Belair Announces Shareholder Update.Business Editors HONG KONG--(BUSINESS WIRE)--Sept. 14, 2001 Belair International Telecommunications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BLAI BLAI Brown Leaf Area Index ) is pleased to announce a shareholders' update. The company filed a Form 10 SB in year 2000 that was rejected by the SEC for lack of an audit opinion on the Chinese portion of the firm's assets. The Company is in the process of making all necessary adjustments with regards to making the financial statements compatible to US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . CPAs from Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. will be going to the Zhanjiang factories to re-audit the year 2000 statements and the first quarter 2001 statements. The reorganization at the Zhanjiang factories is going on as planned. As of April 30, 2001, based on unaudited management accounts using Chinese accounting methods, we have already exceeded the sales that were generated at the Kingtone Cable factories in year 2000. Through April 30, 2001, revenues of RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 17,420,740 were recorded with net income of RMB 1,051,424. The Company believes that Kingtone will achieve revenues of between RMB 40,000,000 and RMB 65,000,000 by year end 2001. ($1.00 equals 8.2 RMB). At Casonic, based on unaudited management accounts using Chinese accounting methods, sales were RMB 5,439,571 (2000: RMB 4,611,281), a 17% increase from the previous year. Losses for the period have also been reduced to RMB 3,584,965 (2000: 6,059,938), a 40% decrease for the same period in year 2000. With further improvements at the Zhanjiang factories, the Company feels comfortable that future prospects of the factories will be positive. The company has progressed well with the planning of the fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber project in Singapore. A positive report on the site and financial feasibility was received from Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing in Singapore. Future developments in this project will include the completion of negotiations with the Economics Development Board and Jargon Town Council in Singapore for investment incentives and land requirements. The Company has engaged Arthur Andersen Corporate Finance in Singapore, and H & C Consulting in Taiwan to deal with seeking financial and strategic partners. Belair International Telecommunications Inc., through Zhanjiang Kingtone and Zhanjiang Casonic, manufactures copper telephone cables and single line telephones for the Chinese market. |
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