AmTec Expands Cellular Operations in China.NEW YORK--(BUSINESS WIRE)--April 27, 1998--AmTec Inc. (AMEX AMEX See: American Stock Exchange :ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ), announced today the expansion of its GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. cellular telephone networks in Hebei, People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, with the start of commercial operations in the city of Tangshan. Tangshan has a population of approximately seven million people and is the third largest city in Hebei Province Noun 1. Hebei province - a populous province in northeastern China Hebei, Hopeh, Hopei Cathay, China, Communist China, mainland China, People's Republic of China, PRC, Red China - a communist nation that covers a vast territory in eastern Asia; the most . The launch of commercial services in Tangshan effectively doubles the current coverage area for AmTec's cellular telephone network. As previously announced, AmTec's cellular network has been providing service in Shijiazhuang, the capital of Hebei Province, since March 1997. During the first year of service in Shijiazhuang, over 8,500 subscribers were obtained. As a result of this demand, AmTec's cellular network in Shijiazhuang is operating at close to full design capacity and will be expanded. Joseph R. Wright, Chairman and Chief Executive Officer of AmTec, stated, "This is another important milestone for AmTec because it keeps us on track to be operational in six of the ten largest cities in Hebei by the end of 1998". Wright added, "Based on the strong demand for cellular service that we experienced in Shijiazhuang, we believe that the key to our building a large subscriber base is to further expand network operations into additional major cities in Hebei Province. With only two existing cellular licenses available in the province, a population of approximately 65 million people, and a shortage of fixed line telephone capacity, we see tremendous cellular growth in Hebei." AmTec Inc. develops and finances telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. in the People's Republic of China. AmTec's telecommunications networks in commercial operation and under development include cellular telephone networks covering 10 cities and a fiber-optic and microwave network covering 11 cities, all in Hebei Province, surrounding Beijing. -0- Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this news announcement are necessarily subject to risks and uncertainties that may affect the accuracy of such statements. Such risks may include, but are not limited to, delays in construction of networks and market acceptance of and demand for the Company's products. For a full discussion of such risks, please refer to the Company's Form 10-KSB filing with the Securities and Exchange Commission for the fiscal year ending March 31, 1997. The Company undertakes no obligation to update such factors or to publicly announce the result of any revisions to the forward-looking statements contained herein. -0- CONTACT: AmTec Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Albert G. Pastino, 212/319-9160 E-mail: pastino@aol.com |
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