Asia SuperNet Corporation Signs an Agreement to Acquire a China-Based Wireless, Handheld Internet Technology Company for $187 Million in Shares.Business/High Tech Editors DENVER--(BUSINESS WIRE)--May 30, 2000 Asia SuperNet Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASUP ASUP Association for the Study of Unexplained Phenomenon (The Colony, TX) ASUP Air Supply ASUP Application Support server )(ASN (1) (Autonomous System Number) A unique identifier of an autonomous system on the Internet. Of the 65 thousand ASNs available, more than 30 thousand have been assigned to ISPs and NSPs. ISPs usually have only one ASN, but NSPs may have more than one. ) is pleased to announce the signing of an agreement with ChinaNet Communications, Ltd.'s (ChinaNet) shareholders to acquire all issued and outstanding shares of ChinaNet for a consideration of US$186,696,000, determined through third-party valuation performed by the American Appraisal Associates, Inc. group (www.american-appraisal.com), the world's largest valuation group. Under the terms of the agreement ASN will issue 106,683,429 shares, based on a share price of $1.75, in exchange for 100% of the shares of ChinaNet, subject to applicable regulatory and corporate compliance. Upon closing, ASN intends to: -- change its name to ChinaNet Communications Group, Inc., -- invite four new directors to join the board, namely, Liu Ming Hui as executive chairman, Liu Ming Xing as executive director, Zhao Jianyie as executive director and Jennifer Li as director -- hire the accounting firm of Ernst & Young LLP LLP - Lower Layer Protocol to perform financial audits. ChinaNet has researched, developed and intends to manufacture and market a handheld personal digital assistant (PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). ) which has been designed to function through China's existing pager network infrastructure. ChinaNet's goal is to convert a market of approximately 80 million traditional pager customers in China, who otherwise may not be able to afford Internet access See how to access the Internet. through PCs, to ChinaNet's affordable PDA technology. ChinaNet has three significant technologies which have proprietary characteristics tailored to the China market and limited existing infrastructure: -- The PDA - The PDA is designed to receive paging messages via the most popular existing Chinese paging system, which is currently used by over 95% of China's pagers, and, unlike the existing one-way systems in China, will support Wireless Application Protocol (WAP (1) (Wireless Access Point) See access point. (2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. ) technology allowing users to reply to messages, initiate messages or requests, and access the Internet. Although surfing will be possible via the PDA, popular information will be broadcasted to all PDAs through paging channels and stored by the PDA's 8MB of RAM, making retrieval a simple process. The PDA uses pen-based input to navigate menu driven service folders. Some of the PDA's capabilities include stock trading, eCommerce, obtaining news and weather information, email retrieval and response, acting as a homing and locating device, remote information reporting and cellular phone compatibility. -- Base Station Technology - ChinaNet's base station communication technology has been tailored and streamlined to better suit China's base station infrastructure. When the user responds to received messages or wishes to access information the PDA transmits to the base station. The base station receives messages from the PDA and sends the messages to the Management Control Center (MCC (The Microelectronics and Computer Technology Corporation, Austin, TX) The first high-tech research and development consortium in the U.S., created in 1982 by leading companies within the electronics industry. ) through a local digital data network. -- MCC Software - The MCC is interconnected with the base station, paging operators and content providers. The information requested by the PDA owner is broadcast through the paging network. The processing of each command is accomplished the use of proprietary software, which receives the requests and responds as needed as needed prn. See prn order. . ChinaNet has developed a unique system to manage and process this data. Patents for the PDA and base station technology in China and a copyright for the MCC software in China are pending. The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute 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. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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