CBCom Inc. Announces The Acquisition of one of the Largest Private ISPs in China.Business Editors ENCINO, Calif. & BEIJING--(BUSINESS WIRE)---June 19, 2001 CBCom Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBCI) today announced that it has signed an agreement to acquire, through its strategic local partner, the ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. business of Xin Hai Technology Development Ltd., one of the largest private ISPs in Beijing and the fifth largest in Shanghai. This acquisition will transform CBCom, and its strategic partner, into one of the largest non-state owned ISPs, with over 200,000 Internet accounts, as well as the largest Prepaid Internet Card provider in China. Max Sun, chief executive officer of CBCom Inc. said: "We've now entered the Internet business in China with a big splash Big Splash could refer to:
Details of the Acquisition By acquiring Xin Hai, CBCom and its partner will add 200,000 active Internet accounts that have easy Internet access See how to access the Internet. for current and future subscribers through its "95777" dial-up access hot Dial-up access is a form of Internet access via telephone line. The client uses a modem connected to a computer and a telephone line to dial into an Internet service provider's (ISP) node to establish a modem-to-modem link, which is then routed to the Internet. number that can be used in any city throughout China. These special access numbers are exclusively allocated to the larger ISPs and provide customers with a 50 percent discount off the local telephone rate for Internet use. Given the lack of disposable income disposable income Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also in China, this is an enormous savings for the end user. CBCom, and its partner, now own five Prepaid Internet Card distribution centers selling Internet cards directly to the public. In addition, CBCom will have the largest Prepaid Card distribution network in China that includes 65 contracted wholesalers covering Beijing and Shanghai. After the completion of the acquisition, CBCom will operate with over 50 employees, operating three IT centers in Beijing and Shanghai providing a collective total of over 16MB of bandwidth, a seasoned customer service team with toll free (800 number) support, and a highly experienced technical staff. For further information, visit http://www.cbcom.net. Except for historical financial information that may be contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including but not limited to such factors as market demand, pricing, and changes in worldwide economic conditions. This report should be read in conjunction with the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. . |
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