ChinaNet Communications, Ltd. Signs an Agreement With Gtong Corporation Limited to Promote Chinanet's Products in China.Business Editors DENVER--(BUSINESS WIRE)--June 19, 2000 ChinaNet Communications, Ltd. (ChinaNet), a company in the process of becoming a subsidiary of 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 Gtong Corporation Limited (www.gtong.com; GCL GCL - General Control Language. A portable job control language. ["A General Control Interface for Satellite Systems", R.J. Dakin in Command Languages, C. Unger ed, N-H 1973]. ), a subsidiary of China Merchants Holdings China Merchants Holdings (International) Company Limited (SEHK: 0144) is a major conglomerate involved in the manufacture of paint, containers and shipping business. The company was established in 1872 and was the preeminent industrial and commercial group in mainland China. Co. Ltd. (www.cmpdl.com; CMHC CMHC community mental health center. ) to promote the 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. ) products developed by ChinaNet to the banking and securities industry in China. Under the agreement, ChinaNet will set up a joint venture with GCL whereby ChinaNet will own a 42% interest in the new company. GCL will invest up to approximately $6.41 million (HK$50 million) as working capital and will be responsible for marketing ChinaNet's products and technology through its business network within the CMHC group of companies. Initially, GCL will contribute approximately $641,000 (HK$5 million) in cash to the joint venture. "GCL will strengthen ChinaNet's marketing effort once CMHC's banking and securities businesses witness the success of ChinaNet's proprietary technology. ChinaNet stands at the forefront of creating and marketing the advanced technology necessary to modernize the state-owned enterprises in China," stated Liu Ming Hui, the intended Chairman and Chief Executive Officer of ASN. ASN (proposed to be renamed ChinaNet Communications Group, Inc.), through its subsidiaries, sets up and develops Internet-based communication systems, networks, software and proprietary technologies for the banking, securities and telecommunications industries in China. ASN intends to manufacture and market the first Chinese handheld personal digital assistant enhanced with WAP technology. It also owns base station technology and management control center software. GCL is an eCommerce Solution Provider focusing on the transportation and logistics industries in China. It provides systems integration services and supplies application service software to commodity exchanges and distribution hubs. CMHC is the fourth-largest multi-national company in China with over 530 subsidiaries and assets in excess of $5.13 billion. The CMHC group of companies is directly under the leadership of the Ministry of Communications of China. Its core business is transportation infrastructure development, while also engaging in transportation, ocean shipping, real estate property development, banking, insurance, investment and trading. It currently employs more than 10,000 local and overseas staff. One of CMHC group's significant subsidiaries is China Merchants Holdings (International) Company Limited (SEHK SEHK See: Stock Exchange of Hong Kong : 144; www.cmhico.com; CMHIC). CMHIC, through its subsidiaries, manufactures and sells paint and glass products. CMHIC also manufactures dry freight containers, and provides marine transport and port services. 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. . These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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