Golden Fortune Enters into Option Agreement with ChinaTech.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 20, 1999-- Golden Fortune Investments Limited (a public company trading on the Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). under the symbol "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 ") announced today that its Board of Directors has approved an option agreement with ChinaTech Trading Ltd. (Hong Kong) to acquire its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. G. F. Management Inc. ("GFMI"). As previously announced, GFMI is a joint venture partner with NORCEL to provide wireless modem connectivity to the Internet in China. The option agreement with ChinaTech provides for a US $300,000 payment over 4 quarters to Golden Fortune; US $5 million of two year convertible preferred bonds with interest payments at 1.75% above prime rate as quoted by the Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . A further one million warrants attached to the preferred bonds to purchase one million common shares; and a US $1 million of funding by ChinaTech for Project Gateway within the next year. ChinaTech is a private venture fund in Hong Kong with a view towards financing technology companies in China. With the rapid expansion of the China Internet market from 4 million users to an anticipated 27 million users by 2001, ChinaTech intends on providing wireless connectivity to the Internet on both PC and Web TV formats. ChinaTech has assembled a management team of veteran wireless engineers and executives who are experienced in systems integration and the China market. Project Gateway is one of several technology projects being funded by ChinaTech including a China Portal devoted to 1.3 billion Chinese within China, as well as 60 million expatriate Chinese around the world. ChinaTech anticipates going public in Hong Kong and the United States in the near future after completion of its 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. of Golden Fortune and China Internet market analysis. All appropriate regulatory filings will be made in Hong Kong, the United States and with the Alberta Stock Exchange. The management of ChinaTech and Golden Fortune believe that the success of Project Gateway and other technology projects in China will require access to capital markets, strategic alliances with technology partners, management expertise and a rapid marketing strategy. Golden Fortune Investments Limited (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :GFX) 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 interests in technology licensing agreements, and other investment holdings including mining. Golden Fortune's Head Office is located in Vancouver, British Columbia, Canada. For further information regarding Golden Fortune Investments Limited and its ongoing corporate direction, please call toll free, 877/688-2623, E-mail: info3@gfil.com or visit our web site: www.gfil.com. The Alberta Stock Exchange has neither approved nor disapproved of the contents of this news release. |
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