NeTrue Acquires 30% of World Master Resources.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 24, 2000 NeTrue Communications Inc. ("NeTrue") (CDNX CDNX See Canadian Venture Exchange (CDNX). :NTU NTU - Network Termination Unit .U.) is pleased to announce that, pursuant to regulatory approval, it has completed its acquisition of a 30% equity interest in World Master Resources Limited of Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. (WMR WMR Winchester Magnum Rimfire WMR World Medical Relief (Detroit, MI) WMR Western Maryland Railway WMR Welding Material Requirement WMR War Maintenance Reserves WMR Wireless Multimedia Receiver ) in consideration of the issuance of 109,290 common shares from NeTrue at a deemed issue price of US$15.25 per share. WMR is a joint venture operation between NeTrue and leading telecommunications companies in Asia including, Hutchison Corporate Access (HCA HCA, n.pr See acid, hydroxycitric. ), a subsidiary of the Hutchison Group of Hong Kong and Telhope Satellite, a subsidiary of China Telecom, together with certain others. The acquisition completes the process previously announced by NeTrue in June when it entered into a letter of intent with HCA regarding World Master Resources. Upon completion of additional capital contributions from other shareholders, NeTrue's equity interest in WMR will be approximately 25%. Hutchison and Telhope now hold equity of 24% and 30%, respectively in WMR. WMR has been established to provide Internet Backbone and related services over satellite to the Greater China market (Mainland China, Hong Kong and Taiwan). Through exclusive sales contracts between WMR and NeTrue's Vipersat Networks Division, WMR will obtain satellite technology from NeTrue, including Vipersat's industry leading 2-way broadband Digital Video Broadcast (DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. ) technology. Dr. Thomas Sawyer, Chairman, NeTrue Communications stated, "the exclusive contract demonstrates the level of confidence among WMR partners in NeTrue's satellite technology." Dr. Sawyer added, "the potential of this joint venture will add substantially to shareholder's value." HCA has agreed to provide co-location and facilities for WMR operations, equipment and Internet content. Telhope Satellite has agreed to provide installation and services for three telecommunications hubs to be operated by WMR in Beijing, Shanghai and Guangzhou, as well as co-location rack-space, facilities and operational support for data centers in Mainland China and Hong Kong and support for sales, marketing and operational activities in Mainland China. Roger Kent, Senior Vice President, NeTrue Vipersat Division has accepted a position on the board of directors of WMR which will also include David Manion, Chief Executive Officer of Hutchison Corporate Access and Zhang Longguan, Chairman of Telhope Satellite who will serve as Chairman of the board of directors of WMR. About Hutchison Telecom Hutchison Telecommunications is one of the leading owners and operators of global telecommunications and Internet infrastructure, offering a wide range of related services. These include fixed-line services, Internet services, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber broadband networks, mobile telephony (voice and data), paging, trunked mobile radio, VSAT (Very Small Aperture satellite Terminal) A small earth station for satellite transmission that handles up to 56 Kbits/sec of digital transmission. VSATs that handle the T1 data rate (up to 1.544 Mbits/sec) are called "TSATs. and radio broadcasting. Hutchison Telecommunications is a 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. of the Hutchison Whampoa Group, one of the largest publicly held conglomerates in Hong Kong. About Telhope Satellite Based in Hong Kong, Telhope Satellite Services Co. Ltd. is jointly owned by Enlink International Limited and Telhope Information Development Co.Ltd, a subsidiary of China Telecom (Hong Kong) Group Limited. Telhope Satellite is a licensed operator of External Fixed TelecommunicationsNetwork Service, providing international telecommunications services out of Hong Kong. About NeTrue Communications NeTrue Communications Inc., is a provider of intelligent, software-driven network management solutions for new generation, IP-based communications networks. NeTrue Vipersat Networks is a Satellite Network Solutions provider for private enterprise and public Internet applications utilizing advanced IP technology to support high quality switched multi-media wireless communications. NeTrue IPT IPT - IP Telephony BackOffice(TM) and NeTrueQoS(TM) provide operation and management support for IP voice networks. NeTrue's Global Network incorporates approximately 85 nodes and provides traffic management; clearinghouse and routing services to a global network of communications providers. To learn more about NeTrue and its technology, visit the Web site at www.netrue.com NeTrue, NeTrue Communications, NeTrueQoS, IPT BackOffice and IPT NCC NCC See National Clearing Corporation (NCC). are registered trademarks of NeTrue Communications Inc. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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