Digital Village World Technologies Inc.: Change of Control and $12,000,000 of New Equity.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--July 16, 2001 Digital Village World Technologies Inc. ("DVWT") is pleased to announce that Tianjin Teda Yu Cheng Group Co. Ltd. ("Yu Cheng"), the Company's present controlling shareholder, has joined forces with one of China's more successful technology companies Tianjin Global Magnetic Card Co Ltd., (TGM TGM Tomas Garrigue Masaryk (first president of the Republic of Czechoslovakia) TGM The Games Machine (Italianvideogame review site) TGM Total Gaseous Mercury TGM Transglutaminase TGM Trunk Group Multiplexer ) whereby TGM will become the Company's new controlling shareholder following their subscription of 10,000,000 common shares @ 1.00/ share. Yu Cheng will also increase their holding in the Company by investing a further $2,000,000 through their subscribing of an additional 2M additional common shares. TGM is one of the largest credit and smart card manufacturers in the Asia-Pacific Region (see www.gmcc-china-product.com/index.html). It was the first card manufacturer in China to be accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by MasterCard International and Visa International and is the only company in its field in China that trades publicly which it has done since 1993 through the Shanghai Exchange (TGMC/A-SH). TGM produces magnetic and smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. and related integration and application systems for domestic and foreign markets. TGM is also one of the national Mints for the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China printing financial documents and packaging products. TGM is rapidly expanding the applications and the use of next generation smart cards for China wide application. These initiatives require leading edge technology as well as access to a broader range of capital markets to develop them. To meet these needs TGM is investing in firms like the Company and its new business unit, Digital Village RFS (Remote File System) A distributed file system for Unix computers introduced by AT&T in 1986 with Unix System V Release 3.0. It is similar to Sun's NFS, but only for Unix systems. Technology. Inc., which is developing micro super conducting devices. Yu Cheng is Zheng Yi (鄭一, pinyin: Zhèng Yī, Cantonese: Jihng Yāt; d. 1807, also romanised as Cheng I) was a pirate along the Chinese coast during the 18th century. Legend had it that he was a pederast. He captured Cheung Po Tsai at age 15 and made him his young lover. a commercial subsidiary of the People's Daily The People's Daily (Chinese: 人民日报; Pinyin: Rénmín Rìbào), a daily newspaper, is the organ of the Central Committee of the Communist Party of China, published worldwide , China largest media group. Yu Cheng has been particularly active in helping establish CNTime, an "on line" education provider which is managed by the Company's Chinese subsidiary. The foregoing contains 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. , which are subject to contingencies and uncertainties that may or may not occur. Forward-looking statements are not guarantees of future performance and are based on numerous assumptions about future conditions that could prove to be inaccurate. Actual events, transactions and results may differ materially from anticipated events, transactions or results described in such statements. Material uncertainties about the future of DVWT exist. |
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