InvestNet Acquires Chinese Software Company.Business Editors/High-Tech Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 16, 2003 InvestNet, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IVNE) (IWM IWM Imperial War Museum (UK) IWM Integrated Waste Management IWM Integrated Weed Management IWM Institute of Wastes Management IWM Inside Wire Maintenance IWM I Want More IWM Interactive Workflow Manager ,WKN WKN Wertpapier-Kenn-Nummer (identifying number assigned to securities traded in Germany) WKN Warrior Knowledge Network (US Army) 801479 BERLIN) today announced that it has acquired at least 92% of Advance Tech (Asia) Limited ("Advance Tech"), a Hong Kong based company engaged in providing real-time transaction solutions, customized solutions and professional IT consulting services. Under the terms of the agreement, InvestNet has authorized the issuance of 22,312,500 common shares to Advance Tech shareholders in exchange for all the issued and outstanding shares of Advance Tech. InvestNet expects that the remaining 8% of Advance Tech will be tendered for exchange in the near term. Advance Tech is a real-time business solutions provider for businesses in Hong Kong and the Peoples Republic of China. Advance Tech is principally engaged in the provision of
(i) real time securities trading solutions which are able to
support stock trading, warrant trading and trading of equity
linked instruments on the Hong Kong Stock Exchange;
(ii) real time IT solutions to handle inbound and outbound route
calls of PSTN for telecommunications institutions;
(iii) real time IT software solutions for inventory, accounting
and payroll data control to customers in specific
industries; and
(iv) system integration and technical consulting services that
provide custom made IT solutions and integration services to
corporate clients.
Advance Tech is also developing a mobile payment system (MPS), which is designed to enable uses to conduct money transactions through cellular phones with WAP (1) (Wireless Access Point) See access point. (2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. capability. Advance Tech commenced the development of MPS in March of 2000 and has filed a patent for the protocol of MPS with the US Patent & Trademark Office. Currently, Advance Tech is developing the technical specifications for integrating its proprietary software with the MPS hardware. Advance Tech anticipates the launch of MPS in Hong Kong during 2005. Ninety five percent (95%) of Advance Tech's revenue originates from companies located in the People's Republic of China. Advance Tech's solutions are the chosen IT software solution for many "blue chip" companies including the Bank of China, Hui Kai Securities, Sino-i.com Securities, Beijing Tong Heng Electronics Co., Shenzen Poler pol·er n. 1. One that propels, supports, conveys, or strikes with a pole. 2. A pole horse. Noun 1. poler - a draft horse harnessed alongside the shaft or pole of a vehicle pole horse , Digital Tech Co., Sinomax Securities and Bandwidth Asia (HK). Advance Tech has realized growth and profitability since inception in 2000. Based on financial statements prepared in accordance with those auditing standards required in Hong Kong, sales have grown 382% and 36% in 2002 and 2003 respectively to HK$15.5 million. Advance Tech's net profit margin is 42% in year 2003 to date. (US $1 = HK $7.8) InvestNet's board of directors have appointed Mr. Terence Ho as president, chief financial officer and chairman of the board of directors and accepted the resignation of Ruairidh Campbell as its president and chief financial officer. Mr. Ho is the chairman and founder of Advance Tech. Mr. Ho obtained his bachelors degree in Arts from the University of Winnipeg The University of Winnipeg (U of W) is a public university in Winnipeg, Manitoba, Canada that focuses primarily on undergraduate education. The U of W's founding colleges were Manitoba College and Wesley College, which merged to form United College in 1938. in Canada and later obtained a Diploma in business management from the Chinese University in Hong Kong. Mr. Ho is primarily responsible for Advance Tech's overall strategic planning, formulation of corporate policies and marketing management. Mr. Ho has over 17 years of experience in corporate development, management as well as sales and marketing in the finance and information technology industry. The following individuals have also been appointed to InvestNet's board of directors: Ms. Vivan Szeto has been appointed as an executive director. Ms. Szeto is responsible for the management and administration of Advance Tech. Ms. Szeto graduated from the Hong Kong Polytechnic University The Hong Kong Polytechnic University (Abbreviated:PolyU or HKPU Traditional Chinese: 香港理工大學 with a bachelor's degree in Management Studies. Mr. Norman Koo has been appointed as an executive director and is the chief executive officer of Advance Tech. Mr. Koo graduated from the University of Hong Kong The University of Hong Kong (commonly abbreviated as HKU, pronounced as "Hong Kong U") is the oldest tertiary institution in Hong Kong. Its motto is "Sapientia et Virtus" in Latin, and " with a bachelor's degree in Industrial Engineering. He has over 23 years of sales and marketing experience in the computers and communications sector, 18 years of which were spent developing markets in the Peoples Republic of China. Ms. Ho Yuen Sau has been appointed as an executive director. Ms. Sau has experience in various industries including fashion and electrical products. Mr. Johnny Lu has been appointed as an executive director. Mr. Lu is responsible for marketing Advance Tech's services and products. He graduated from the Hong Kong Polytechnic University with a bachelor's degree in Business Studies and a Masters of Philosophy in marketing. Mr. Martin Lu has been appointed as an executive director. Mr. Lu obtained a bachelor's degree with honors and a Masters of Philosophy in industrial management and manufacturing systems engineering from the University of Hong Kong. Mr. Peleus Chu has been appointed as an independent non-executive director. Mr. Chu's obtained an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from the University of Hong Kong. He is a member of the Hong Kong Society of Accountants and the Association of Chartered Certified Accountants The Association of Chartered Certified Accountants (ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. , an associate member of the Hong Kong Institute of Company Secretaries and a member of the Institute of Chartered Secretaries and Administrators The Institute of Chartered Secretaries and Administrators (ICSA) is a British professional organization. History The organization was founded in 1891 and incorporated by Royal Charter in 1902. . Shareholders can obtain more information by visiting the InvestNet's website at www.investnetinc.com. A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. These forward looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of InvestNet may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. InvestNet encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. and Form 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound . InvestNet's public filings may be viewed at www.sec.gov. |
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