Qingdao Announces Expansion Plans For 2011

Qingdao Footwear, Inc. (OTCBB:QING), announced today that it plans to open a minimum of an additional 5 flagship stores in 2011, bringing its total to flagship stores to 17. That represents a 41% increase in store locations, year over year.

In addition, the company announced that it has already opened 2 locations so far this year. All store locations will be located in the Shandong Province, home to over 90 million residents.

“We are on pace to have our best growth ever this year. It confirms that our model of selling low cost, professional shoes in tier 2 and tier 3 cities works,” stated Mr. Wang, Chairman of Qingdao Footwear. “Not only do flagship stores provide tremendous sales opportunities but it reinforces to the market that Qingdao Footwear is the leading brand in business casual footwear and formal leather shoes.”

In addition, the company also announced that while flagship stores represent the focus of the company’s growth strategy, it will continue to aggressively pursue additional distribution and third party operator relationships.

ABOUT QINGDAO

The company’s net sales increased to $14,964,654 in the nine months ended September 30, 2010 from $12,517,751 in the same period in 2009, representing a 19.6% increase year-on-year. As retail sales trends and broader economic growth in the PRC have been positive despite a global economic downturn, during the nine months ended September 30, 2010, we increased prices by 26% in order to achieve higher gross profit, with a focus on net sales profit over volume. This increase was mainly due to the growth in Qingdao Footwear’s points of sales. As of September 30, 2009, Men’s footwear constituted 60% of revenue and women’s footwear the remainder. 40% of sales were formal shoes, and the remaining 40% are attributed to casual footwear.”

The company further states that, “given the tremendous growth in the Chinese economy over the past 20 years, estimates from market research groups expect the Chinese footwear market to grow annually through 2013 in terms of value. As income levels in PRC continue to increase, it is expected that shoe consumption will approach levels of other nations with similar cultural consumption characteristics, so we expect our room to grow with the domestic market will continue for the foreseeable future with possibilities for international agendas in the future.

SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." Such statements are subject to risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

Qingdao Footwear (CE) (USOTC:QING)
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