Continued Strong Growth Reported by StarBridge Global Joint Venture.Business and Technology Editors NEW YORK--(BUSINESS WIRE)--Dec. 18, 2000 StarBridge Global Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :STBR STBR Secure Tactical Briefing Room ), an expanded and restructured network solutions, systems integration and smart card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. provider with interests in China, has filed its quarterly Form 10-QSB with the U.S. Securities and Exchange Commission ("SEC".) StarBridge President and 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. , David A. Turik stated, "With this filing, we are very pleased to show that the earnings stream, generated by our 45% investment in CCF CCF abbr. Cooperative Commonwealth Federation of Canada StarBridge Hengxin Corporation Ltd ("CCF StarBridge Hengxin"), has continued its strong growth for the past quarter. This growth represents only the systems integration and network solutions business of the joint venture. The net equity in earnings of the joint venture totaled 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. 214,082 for the quarter and USD 221,099 for the year to October 31, 2000." He went on to explain that in the first ten months of its fiscal year, CCF StarBridge Hengxin had recorded net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight revenue of USD 13.7 million, and net income of USD 1.5 million. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, StarBridge is forecasting sales revenues of approximately USD 16.0 million for the systems integration and network solutions business of the joint venture. Mr Turik also stated that the recent acquisition of Gold Phoenix Associates Limited has provided StarBridge with the opportunity of adding a further strong potential revenue business to the group. This acquisition gives StarBridge a 60 per cent ownership interest in Ai Wei Information Technology Corporation Limited ("Ai Wei"), a joint venture created to distribute identification smart cards across China for the Health Card Registration and Management System. This project aims to provide smart cards to 240 million people in China's food and food-related industries. StarBridge Global Inc. through its Sino-foreign joint venture companies, CCF StarBridge Hengxin Corporation Limited, and Ai Wei Information Technology Corporation Limited aims to be a major, high value network solutions, systems integration and smart card services provider through-out Greater China and South East Asia. This news release contains forward-looking statements as defined by 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 1996. Forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at StarBridge Global's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. |
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