AmTec Receives Final Chinese Government Approval to Increase Ownership in Chinese Subsidiary.NEW YORK--(BUSINESS WIRE)--Feb. 19, 1998--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 China, announced that its acquisition of an additional 9.2% interest in its Chinese subsidiary, Hebei United Telecommunications Equipment Company ("Hebei Equipment"), has received approval from relevant Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
Hebei Equipment owns 51% of a joint venture that is developing a digital cellular telephone network in Hebei's ten largest cities under a cash flow sharing agreement with China UNICOM, an operator of public telephone systems in China. Under the agreement, China UNICOM pays the joint venture 78% of cash flow for a period of 15 years. The cellular network is operating in the capital city of Hebei and currently has over 8000 subscribers. Hebei Equipment also holds a 20-year cash flow sharing contract with the Hebei Cable Television Station to develop a multimedia network for cable television programming and data transmission in the Hebei. Hebei Equipment receives 80% of cash flow until its investment is paid back, and 30% thereafter. 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, "Given our belief in the growth prospects for Hebei Province and both of these networks, we are extremely pleased to receive this approval from the Chinese authorities." AmTec, Inc. develops and finances telecommunications projects in the People's Republic of China, including cellular and cable. -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, 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 Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 212/319-9160 |
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