China Ventures Inc. Announces $1.28 Million Private Placement to Accelerate Internal Growth; Additional Major Contracts Under Negotiation.Business Editors/Education Writers/High-Tech Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--May 23, 2003 China Ventures Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: CHV CHV canine herpesvirus. ) announced today that it has been successful in raising $1.28 million CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. . The private placement will be completed upon filing of all relevant regulatory documents. The non-brokered private placement resulted in the issuance of 7,525,242 common shares at $0.17 per share. The shares are subject to a 4-month hold expiring September 22, 2003. TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. final approval was obtained on May 16, 2003. Ronald Shon, President of China Ventures, remarked that "we are delighted with the response to our private placement. While there were adequate funds in the treasury prior to the private placement to fund a number of ongoing projects and ensure growth at a moderate pace, this funding will allow us to significantly accelerate the growth of the Company. It is also important to note that approximately 60% of the issue was placed with Chinese investors, a tremendous show of support of our initiatives in the Chinese market." The funds will be used to augment the Company's existing distribution system and to print textbooks and deliver against orders, the result being to further the Company's goal of controlling the distribution system of educational products into certain regions in China. A portion of the funds also will be used to pay administrative expenses and to accelerate the Company's growth and establish a dominant position in several areas of the education sector in China in which the Company is focused. These areas are: -- Kindergarten curriculum development -- Psychology teaching materials for primary and secondary school -- Information Technology (IT) teaching materials for primary and secondary schools -- Distribution of educational products for primary and secondary school libraries C.F. Zhou, Chairman, said, "Our strategy of focusing on a few key areas is now starting to produce results. Generally speaking, China Ventures is either the dominant supplier or has been first to market with product to satisfy market demand. This funding will allow us to build on our already strong position in these areas and allow our Company to develop into one with a national presence. I am confident that the implementation of a number of projects currently under way will result in a strong financial performance going forward. Although our business is cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. on a quarter to quarter basis, I believe that we are now well positioned to generate increasing revenues and income on an annual basis. In addition, the Company has a number of substantial contracts under negotiation. We will be updating shareholders on each of these areas in the near future." About China Ventures Inc. The admission of China into the WTO See World Trade Organization. and the granting of the 2008 Olympic Games Olympic games, premier athletic meeting of ancient Greece, and, in modern times, series of international sports contests. The Olympics of Ancient Greece Although records cannot verify games earlier than 776 B.C. to Beijing have created a significant and growing demand for education, corporate training and extended learning in China. CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute is a Canadian-based company focused on providing these much needed educational solutions to various segments of the Chinese economy in an effort to assist in China's globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and movement to an open market economy. CVI will continue to work with leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. education providers and institutions to provide quality educational programs and course materials to its growing client base in China. About Today's Teachers Technology and Culture Ltd. ("TTTC TTTC Test Technology Technical Committee (IEEE) TTTC The Tibetan Tea Company (band) TTTC Too Tough to Call TTTC Trees to the Curb (band) ") TTTC is an 11-year-old educational product distribution company. Its product line includes books, software, audio and video materials, and educational training tools. This company, which is CVI's 70%-owned subsidiary, develops teaching materials and textbooks based on the various research projects conducted by the Ministry of Education and works very closely with educational committees at the national, provincial and local levels which approve textbooks for use in the Chinese school In Western countries, a Chinese school is a school established explicitly for the purpose of teaching the Chinese language (of the various Chinese dialects, nowadays Mandarin Chinese or Cantonese Chinese are almost always the ones taught) to American-born Chinese (ABC), system. If you would like to receive press releases by email, please contract Kam Dhanjal at kam@chfir.com. 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. : Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding revenue estimates and future plans and objectives of China Ventures - are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including China Ventures' analysis of its product and distribution system and its expectations regarding the effects of anticipated product and distribution changes and the potential benefits of such efforts and activities on China Ventures' results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion