CinTel Signs Agreement for Acquisition of Let's Game.LOUISVILLE, Ky. -- CinTel Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CNCN), a leader in Internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. management, announced today it has signed an Agreement for a bridge loan of $150,000, which may be convertible as partial payment via a convertible note, for the acquisition of LetsGame Co., Ltd. and the spin-off of "Let's Game" portal (www.letsgame.co.kr), pursuant to the MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. signed with Dataway Co., Ltd. ("Dataway") on February 16, 2006. The exact price of the acquisition, nor what percentage this bridge loan would be convertible into, has not been finalized between the parties. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. this Agreement, CinTel has the right to convert any or all of the Acquisition Price into equity before July 2006. CinTel intends to convert if Let's Game does well, but will require repayment if Let's Game performs below expectations. While the February MOU called for acquisition after thirty (30) days of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , CinTel agreed to focus on the growth prospects of Let's Game rather than past performance and deferred the decision, with Dataway's permission, on whether to go forward until July. "Let's Game" was established as Dacom's game portal site Noun 1. portal site - a site that the owner positions as an entrance to other sites on the internet; "a portal typically has search engines and free email and chat rooms etc. . Dataway was founded with capital of approximately US$5 million as an independent game portal site by Dacom Inc. and Dacom MI Inc. which are Internet backbone (communications, networking) Internet backbone - High-speed networks that carry Internet traffic. These communications networks are provided by companies such as AT&T, GTE, IBM, MCI, Netcom, Sprint, UUNET and consist of high-speed links in the T1, T3, OC1 and OC3 ranges. network providers. As "Let's Game" currently has over three million (3,000,000) users, several years of know-how, operation systems and experience that has proven to provide stable service to its online users, this Agreement is expected to credibly establish CinTel's beachhead beach·head n. 1. A position on an enemy shoreline captured by troops in advance of an invading force. 2. A first achievement that opens the way for further developments; a foothold: into the digital content service business with a proven product. This will allow CinTel a sure and proven footing in the industry with the ability to produce immediate returns on the investment. Dataway Co., Ltd. spun-off Let's Game Co., Ltd. less than a month ago, and has successfully established a strategic and marketing alliance with Edubox Inc. (www.edubox.co.kr), a KOSDAQ-registered company with over 4,000 distribution points in Korea and is ready to publish Edubox's Battlesudoku (www.battlesudoku.co.kr) and Battlepuzzle on its site on an exclusive basis outside of Korea. Battlesudoku is a unique game that has proven very popular in Japan, the US, England and other European nations among both the young and the old of both sexes, as it has brought a very popular paper-based game to the online user market. Since it adopted a tournament format for the game, it has brought a new higher level of intensity and following among its users. Sang-Don Kim, the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CinTel said, "Let's Game Co., Ltd. will participate in the highly selective E3 Game Show (May 10th through May 12) with individual one-on-one meetings sponsored by the Korean government and is scheduled to meet prospective distribution partners and/or marketing partners for Battlesudoku and Battlepuzzle. Thus, CinTel has obtained an almost risk-free option to acquire a promising game-portal with much potential in the global online game market and establish Let's Game as a recognizable brand within the online gaming See gaming. industry. We look forward to creating industry brand loyalty with the games of Let's Game. These new efforts will bring that loyalty to established and new markets. This Agreement is all positive for CinTel's stockholders and helps with our expanded operations focus and profitability." About Edubox Inc. Founded in 1994 as an online and offline education service provider and franchise of the English institute in Korea, Edubox Inc. has grown into a leading edutainment company in Korea which provide online education content like learning English, Chinese characters, computer skills through its online education contents portal (http://www.edubox.co.kr) and multimedia contents. Mobile contents and online game business are Edubox's next business strategy as Edubox Inc. has became a subsidiary of Hanbit Soft which is the leading online game publisher in 2002. Edubox Inc. has been listed on KOSDAQ KOSDAQ Korean Securities Dealers Automated Quotations since 1999. About LetsGame. Originally launched by Dacom Inc. in November 2002, "Let's Game" was acquired and re-launched by Dataway in December 2004. Founded in 2006 as a game portal site of "Letsgame". The Game portal of "letsgame" belonged to Dataway and was launched by Korea's second largest network provider Dacom Inc.'s subsidiary, Dacom MediaInternet Inc. (URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.dacommi.co.kr), originally. It currently operates as a game and community portal, and has twenty five games, flash games, mini-homepages, and online cafes. LetsGame portal has more than 3 million users. Its appeal is in its simplicity, growth potential in the overseas market and its proven stable platform. About CinTel Corp. CinTel Corp., based in North America with its main business operations in Korea, provides enterprise technology solutions that deliver faster internal and external network service. Founded in 1997, CinTel introduced Korea's first dynamic server load balancer, which has now evolved into a world-class product line with ever expanding solutions from key partners and internal development. CinTel's award-winning Internet Traffic Management (ITM ITM See: In-the-money ) solutions are marketed to customers worldwide, enabling the company's customers to improve Internet and network traffic management, service levels, secure content, user experience, and reduce server loads and bandwidth demands. While CinTel maintains its position as a leader in ITM through continuous research and development efforts it has also begun expansion into creative new markets and worldwide distribution of Korean based technologies. CinTel is also a recognized leader in Content Delivery Network (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. ). For additional information, please visit CinTel Corp at www.cintelcorp.net. Safe-Harbor Statement This press release may contain statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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