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Hotgate Technology Inc Reports First Half FY2011 Financial Results

NEW YORK Jan. 17, 2011 Shanghai November 30, 2010 Jan 13, 2011

Financial Highlights for the First Half FY2011:

$2.6 million

$1.4 million

$0.5 million

November 2010 China

$2.6 million $1.9 million

$1.4 million $1.8 million

$0.31 million $0.26 million

$0.46 million $0.78 million

Balance Sheet

November 30, 2010 $5.1 million $4.3 million May 31, 2010

Financial Year 2011 Update

Shanghai China

In the meantime, Hotgate Technology is also striving to explore more investment opportunities in various segments such as Prepaid Value Card business which is of strategic relevance to core competence of Hotgate Technology.

About Hotgate Technology Inc.

China the People’s Republic of China January 2006

Shanghai

Shanghai Shanghai

RMB9 million RMB8 million RMB0.2million

Shanghai

Shanghai

Products and Services

REDtone China offer the following services to customers:

  1. Discounted call services for consumers ("EMS")
  2. Discounted call services for corporate customers
  3. Reload services for prepaid mobile air-time

Contact:

Ivan Wong or Ng Keng Chai
Tel: +60-3-8073-2208 or +60-3-8073-2203 (Corporate Affairs)

HOTGATE TECHNOLOGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

November 30, 2010

November 30, 2010

May 31, 2010

Unaudited

Audited

Assets

Current assets

Cash and cash equivalents

$

5,089,573

$

4,319,834

Inventories

217

199

Accounts receivable

12,962

132,769

Amount due from a related compan y

1,210,699

1,179,487

Tax recoverable

259,307

67,547

Other receivables and deposits

347,519

421,138

Total current assets

6,920,277

6,120,974

Property, p lant and equipment , net

2,543,234

2,632,778

Intangible assets , net

1,913,681

1,921,531

Available-for-sale investment

402,020

390,603

Total assets

$

11,779,212

$

11,065,886

Liabilities and stockholders equity

Liabilities

Current liabilities

Deferred income

$

2,094,499

$

2,226,709

Accounts payable

252,185

363,732

Accrued expenses and other payables

257,230

94,703

Amount due to related companies

69,075

127,179

Taxes payable

177,977

109,026

Total current liabilities

2,850,966

2,921,349

Deferred tax liabilities

58,877

57,204

Total liabilities

2,909,843

2,978,553

Stockholders equity

Common stock, US$ 0.0001 par value , 300,000,000 shares authorized; 282,315,325 and 269,168,128 shares issued and outstanding

28,232

26,917

Additional paid in capital

7,628,822

7,473,211

Retained earnings

600,230

137,922

Accumulated other comprehensive income

612,085

449,283

Total stockholders equity

8,869,369

8,087,333

Total liabilities and stockholders equity

$

11,779,212

$

11,065,886

HOTGATE TECHNOLOGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT S OF INCOME

AND COMPREHENSIVE INCOME (UNAUDITED)

For the six months e nded November 30 , 2010 and 2009

Si x months e nded November 30 ,

2010

2009

Revenue

$

2,614,538

$

1,936,014

Other income and gains

16,020

21,916

Service costs

1,166,349

116,642

Administrative expenses

314,529

262,674

Personnel cost

296,210

244,431

Depreciation expense

223,727

212,138

Amortization expense

58,227

55,221

Income before provision for income taxes

571,516

1,066,824

Provision for income taxes

109,208

287,649

Net income

$

462,308

$

779,175

Other comprehensive income

Gain /(loss) on foreign currency translation

162,802

(6,190)

Total comprehensive income

$

625,110

$

772,985

Net income per share, basic and diluted

$

0.0017

$

0.0029

Weighted average number of shares

271,754,462

269,168,128

HOTGATE TECHNOLOGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the six months e nded November 30 , 2010 and 2009

S ix months e nded November 30 ,

  2010

 2009

Cash flow s from operating activities

Net income

$

462,308

$

779,175

Adjustments to reconcile net income to net cash provided by operating activities :

Amortization expense

58,227

55,221

Depreciation expense

223,727

212,138

Deferred tax

28,820

  Changes in operating assets and liabilities:

D ecrease /(increase) in accounts receivable

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