Lotus Pacific Filed Form 8-K With SEC to Report Issuing Common Stock to Shareholders of TurboNet Communications and Arescom.PISCATAWAY, N.J.--(BUSINESS WIRE)--April 6, 1999--Lotus Pacific Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : LPFC LPFC Low Profile Flotation Collar LPFC Light Pulse Fibre Channel (adapter) ) today announced that it filed Form 8-K with SEC to report the issuing of 15,250,666 shares of common stock to shareholders of TurboNet Communications and Arescom Inc. On March 15, Lotus Pacific has signed an Acquisition Agreement to acquire an equity interest in TurboNet Communications ("TurboNet"), a San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , corporation. Under the terms of the Acquisition Agreement, Lotus Pacific will issue $80 million worth of restricted shares in exchange for 81% of TurboNet's equity. The shares so issued by Lotus Pacific are prohibited from being sold until TurboNet's annual gross revenue exceeds $30 million with a before-tax annual net profit of not less than $6 million. Lotus Pacific also agreed to provide TurboNet with $20 million in cash as working capital. TurboNet Communications is a premier developer of advanced cable modem technologies and products. Its products include DOCSIS-compliant cable modem chipsets, TurboPort-MCNS cable network module, MCNS MCNS Managing Cisco Network Security MCNS Multimedia Cable Network Systems MCNS Media Centre for National Security (Sri Lanka) MCNS Ministerial Committee for National Security (Iraq) cable data bridge, and internal & external cable modems. TurboNet Communications is also providing cable modem and infrastructure equipment on an OEM basis. Toshiba Corporation of Japan is one of the shareholders and partners of TurboNet Communications. On March 15, Lotus Pacific has signed an agreement with Arescom Inc. ("Arescom"), a Fremont, California, corporation, whereby Lotus Pacific will issue $30 million worth of restricted shares to acquire an 81% equity interest in Arescom. The shares so issued by Lotus Pacific may not be sold until Arescom's annual gross revenue exceeds $15 million with a before-tax annual net profit of not less than $3 million. Lotus Pacific also agreed to provide Arescom with $10 million in cash as working capital. Arescom designs, manufactures and markets a complete line of high quality inter-networking router equipment for PSTN (Public Switched Telephone Network) The worldwide voice telephone network. Once only an analog system, the heart of most telephone networks today is all digital. In the U.S. , ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. , xDSL and Ethernet environments. Arescom provides users a broad range of remote access products that offer an unprecedented level of technical features integrating voice and data along with Intelligent GUI and 100% remote management tools for easy set-up and network management. Arescom's customers include ISPs, re-sellers, and system integrators in North America. Arescom's worldwide partners include Telecom Device in Japan, NST NST nonstress test. NST Nonstress test, see there in China, EuroBizz in Germany, Viking Telecom in Sweden, Exer Datacom in France, Dakel Information in Spain, PcExpress in Italy, etc. About Lotus Pacific: Lotus Pacific Inc. is an Internet technology and services company focused on developing and marketing Internet-related products and services in the U.S. and international markets with an emphasis on financial services. Through its subsidiaries, Regent Electronics Corporation, Arescom, TurboNet Communications, US Securities & Futures Corp. and Professional Market Brokerage, Lotus Pacific offers unique Internet-related products like the TeleWeb system, TeleWeb(TM)/WonderTV(TM) set-top boxes, Internet routers, cable modems, and online financial trading systems. Through realizing its Internet-WallStreet Solutions(TM) concept, Lotus Pacific provides new Internet solutions, services, and opportunities for its customers and shareholders. Lotus Pacific's progressive approach is open to technical cooperation and marketing partnerships with major industry-related companies such as Microsoft (Nasdaq:MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ), Cisco (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), Lucent (NYSE NYSE See: New York Stock Exchange :LU), AT&T (NYSE:T), Broadcom (Nasdaq:BRCM), At Home (Nasdaq:ATHM), America Online (Nasdaq:AOL), EarthLink (Nasdaq:ELNK), Yahoo (Nasdaq:YHOO), Time Warner (NYSE:TWX), Sun Microsystems (Nasdaq:SUNW), Charles Schwab (Nasdaq:SCH) and E rade (Nasdaq:EGRP). For more information about Lotus Pacific, see the company's web site at http://www.lpfc.com. |
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