CathayOnline Inc. Announces the Acquisition of a Majority Interest in Torchnet.com, Inc.NEW YORK--(BUSINESS WIRE)--Oct. 2, 2000 CathayOnline, Inc. Announces the Acquisition of a Majority Interest in Beijing Zhongdi Torchnet Technologies Company, Ltd. CathayOnline, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CAOL) today announced that its subsidiary, Torchmail.com, Inc. has acquired a majority interest in Beijing Zhongdi Torchnet Technologies Company, Ltd. The exact terms of the agreement have not been disclosed. Beijing Zhongdi Torchnet Technologies, Inc. is licensed to provide e-mail, e-commerce, and internet content, and is based in Beijing. Since the joint venture between Torchmail.com and its Chinese partner Beijing Zhongdi Torchnet Technologies, Inc. has approval from the central government, satellite offices can bring this business into other areas in China. This will allow Torchmail.com, Inc. to bring its cutting-edge messaging technologies to the Beijing area, and realize the potential of its office in the capital of China. Yuning Wang, the president of Torchmail.com, stated, "With our Chinese partner, we will be able to roll out the services that the Chinese people The following is a '''list of famous Chinese-speaking/writing people. Note in Chinese names, the family name is typically placed first (for example, the family name of "Xu Feng" is "Xu"). require to take part in digital commerce, as it rises to a new level in the new century." About Torchmail.com, Inc. Torchmail.com, Inc. is a wholly-owned subsidiary of CathayOnline, Inc.; it provides Web based Coming from a Web server. See Web application. e-mail, as well as fee-based premium services such as e-mail forwarding Relaying e-mail to a different mail server. There are Web sites that offer an e-mail address and forwarding service for a fee or at no cost because they are advertiser supported. These sites let you choose a permanent e-mail address, and all mail sent to that address is forwarded to your , and message notification and delivery services. Torchmail.com has an agreement with the National Library of China (NLC NLC National League of Cities NLC National Library of Canada NLC National Library of China NLC Northern Lights College (British Columbia, Canada) NLC North Lake College (Irving, Texas) ) to supply co-branded Web-based e-mail See Internet e-mail service and HTML e-mail. services for the Library's website, www.nlc.gov.cn. About CathayOnline Inc. CathayOnline Inc. is aggressively striving to become a leading diversified Internet company targeting Chinese-speaking markets of the world, with primary focus on the People's Republic of China. Through key acquisitions, joint ventures, and prestigious international and domestic alliances, the Company is facilitating the delivery of products and services in two high growth areas: (1) as an Internet Service Provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. and (2) advanced communications utilizing the Internet. More information can be obtained about CathayOnline by visiting http://www.cathayonline.com. For further information, contact Barbara Manui at CathayOnline's 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 office, 212/888-6822. Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" for purposes of 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. provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate", "believe", "intends", "estimates", "expect", and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion