Huaxing Machinery Corp. Reports First Quarter 2011 Consolidated Financial Results

Huaxing Machinery Corp. (TSX VENTURE:HUA) ("Huaxing" or the "Company") (formerly
Samurai Capital Corp. ("Samurai")), reports its unaudited consolidated financial
results as at and for the three months ended March 31, 2011. All dollar amounts
are expressed in Canadian dollars.


For the three months ended March 31, 2011, income from operations and net income
are $456,846 and $320,911, respectively. Comparative results are as follows:




----------------------------------------------------------------------------
                                  Three       Three                         
                                 Months      Months    $ Change             
                                  Ended       Ended        from    % Change 
                               March 31,   March 31,    Q1 2010        from 
                                   2011        2010  to Q1 2011     Q1 2010 
                                      $           $           $  to Q1 2011 
                             (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
Sales                         5,844,524   4,211,343   1,633,181       38.78%
Gross Profit                  1,091,045     813,979     277,066       34.04%
Net Earnings                    320,911     258,404      62,507       24.19%
Net Earnings attributable to                                                
 equity holders of the                                                      
 Company                        235,217     215,811      19,406        8.99%
Earnings per share - basic,                                                 
 based on weighted average                                                  
 number of shares issued and                                                
 outstanding                       0.02        0.02        0.00        0.00%
----------------------------------------------------------------------------



On January 21, 2011, Samurai, formerly a capital pool company, acquired all of
the issued and outstanding shares in Gold Rhino Limited ("Gold Rhino"), a
private Hong Kong company, which holds an 80% equity interest in its operating
subsidiary Shandong Gold Rhino-Huaxing Machinery Co. Ltd. ("SGRHM"), a private
PRC company. The acquisition served as Samurai's qualifying transaction (the
"QT") in accordance with the policies of the TSX Venture Exchange.


During the first quarter of 2011, Huaxing's domestic sales of its main products
amounted to $4,574,482 (2010 - $3,315,585) at cost of goods sold of $3,700,191
(2010 - $2,617,727) excluding amortization of fair value adjustment to the
production equipment and patent upon Gold Rhino's acquisition of SGRHM. 


During the first quarter of 2011, export sales amounted to $599,358 (2010 -
$676,051) at cost of goods sold of $400,056 (2010 - $436,730) excluding
amortization of fair value adjustment to the production equipment and patent
upon Gold Rhino's acquisition of SGRHM.


During the first quarter of 2011, miscellaneous and other income, including
sales of raw and processed material as well as commissioned processing services
were $677,570 (2010 - $226,993) at cost of goods sold of $616,288 (2010 -
$99,284). 


The Board of Directors did not declare a dividend for the first quarter of 2011.

Huaxing's unaudited interim consolidated financial statements as at and for the
three months ended March 31, 2011 are available on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com under the Company's
profile. 


The Company's unaudited interim consolidated financial statements as at and for
the three months ended March 31, 2011 also reflect the first-time adoption of
International Financial Reporting Standards by the Company. The financial
results as at and for the three months ended March 31, 2010 represents the
financial results of Gold Rhino as a private company for such period prior to
the completion of the QT. The foregoing reflects a selected extract of the
Company's financial performance only, and must be viewed with the Company's full
financial statements and management's discussion and analysis on SEDAR for
further details. 


About Huaxing Machinery Corp. 

Huaxing is engaged in the business of machinery manufacturing. Through its
wholly owned subsidiary, Gold Rhino, Huaxing holds an 80% controlling equity
interest in SGRHM, which in turns holds the interests in the operating entity's
main manufacturing facilities located in Boxing County, Shandong province,
China. Its main products are stone cutting, polishing and processing machinery
and equipment for the building and construction industry. Its six product series
and 80 product models are sold in Chinese domestic and international markets. 


Forward-Looking Statements 

Certain information regarding Huaxing Machinery Corp. contains herein may
constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other statements
that are not statements of fact. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been correct. The
Company cautions that actual performance will be affected by a number of
factors, many of which are beyond the Company's control, and that future events
and results may vary substantially from what the Company currently foresees. The
Company assumes no obligation to update such forward-looking statements, except
as required by applicable securities laws or exchange regulations. The Company's
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. The Company seeks safe harbour.
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