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<SEC-DOCUMENT>0001144204-09-060602.txt : 20091118
<SEC-HEADER>0001144204-09-060602.hdr.sgml : 20091118
<ACCEPTANCE-DATETIME>20091118114040
ACCESSION NUMBER:		0001144204-09-060602
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20091116
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091118
DATE AS OF CHANGE:		20091118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ChinaNet Online Holdings, Inc.
		CENTRAL INDEX KEY:			0001376321
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				204672080
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52672
		FILM NUMBER:		091192500

	BUSINESS ADDRESS:	
		STREET 1:		101-C N. GREENVILLE AVENUE
		STREET 2:		SUITE 255
		CITY:			ALLEN
		STATE:			TX
		ZIP:			75002
		BUSINESS PHONE:		888-419-9455

	MAIL ADDRESS:	
		STREET 1:		101-C N. GREENVILLE AVENUE
		STREET 2:		SUITE 255
		CITY:			ALLEN
		STATE:			TX
		ZIP:			75002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMAZING INTERACTIVE, INC.
		DATE OF NAME CHANGE:	20060922
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v166847_8-k.htm
<TEXT>
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reported):&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">November </font><font style="DISPLAY: inline; COLOR: #000000">16</font><font style="DISPLAY: inline; COLOR: #000000">, 2009</font></font></div>
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the registrant under any of the following provisions (see General Instruction
A.2. below):</font></font></div>
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      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Item 2.02. Results of Operations and
Financial Condition.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
November 16, 2009, ChinaNet Online Holdings, Inc., <font style="DISPLAY: inline; COLOR: #000000">a </font><font style="DISPLAY: inline; COLOR: #000000">Neva</font><font style="DISPLAY: inline; COLOR: #000000">d</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000"> corporation, issu</font><font style="DISPLAY: inline; COLOR: #000000">ed a press release containing certain
financial results for its </font><font style="DISPLAY: inline; COLOR: #000000">thir</font><font style="DISPLAY: inline; COLOR: #000000">d fiscal quarter of 2009.&#160;&#160;A
copy of the press release is attached to this Current Report on Form 8-K as
Exhibit 99.1.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">As provided in General Instruction B.2
of SEC Form 8-K, such informa</font><font style="DISPLAY: inline; COLOR: #000000">tion shall not be deemed &#8220;</font><font style="DISPLAY: inline; COLOR: #000000">filed&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000">Exchange Act&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), or otherwise subject to the
liabilities of that section, and it shall not be deemed incorporated by
reference in any filin</font><font style="DISPLAY: inline; COLOR: #000000">g</font><font style="DISPLAY: inline; COLOR: #000000"> under the Securities Act of 1933, as
amended, or under the Exchange Act, whether made before or after the date
hereof, except as expressly set forth by specific reference in such filing to
this Current Report on Form 8-K.</font></font></div>
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</font><font style="DISPLAY: inline; COLOR: #000000">and
Exhibits.</font></font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the un</font><font style="DISPLAY: inline; COLOR: #000000">dersigned hereunto duly
authorized.</font></font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">CHINANET ONLINE
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              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
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Zhang</font></font></font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Name: Zhige
      Zhang</font></font></div>
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              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Title:&#160;Chief Financial
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v166847_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: VF-->
    <!--Document Created using EDGARizer 4.0.6.1-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">ChinaNet
Online Holdings, Inc. Reports Record </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">Third
Quarter 2009 Financial Results</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beijing,
China, November 16, 2009 -- ChinaNet Online Holdings, Inc. (&#8220;ChinaNet&#8221;, OTC BB:
CHNT), a leading full-service media development, advertising and communications
company for small and medium-sized enterprises in the People's Republic of China
("PRC"), today announced higher revenues, net income and cash flow for the third
quarter 2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 18pt">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
      increased 21.7 percent to $8.1 million in the third quarter
      2009</font></div>
              </td>
            </tr>
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      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Third
      quarter 2009 adjusted net income<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#160;</font>increased
      19.9 percent to $1.9 million with adjusted earnings per share of
      $0.12</font></div>
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
      nine months 2009 revenues increased 105.1 percent to $27.3
      million</font></div>
              </td>
            </tr>
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
      nine months adjusted net income increased 120.1 percent to $4.5
      million</font></div>
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            </tr>
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      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
      nine months 2009 adjusted earnings per share increased 106.7 percent to
      $0.31</font></div>
              </td>
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      </div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      margins improved 581 basis points to 50.4 percent for the third quarter of
      2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                </div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flow from operations was $4.7 million for the first nine months of
      2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#167;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
      to host earnings conference call November 16th at 11:30 a.m.
      ET</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUMMARY
FINANCIALS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="2" cellspacing="0" width="100%">
            <tr>
              <td colspan="4" valign="top" width="72%" style="BORDER-RIGHT: silver 2px solid; BORDER-TOP: silver 2px outset; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Third
      Quarter 2009 Results</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Q</font><font style="DISPLAY: inline; COLOR: #000000">3 2009*</font></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Q</font><font style="DISPLAY: inline; COLOR: #000000">3 2008</font></font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">CHANGE</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$8.1
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$6.7
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+21.7%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gross
      Profit</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$4.1
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$3.0
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+37.5%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adjusted
      Net Income</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.9
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.6
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+19.9%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GAAP
      Net Income</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.6
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.6
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-59.9%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adjusted
      EPS (Basic)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.12</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;$0.12</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">--</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GAAP
      EPS (Basic)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">($0.33)</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;$0.12</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">--</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">*</font>Net income of
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Q3 2009 included a
$</font>1.3<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> million
non-cash charge related to the changes in the value of warrants</font>, and a
$5.9 million non-cash charge related to the beneficial conversion feature of
Series A preferred stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      <div align="left">
        <table cellpadding="2" cellspacing="0" width="100%">
            <tr>
              <td colspan="4" valign="top" width="72%" style="BORDER-RIGHT: silver 2px solid; BORDER-TOP: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The
      First Nine Months of 2009 Results</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2009*</font></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2008</font></font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">CHANGE</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$27.3
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$13.3
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+105.1%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gross
      Profit</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$11.4
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$4.6
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+144.8%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adjusted
      Net Income</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$4.5
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.1
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+120.1%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GAAP
      Net Income</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$3.2
      million</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.1
      million</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+57.3%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adjusted
      EPS (Basic)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.31</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;$0.15</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">+106.7%</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-RIGHT: silver 2px solid; BORDER-LEFT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GAAP
      EPS (Bacic)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">($0.18)</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;$0.15</font></div>
              </td>
              <td valign="top" width="21%" style="BORDER-RIGHT: silver 2px solid; BORDER-BOTTOM: silver 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">--</font></div>
              </td>
            </tr>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">*</font>Net income for the
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">first nine months of
2009 included a $</font>1.3<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> million non-cash charge
related to the changes in the value of warrants</font> and a $5.9 million
non-cash charge related to the beneficial conversion feature of Series A
preferred stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Third Quarter 2009 Financial
Results</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Revenues for </font><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000">third</font><font style="DISPLAY: inline; COLOR: #000000"> quarter of 2009 increased </font><font style="DISPLAY: inline; COLOR: #000000">21.7</font><font style="DISPLAY: inline; COLOR: #000000"> percent to approximately $</font><font style="DISPLAY: inline; COLOR: #000000">8.1</font><font style="DISPLAY: inline; COLOR: #000000"> million compared to $</font><font style="DISPLAY: inline; COLOR: #000000">6.7</font><font style="DISPLAY: inline; COLOR: #000000"> million for the </font><font style="DISPLAY: inline; COLOR: #000000">third</font><font style="DISPLAY: inline; COLOR: #000000"> quarter of 2008. The increase resulted
from </font><font style="DISPLAY: inline; COLOR: #000000">a
significant</font><font style="DISPLAY: inline; COLOR: #000000"> increases in
Internet advertising and TV advertising. For the </font><font style="DISPLAY: inline; COLOR: #000000">third</font><font style="DISPLAY: inline; COLOR: #000000"> quarter of 2</font><font style="DISPLAY: inline; COLOR: #000000">009 Internet advertising comprised
approximately </font><font style="DISPLAY: inline; COLOR: #000000">58</font><font style="DISPLAY: inline; COLOR: #000000">.2 </font><font style="DISPLAY: inline; COLOR: #000000">percent of total revenues, an increase
of </font><font style="DISPLAY: inline; COLOR: #000000">59.6</font><font style="DISPLAY: inline; COLOR: #000000"> percent year-over-year to $</font><font style="DISPLAY: inline; COLOR: #000000">4</font><font style="DISPLAY: inline; COLOR: #000000">.</font><font style="DISPLAY: inline; COLOR: #000000">7</font><font style="DISPLAY: inline; COLOR: #000000"> million. Growth was the result our
successful brand building efforts for the </font><font style="DISPLAY: inline; COLOR: #0000ff">www.28.com </font><font style="DISPLAY: inline; COLOR: #000000">website which offers customers a
com</font><font style="DISPLAY: inline; COLOR: #000000">prehensive suite of
client service technologies, assisted by the efforts of a more experienced sales
team. During the </font><font style="DISPLAY: inline; COLOR: #000000">third</font><font style="DISPLAY: inline; COLOR: #000000"> quarter of 2009 revenues generated by
TV advertising increased </font><font style="DISPLAY: inline; COLOR: #000000">40.1</font><font style="DISPLAY: inline; COLOR: #000000"> percent year-over-year to approximately
$</font><font style="DISPLAY: inline; COLOR: #000000">3.1</font><font style="DISPLAY: inline; COLOR: #000000"> million or </font><font style="DISPLAY: inline; COLOR: #000000">38.3</font><font style="DISPLAY: inline; COLOR: #000000"> per</font><font style="DISPLAY: inline; COLOR: #000000">cent of total revenues. </font><font style="DISPLAY: inline; COLOR: #000000">As of </font><font style="DISPLAY: inline; COLOR: #000000">September</font><font style="DISPLAY: inline; COLOR: #000000"> 30, 2009, the number of active
customers for the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s Internet advertising business was
</font><font style="DISPLAY: inline; COLOR: #000000">779</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">and the number of customers being
serviced by its TV advertising business was </font><font style="DISPLAY: inline; COLOR: #000000">344.</font><font style="DISPLAY: inline; COLOR: #000000"> Approximately </font><font style="DISPLAY: inline; COLOR: #000000">44% of</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">customers were </font><font style="DISPLAY: inline; COLOR: #000000">being serviced by both
platforms.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost of
sales for the three months ended September 30, 2009 was approximately $4.0
million or 49.6 percent of revenues as compared to $3.7 million or 55.4 percent
of revenues for the three months ended September 30, 2008. The costs associated
with the Company&#8217;s advertising services include costs for purchasing resources
from other well-known portal websites in the PRC for Internet advertising and
purchasing TV advertisement time from approximately ten different provincial TV
stations.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">For the third quarter of 2009 the gross
profit was $</font><font style="DISPLAY: inline; COLOR: #000000">4.1</font><font style="DISPLAY: inline; COLOR: #000000"> million, representing gross margins of
</font><font style="DISPLAY: inline; COLOR: #000000">50.4</font><font style="DISPLAY: inline; COLOR: #000000"> percent, compared to the third quarter
of 2008 with $</font><font style="DISPLAY: inline; COLOR: #000000">3.0</font><font style="DISPLAY: inline; COLOR: #000000"> million in gross profit and a gross
margin of </font><font style="DISPLAY: inline; COLOR: #000000">44.6</font><font style="DISPLAY: inline; COLOR: #000000"> percent. Gross profit grew by
</font><font style="DISPLAY: inline; COLOR: #000000">37</font><font style="DISPLAY: inline; COLOR: #000000">.5</font><font style="DISPLAY: inline; COLOR: #000000"> percent on a year-over-year basis. The
increase in gross profit was a result of increased revenues and leverage in the
business model.</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Operating expenses for the three months
ended </font><font style="DISPLAY: inline; COLOR: #000000">September</font><font style="DISPLAY: inline; COLOR: #000000"> 30, 2009 were approximately
$1.</font><font style="DISPLAY: inline; COLOR: #000000">4</font><font style="DISPLAY: inline; COLOR: #000000"> million, up </font><font style="DISPLAY: inline; COLOR: #000000">74.4% </font><font style="DISPLAY: inline; COLOR: #000000">percent f</font><font style="DISPLAY: inline; COLOR: #000000">rom $0.</font><font style="DISPLAY: inline; COLOR: #000000">8</font><font style="DISPLAY: inline; COLOR: #000000"> million in the same period of 2008.
Selling expenses for the period increased to approximately $</font><font style="DISPLAY: inline; COLOR: #000000">0.6</font><font style="DISPLAY: inline; COLOR: #000000"> million </font><font style="DISPLAY: inline; COLOR: #000000">from $0.5</font><font style="DISPLAY: inline; COLOR: #000000"> million in the third quarter of 2008
primarily as a result of brand development expenses for </font><font style="DISPLAY: inline; COLOR: #0000ff">www.28.com</font><font style="DISPLAY: inline; COLOR: #000000">, increased payrolls for s</font><font style="DISPLAY: inline; COLOR: #000000">taff incentives</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">an expanded sales force, and increased
marketing expenses. General and administrative expenses were $0.6 million and
$0.2 million in the third quarter 2009 and 2008, respectively, with the increase
primarily due to non-recurring expenses a</font><font style="DISPLAY: inline; COLOR: #000000">ssociated with the US public company
listing and non-cash equity compensation for services.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Operating income for the third quarter
of 2009 totaled approximately $</font><font style="DISPLAY: inline; COLOR: #000000">2.7</font><font style="DISPLAY: inline; COLOR: #000000"> million, a </font><font style="DISPLAY: inline; COLOR: #000000">24.3</font><font style="DISPLAY: inline; COLOR: #000000"> percent increase from the $</font><font style="DISPLAY: inline; COLOR: #000000">2.2</font><font style="DISPLAY: inline; COLOR: #000000"> million reported for the third quarter
of </font><font style="DISPLAY: inline; COLOR: #000000">2008. Operating margins
were </font><font style="DISPLAY: inline; COLOR: #000000">33.5</font><font style="DISPLAY: inline; COLOR: #000000"> percent and </font><font style="DISPLAY: inline; COLOR: #000000">32.8</font><font style="DISPLAY: inline; COLOR: #000000"> percent for the third quarter of 2009
and 2008, respectively.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">GAAP net </font><font style="DISPLAY: inline; COLOR: #000000">income</font><font style="DISPLAY: inline; COLOR: #000000"> for the third quarter was $</font><font style="DISPLAY: inline; COLOR: #000000">0.6</font><font style="DISPLAY: inline; COLOR: #000000"> million, representing a </font><font style="DISPLAY: inline; COLOR: #000000">de</font><font style="DISPLAY: inline; COLOR: #000000">crease of </font><font style="DISPLAY: inline; COLOR: #000000">59.9</font><font style="DISPLAY: inline; COLOR: #000000">% as compared to $</font><font style="DISPLAY: inline; COLOR: #000000">1.6</font><font style="DISPLAY: inline; COLOR: #000000"> million reported in the same
peri</font><font style="DISPLAY: inline; COLOR: #000000">od in the prior year.
Earnings per </font><font style="DISPLAY: inline; COLOR: #000000">basic
</font><font style="DISPLAY: inline; COLOR: #000000">share were </font><font style="DISPLAY: inline; COLOR: #000000">a negative </font><font style="DISPLAY: inline; COLOR: #000000">$</font><font style="DISPLAY: inline; COLOR: #000000">0.33</font><font style="DISPLAY: inline; COLOR: #000000"> for the third quarter in 2009 as
compared to $</font><font style="DISPLAY: inline; COLOR: #000000">0.12</font><font style="DISPLAY: inline; COLOR: #000000"> for the third quarter in 2008, which
was based on </font><font style="DISPLAY: inline; COLOR: #000000">15.8</font><font style="DISPLAY: inline; COLOR: #000000"> million</font><font style="DISPLAY: inline; COLOR: #000000"> and 13.8 million</font><font style="DISPLAY: inline; COLOR: #000000"> shares outstanding</font><font style="DISPLAY: inline; COLOR: #000000">, respectively</font><font style="DISPLAY: inline; COLOR: #000000">. </font><font style="DISPLAY: inline; COLOR: #000000">The Company had an eff</font><font style="DISPLAY: inline; COLOR: #000000">ective tax rate of </font><font style="DISPLAY: inline; COLOR: #000000">26.4</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">percent and </font><font style="DISPLAY: inline; COLOR: #000000">26.5</font><font style="DISPLAY: inline; COLOR: #000000"> percent for the third quarters of 2009
and 2008, respectively</font><font style="DISPLAY: inline; COLOR: #000000">,
excluding the effect of a $1.3 million non-cash charge related to </font><font style="DISPLAY: inline; COLOR: #000000">the changes in fair value of warrants
recorded in the third quarter of 2009</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">During the third quarter
of 2009 the Company incurred a non-cash charge of $</font>1.3<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> million for the change in
the value of warrants</font> and a $5.9 million non-cash charge related to the
beneficial conversion feature of Series A preferred stock which was recorded as
deemed dividend, a deduction of retained earnings and a deduction of net income
attributable to common shareholders<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">. Adjusting for non-cash
charges, net income for the third quarter of 2009 was $1.9 million, with $0.12
in earnings per </font>basic <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">share.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"The
third quarter continued our momentum as we executed on our growth plan while
expanding both gross and operating margins," Mr. Handong Cheng, Chairman and CEO
of the Company. &#8220;We continue to see strong growth in both our Internet and TV
advertising business, which was driven by both existing and new customers. With
over 20% annual growth projected for the Chinese internet advertising market
through 2010, we believe ChinaNet&#8217;s &#8220;one-stop shop&#8221; advertising platform is well
positioned to capitalize on this large growth opportunity and further increase
market share.&#8221;</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2009
Nine Month Financial Results</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
nine months ended September 30, 2009, revenues increased approximately 105.1
percent to $27.3 million compared to the same period in 2008. Gross profit was
$11.4 million for the first nine months of 2009, representing an increase of
144.8 percent from the first nine months of 2008. Gross margins were 41.7
percent for the first nine months of 2009 compared to 34.9 percent for the same
year ago period.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
from operations was $6.3 million for the first nine months of 2009, representing
an increase of 118.2 percent over the first nine months of 2008. Operating
margins were 22.9 percent for the first nine months of 2009 compared to 21.5
percent for the first nine months of 2008. The Company incurred cash expenses,
in addition to non-cash equity compensation expenses, related to going
public.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GAAP Net
income for the first nine months of 2009 was $3.2 million for the nine months
ended September 30, 2009, an increase of approximately 57.3 percent from $2.1
million with corresponding basic earnings per share of negative $0.18 compared
to $0.15 based on 14.5 million and 13.8 million shares, respectively.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>During the
first nine months of 2009 the Company incurred a non-cash charge of $1.3 million
for the change in the value of warrants and a $5.9 million non-cash charge
related to the beneficial conversion feature of Series A preferred stock which
was recorded as deemed dividend, a deduction of retained earnings and a
deduction of net income attributable to common shareholders, with no associated
charge in 2008. Adjusting for non-cash charges during each respective period,
net income was $4.5 million and $2.1 million, yielding $0.31 and $0.15 in
earnings per basic share<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
management team has been focused on enhancing our 28.com advertising platform by
adding new modules into the network,&#8221; Mr. Chen continued. &#8220;In August 2009, we
launched a new product entitled &#8220;Internet Information Management&#8221; (IIM),
intelligence software that is based on our proprietary search engine
optimization technology which helps our clients gain an early warning in order
to identify, and respond to potential negative exposure on the internet. There
are approximately 32 customers since the platform launched 3 months ago, all
coming from the Company&#8217;s existing customers. We expect that growth from our IIM
product, in addition to our multi-platform advertising network, will drive
further growth during 2010.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
Sheet and Cash Flow</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company had a current ratio of 4 to 1 and $13.9 million in cash and equivalents
on September 30, 2009, which includes $9.2 million in net proceeds from the
August 2009 financing. Accounts receivables were $2.4 million on September 30,
2009, compared to $1.0 million on December 31, 2008. For the first nine months
of 2009, the Company generated $4.7 million in cash from operations versus $1.3
million for the same period in 2008, with the variance principally coming from
the increase in net income and prudent asset management.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
Outlook for 2009 and 2010</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Management reaffirms 2009 guidance and
expects to report calendar 2009 sales of $42.7 million and net income of $8.3
million, representing an increase of 98.6% and 196.4% compared to 2008 sales and
adjusted net income, respectively. Management reaffirms 2010 guidance and
expects to report calendar 2010 sales of $72.3 million and net income of $14.1
million.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conference
Call</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
conference call will take place at 11:30 a.m. EST on Monday, November 16, 2009.
Interested participants should call 1-877-941-8418 when calling within the
United States or 1-480-629-9809 when calling internationally.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
playback will be available through November 23, 2009. To listen, please call
1-800-406-7325 within the United States or 1-303-590-3030 when calling
internationally. Utilize the pass code 4180080 for the replay.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This call
is being webcast by ViaVid Broadcasting and can be accessed by clicking on this
link <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">http://viavid.net/dce.as</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">px?sid=00006C94</font>,
or visiting ViaVid's website at <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.viavid.net</font>,
where the webcast can be accessed through November 23, 2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
ChinaNet Online Holdings, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in
the BVI ("ChinaNet" or "Zhong Wang Zai Xian"), is a leading full-service media
development, advertising and communications company for small medium-sized
enterprises (&#8220;SMEs&#8221;) in the PRC. The Company, through its certain contractual
arrangements with operating companies in the PRC, provides internet advertising
and other services for Chinese SMEs via its portal website www.28.com, TV
commercials and program production via China-Net TV, and in-house LCD
advertising on banking kiosks targeting Chinese banking patrons. Website: <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.chinanet-online.com</font>.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
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            <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt=""></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe
Harbor</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
release contains certain "forward-looking statements" relating to the business
of ChinaNet Online Holdings, Inc., which can be identified by the use of
forward-looking terminology such as "believes," "expects," "anticipates,"
"estimates" or similar expressions. Such forward-looking statements involve
known and unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand, reliance on
key personnel, future capital requirements, competition in general and other
factors that may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected. Certain of
these risks and uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These forward-looking
statements are based on ChinaNet&#8217;s current expectations and beliefs concerning
future developments and their potential effects on the company. There can be no
assurance that future developments affecting ChinaNet will be those anticipated
by ChinaNet. These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be materially
different from those expressed or implied by such forward-looking statements.
ChinaNet undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required under applicable securities
laws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
further information, contact:</font></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Mark
      Elenowitz</font></div>
              </td>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ted
      Haberfield</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TriPoint
      Capital Advisors</font></div>
              </td>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">HC
      International, Inc.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">US
      +1-917-512-0822</font></div>
              </td>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">US
      +1-760-755-2716</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">thaberfield@hcinternational.net</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">www.hcinternational.net</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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        <div id="PN">
          <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
