Chinese Telecom Joint Venture Formed.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 5, 2001 Golden Fortune Investments Limited (CDNX CDNX See Canadian Venture Exchange (CDNX). :GFX GFX Graphic Effect(s) GFX Global Effects GFX Government Furnished Equipment GFX Graphics Driver GFX Graphics Link File GFX Geforce Fx GFX Graphic Effects ), is pleased to announce that through negotiations with the Wuxi Municipal Government and the Wuxi New Telecom Limited Company of China, a Sino-Canadian joint venture Telecom Company has been formed. Golden Fortune will beneficially own 60% of the new venture named Wuxi New Orient Telecommunications Ltd. (New Orient) with head office to be located in Wuxi City, China. New Orient will now lead and preclude all previous leading technology deals and agreements originally signed and discussed with Golden Fortune. The signing of the VAR agreement with WaveRider Communications (Nasdaq:WAVC WAVC Western Association of Venture Capitalists ) is an example. New Orient will provide Golden Fortune a direct channel to introduce various network communication products for demonstration and testing in China, and then apply for certification. New Orient will also market and roll out products, which involves sales, operations and providing necessary warranty services within China. Furthermore, New Orient will form strategic alliances with other major foreign communication equipment companies in China aiding the marketing of products to the Chinese communication networks. Golden Fortune will now provide funding for New Orient's product and service start up technology deals. To this end, it is expected New Orient will become a major operating Chinese Telecom. "Through New Orient, Golden Fortune will have an inside track to the Chinese communication industry, an industry that most analysts agree is one of the few areas left in the world for double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth in the coming years," explains James Tong, President of Golden Fortune, "The negotiations have been time consuming, however Golden Fortune is the first Canadian company permitted to joint venture and operate a full Chinese telecom company. This demonstrates our close relationship with the Chinese, and our ability to be a supplier as well as an operator to both private and public communication networks." Wuxi New Telecom Limited Company is a division of Wuxi Telephone Company focused on providing Wuxi City's New District's businesses and residences with the latest IP communications A general term for networks that use the IP protocol for voice (VoIP) and video traffic. See IP telephony. technologies. Connected directly to China's national fiber-optic backbone, New Telecom offers high-speed Internet See broadband. , broadband services, web design and development, hosting, Chinese domain name registration, IP registration and multimedia broadcasting. New telecom also operates telephone services through landline and wireless networks as well as a Chinese community portal where they also provide Chinese stock trading services over the phone to their call center or through the Internet. Wuxi City is one of the largest cities in Jaingsu Province, with a population of about 4.5 million and is one of China's top ten Gross Domestic Producing (GDP GDP (guanosine diphosphate): see guanine. ) cities, as well as one of 15 economic centers. It is located 110 kms. East of Shanghai. Wuxi New District (WND WND Wind WND World Net Daily WND Waarnemend WND Wilson Disease Gene (genetic medicine) WND Will Not Disclose WND Waving Not Drowning WND Why Not Design (Citrus Heights, CA) ) is one of China's National Special Economical Zones and after 8 years of construction and development, is shaping into a major economic venue of Wuxi City. It covers 10 sq. km's with a population of 500,000. By the end of 2000, WND had an estimated industry output of $2.8 billion USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. and GDP output of $700 million USD. WND has over 290 foreign company tenants with investments totaling $1.35 Billion USD. This includes 26 Fortune 500 companies, which have setup 31 enterprises in WND. Bayer, Kodak, Siemens, GE, Sharp, Volvo, Penta, Shell, Seagate, Bosch and Cummins exist in WND. Golden Fortune Investments Limited is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a with investment holdings. The company's primary objective is to create cash flow projects by bringing leading technology solutions for China. For further information regarding Golden Fortune Investments Limited and its ongoing corporate direction, Please call toll free 1-877 688-2623 E-mail: info@gfil.com or visit our web site: www.gfil.com On behalf of the Board of Directors James Tong, President Golden Fortune Investments Limited The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has neither approved nor disapproved of the contents of this news release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion