AmTec Increases Ownership in Chinese Subsidiary; Increases Interest in Cellular and Broadband Networks.NEW YORK--(BUSINESS WIRE)--Sept. 11, 1997--AmTec, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :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 ), which develops telecommunications projects in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, announced that it has reached agreement in principle to acquire an additional 9.2% interest in its Sino-foreign joint venture company Hebei United Telecommunications Equipment Company ("Hebei Equipment"). This will increase its ownership in Hebei Equipment from 60.8% to 70.0%. Hebei Equipment, along with other partners, currently is building a digital cellular telephone network and a broadband network for cable television programming and data transmission 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 , PRC. The cellular network is operating in the capital city of Hebei. Through its investment in Hebei Equipment, AmTec will increase its interest in the cellular network from 24.1% to 27.8%, and will increase its interest in the broadband network from 48.6% to 56.0%. Joseph R. Wright, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AmTec, stated, "We have been negotiating the acquisition of this interest and are pleased to have reached an agreement. The growth prospects for both of these networks are such that we wanted to be as heavily involved as possible." AmTec, Inc. develops and finances telecommunications projects in the People's Republic of China, including cellular, cable and fixed wire telephony. -0- Forward-looking statements in this press release are necessarily subject to risks and uncertainties which may affect the accuracy of such statements. Such risks may include any political instability in China, any delays in construction of networks, and market acceptance of and demand for the company's products. For a full discussion of such risks, please see the company's Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. 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. 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 Cheryl L. Bell, 212/319-9160 |
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