reputation for providing high-quality integration and customization services in a cost-effective and efficient manner for our customers. In all environments, we are positioned to exceed our customer needs, by expanding and evolving our services, while maintaining our focus on revenue growth and profitability," Mr. Wang noted.

Looking forward, management believes that demand for its services will continue to grow as the Company ramps up its development capacity. As a result of the Company's brand name and reputation in the ERP industry for delivering high quality services at competitive prices in China, management believes that it will continue to deliver solid revenue and profitability growth.

About Pansoft Company Limited

Pansoft is a holding company that holds all of the outstanding capital stock of Pansoft (Jinan) Co., Ltd., its operating subsidiary based in Jinan, China. Pansoft is a developer of enterprise resource planning ("ERP") software and professional services for participants in China's oil and gas industry. ERP software addresses various facets of business operation including accounting, order processing, delivering, invoicing, inventory control and customer relationship management.

Forward-Looking Statements

This press release may contain forward-looking statements concerning Pansoft Company Limited. 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, shipment, market acceptance, additional competition from existing and new competitors, changes in technology or product techniques, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. Pansoft Company Limited undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

                         - Financial Tables Follow -



    Interim Consolidated Balance Sheets
    As at September 30, 2008 and December 31, 2007
    (Unaudited)

                                               September 30,   December 31,
                                                    2008           2007
                                                 (Unaudited)
    Assets
      Current assets
        Cash and cash equivalents                $10,171,204     $3,365,613
        Accounts receivable, net                   3,158,345      1,180,854
        Prepayments, deposits and other
         receivables                                 154,893        111,444
        Work in progress                              51,803              -
        Income tax receivable                          5,626          5,236
    Total current assets                          13,541,871      4,663,147

      Deferred cost                                        -         63,709
      Property and equipment, net                    657,183        221,191
      Deferred software development cost              92,048        137,088
    Total assets                                 $14,291,102     $5,085,135

    Liabilities
      Current liabilities
        Accounts payable and accrued liabilities    $200,859       $425,156
        Deferred revenue                              15,136          7,597
        Deferred government grants                         -         34,272
        Deferred income tax payable                  237,815              -
    Total current liabilities                        453,810        467,025
    Commitments and contingencies
    Shareholders' equity
      Common shares (30,000,000 common shares
       authorized; par value of $0.0059 per share;
       5,438,232 shares issued
       and outstanding (2007 - 4,238,232))            32,080         25,000
      Additional paid-in capital                   8,057,857        502,989
      Retained earnings                            4,854,520      3,550,165
      Statutory reserves                             223,855        223,855
      Accumulated other comprehensive income         668,980        316,101
    Total shareholders' equity                    13,837,292      4,618,110
    Total liabilities and shareholders' equity   $14,291,102     $5,085,135



    Interim Consolidated Statements of Operations and Comprehensive Income
    For the Three and Nine Month Periods Ended September 30, 2008 and 2007
    (Unaudited)

                           For the three month       For the nine month
                       periods ended September 30, periods ended September 30,
                           2008         2007         2008          2007

    Sales               $2,171,038   $1,448,029   $3,548,302   $3,032,739
    Cost of sales          695,003      662,203    1,725,420    1,738,873
    Gross profit         1,476,035      785,826    1,822,882    1,293,866

    Expenses
      General and
       administrative
       expenses            130,828       26,958      211,090      100,911
      Selling expenses       8,506        4,052       15,037       16,566
      Professional fees     27,112       30,462       88,649       30,462
      Stock option expense  38,815            -       38,815            -
                           205,261       61,472      353,591      147,939

    Income from
     operations          1,270,774      724,354    1,469,291    1,145,927

    Other income                 -            -          537           64
    Finance cost              (455)         (66)        (873)        (257)
    Interest income         27,555        8,207       70,032       13,317
    Gain on disposition of
     property and equipment    154        8,209        1,528        9,629
    Loss on equity
     investment                  -      (14,858)           -      (24,400)
    Income before provision
     for income taxes    1,298,028      725,846    1,540,515    1,144,280

    Provision for future
     income taxes          236,159            -      236,159            -
    Net income           1,061,869      725,846    1,304,355    1,144,280
    Other comprehensive
     income                 58,851       45,540      352,879      100,399
    Comprehensive
     income             $1,120,720     $771,386   $1,657,234   $1,244,679

    Basic and diluted
     income per share        $0.23        $0.17        $0.30        $0.27

    Basic and diluted
     weighted average
     number of shares
     outstanding         4,525,189    4,238,232    4,334,582    4,238,232



    Interim Consolidated Statements of Shareholders' Equity
    For the Nine Months Ended September 31, 2008
    (Unaudited)

                              Common Shares        Additional   Retained
                                                    Paid-in
                           Number       Amount      Capital     Earnings
    Balance at December
     31, 2007            4,238,232      $25,000     $502,989   $3,550,165

    September 8, 2008
     shares issued for
     cash at $7.00       1,200,000        7,080    8,392,920
    Costs related to
     issuance of common
     stock                                          (876,987)
    Issuance of warrants                                 120
    Stock option expense                              38,815
    Net income                                                  1,304,355
    Foreign currency
     translation
     adjustment

    Balance at Sept 30,
     2008                5,438,232      $32,080   $8,057,857   $4,854,520


                                                  Accumulated
                                   Statutory         Other
                                                 Comprehensive
                                   Reserves         Income        Total

    Balance at December 31, 2007   $223,855        $316,101    $4,618,110

    September 8, 2008 shares
     issued for cash at $7.00                                   8,400,000
    Costs related to issuance of
     common stock                                                (876,987)
    Issuance of warrants                                              120
    Stock option expense                                           38,815
    Net income
                                                                1,304,355
    Foreign currency translation
     adjustment                                     352,879       353,019

    Balance at Sept 30, 2008       $223,855        $668,980   $13,837,292



    Interim Consolidated Statements of Cash Flows
    For the Nine Months Period Ended September 30, 2008 and 2007
    (Unaudited)

                                                   For the nine months ended
                                                        September 30,
                                                     2008           2007
    Cash flows from operating activities
    Net income                                    $1,304,355     $1,144,280

    Adjustments to reconcile net income to
     net cash provided by operating activities:
      Provision for future income taxes              236,159              -
      Government grants amortization                (115,673)       (73,597)
      Amortization                                   225,830        283,808
      Stock option expense                            38,815              -
      Gain on disposition of property and equipment   (1,528)        (9,629)
      Loss on equity investment                            -         24,400

    Changes in operating assets and liabilities:
    Accounts receivable                           (1,988,200)      (678,334)
    Prepayments, deposits and other receivables       37,408       (131,544)
      Work in progress                               (49,132)             -
      Accounts payable and accrued liabilities      (264,672)         1,449
      Government grants received, net                 79,458              -
      Government grants repayment                          -        (21,704)
      Deferred revenue                                 6,556         (9,144)
    Net cash (used in) provided by
     operating activities                           (490,624)       529,985

    Cash flows from investing activities
    Capitalized development cost                           -       (172,720)
    Purchase of property and equipment              (585,722)       (37,768)
    Proceeds from disposition of property
     and equipment                                    18,766         43,595
    Net cash used in investing activities           (566,956)      (166,893)

    Cash flows from financing activities
    Net proceeds from stock offering               7,648,549              -
    Dividends paid                                         -       (257,433)
    Net cash provided by (used in) financing
     activities                                    7,648,549       (257,433)

    Effect of exchange rate changes on cash          214,622         51,497

    Increase in cash and cash equivalents          6,805,591        157,156
    Cash and cash equivalents, beginning of
     period                                        3,365,613      1,342,075

    Cash and cash equivalents, end of period     $10,171,204     $1,499,231

    Supplemental cash flow information
    Interest received                                $56,987        $13,317
    Interest paid                                       $874           $257

SOURCE Pansoft Company Limited

DUBLIN, Ireland--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/25e3d9/snapshots_uk_hayfe) has announced the addition of the "Snapshots UK Hayfever Remedies 2008" report to their offering.

Snapdata's Snapshots UK Hayfever Remedies 2008 provides 2007 year-end market size data, with 2008 estimates, 5 years of historical data and five-year forecasts. The Snapshots report gives an instant overview of the UK hayfever remedy market and covers oral tablets, nasal sprays and eye drops. Market value is based on grocery and pharmacy sales. The data is supplied in both graphical and tabular format for ease of interpretation and analysis. The Snapshots UK Hayfever Remedies 2008 forms part of Snapdata's OTC Pharmaceuticals industry coverage.

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For more information visit http://www.researchandmarkets.com/research/25e3d9/snapshots_uk_hayfe

    Source: Research and Markets

SHEFFIELD, United Kingdom and EAST HARTFORD, Conn., Nov. 20 /PRNewswire/ - Firth Rixson Limited, a major provider of highly engineered forged and specialty metal products, has reached agreement with MTU Aero Engines GmbH, the largest independent German aero engine and engine module manufacturer, to extend the commercial terms of two separate multi-year purchasing agreements signed by the Companies in 2004. With this renewed agreement, Firth Rixson will continue to supply seamless rolled ring forgings, and welded rings, to MTU through 2014 and 2015, respectively. The agreements span 80 part numbers, which will be supplied from Firth Rixson's US and UK manufacturing facilities. The combined value of these agreements will be more than $23 M, annually.

Commenting on the agreement, David C. Mortimer, CEO of Firth Rixson, said, "The continuation of these agreements further demonstrates both MTU's confidence in Firth Rixson as a supply chain partner, and our relentless commitment to customer satisfaction through operational excellence."

About Firth Rixson

Headquartered in Sheffield, UK, Firth Rixson serves customers worldwide in market sectors such as aerospace, defense, power generation, transportation, petrochemical, medical and general industrial. Firth Rixson owns 11 operating facilities in North America, Europe and Asia.

Firth Rixson Limited ( http://www.firthrixson.com ) is owned by Oak Hill Capital Partners ( http://www.oakhillcapital.com ).

SOURCE Firth Rixson Limited

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2008) -

NOT FOR DISTRIBUTION INTO THE UNITED STATES OR TO UNITED STATES WIRE SERVICES

Technicoil Corporation ("Technicoil") (TSX: TEC) today announced the appointment of Mr. Roderick Graham to the Technicoil Board of Directors.

Mr. Graham brings over 16 years of capital markets related experience to Technicoil including extensive board level experience in such areas as audit, compensation and health & safety. Mr. Graham currently is an active board member of four companies, two of which are TSX publicly traded companies. Mr. Graham is co-founder and Managing Director of Northern Plains Capital Ltd. ("NPC"). NPC controls the general partners of three private equity funds focused solely on investment in the oilfield service industry. NPC controls the general partner of NPC Growth Fund III LP and NPC Growth Fund III (USA) LP (the "NPC Funds"). The NPC Funds hold 7,210,200 common shares of Technicoil which were purchased on the open market.

During his tenure with a major private equity firm in Calgary, Mr. Graham served as a Board member of Technicoil from June 2003 to September 2004. Mr. Graham's prior experience with Technicoil, combined with his strong capital markets experience and knowledge of the United States service sector, brings additional breadth and depth to the Technicoil Board.

Technicoil provides drilling and service operations to the oil and natural gas industry in Canada. Technicoil operates seven coiled tubing drilling rigs, eight conventional well service rigs, and 18 coiled tubing service rigs.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Technicoil Corporation
        Marvin D. Clifton
        President & Chief Executive Officer
        (403) 509-0702
        Email: mclifton@technicoilcorp.com

Source: Technicoil Corporation

JOHANNESBURG, South Africa, Nov. 20 /PRNewswire-FirstCall/ -- Sasol Petroleum Sofala, a wholly owned subsidiary of Sasol Petroleum International, has completed its first exploration well, Njika-1, in Block 16/19 in Mozambique. The well is located in waters at a depth of 460 meters and was drilled to a total depth of 1615 meters. The well accessed the predicted targets and measurements indicate the presence of gas. The well is currently being tested.

Lean Strauss, Sasol Group General Manager said Sasol was very pleased with the initial results.

"This is extremely encouraging news but we still need to complete a significant amount of work before we can establish the commerciality of this discovery," Strauss said.

"A development in the deep offshore areas of Mozambique will require large investments and gas finds have to be substantial in order to be economically viable. We will only be able to determine commerciality after extended testing and further appraisal work is done."

Sasol, as the operator, holds a 50% participating share in the license. Petronas hold a 35% interest, while the Government of Mozambique represented by its national oil company, Empresa Nacional De Hidrocarbonetos De Mozambique, E.P. (ENH) holds the remaining 15% interest.

Drilling of Njika-1 commenced on 1 October 2008. Sasol is planning a second well in the same license area immediately after completion of Njika-1.

This exploration is a further development of Sasol's significant gas business in Mozambique. Sasol remains committed to adding value to the economy and the people of Mozambique.

    Sasol Investor Relations
    +27 11 441 3113 / 3563 / 3321
    investor.relations@sasol.com

Sasol is an integrated oil and gas company with substantial chemical interests. Based in South Africa and operating worldwide, Sasol is listed on the NYSE and JSE stock exchanges. We are the leading provider of liquid fuels in South Africa and a major international producer of chemicals. Sasol uses proprietary Fischer-Tropsch technologies for the commercial production of synthetic fuels and chemicals from low-grade coal and natural gas. We manufacture more than 200 fuel and chemical products that are sold worldwide. In South Africa we also operate coal mines to provide feedstock for our synthetic fuels plants. Sasol operates the only inland crude oil refinery in South Africa. The group produces crude oil in offshore Gabon, supplies Mozambican natural gas to end-user customers and petrochemical plants in South Africa, and with partners involved in gas-to-liquids fuel joint ventures in Qatar and Nigeria. Internet address: http://www.sasol.com

Disclaimer - Forward-looking statements

We may in this document make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. There are forward- looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. The factors that could cause our actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements are discussed more fully in our annual report under the Securities Exchange Act of 1934 on Form 20-F filed on October 7, 2008 and in other filings with the United States Securities and Exchange Commission. Forward-looking statements apply only as of the date on which they are made and Sasol does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

SOURCE Sasol Limited