NetUSA Shareholders Approve Investment Plan, Reorganize Board in Anticipation.Business Editors/High-Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--April 12, 2000 NetUSA, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NTSA NTSA National Training Systems Association NTSA National Tuberous Sclerosis Association NTSA National Technical Services Association NTSA National Training and Simulation Association NTSA National Traffic Safety Administration ) held its annual shareholder meeting yesterday, at its Fremont corporate headquarters. The shareholder meeting approved plans for two investment groups to inject in·ject v. 1. To introduce a substance, such as a drug or vaccine, into a body part. 2. To treat by means of injection. funding into NetUSA to develop and improve its NetChina.com website. Also, under recommendation by management, the shareholders reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. the Board of Directors in anticipation of the implementation of the investment plans. Under the plans, SunnyGroup, Inc., an industrial group made of corporations based in China, 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. , Singapore, and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. but with its primary focus in China, and SVIP SVIP secure voice improvement program (US DoD) SVIP Switched Versatile Interface Processor (Cisco) SVIP Secure Voice Improvement Plan/Program , an investment group based in the Silicon Valley, will invest a total of $4 million into NetUSA to improve NetChina.com and other Internet ventures. Further, NetChina.com will be tied in closely with SunnyGroup's JiaJia.com.cn website, which is very popular in China, and SunnyGroup and NetUSA will work closely on the development of both websites to make the sites useful and friendly to users in various Chinese communities all around the world. The shareholder meeting accepted the resignations of the three current Board members, James Yu, Ben Hsu, and Michael Morrison. They then elected Wei-Ling Soong, Ming-Jian Shi, and Ming-Xin Shi as new members of the Board. Soong currently serves as NetUSA's executive vice president, and formerly served as the president of GlobalCOM Telecommunications, which was purchased by NetUSA last year. Ming-Jian Shi is the chairman and president of SunnyGroup, and Ming-Xin Shi is Sunny Group's general manager. During their tenures at SunnyGroup, they have refocused the group's energy into developing Internet ventures and tapping China's Internet market. The shareholders also approved the Board's plan to develop an employee stock option plan and authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the Board to appoint up to four additional directors when it sees fit. "This is a pivotal occasion for NetUSA," said Yu, who also serves as NetUSA's president. "Obviously, we need money to build up our infrastructure, but the best thing that SunnyGroup and SVIP bring is not money. SunnyGroup brings its impressive presence in China and other Asian countries Noun 1. Asian country - any one of the nations occupying the Asian continent Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" along with its experience in the China Internet market and its connections to many large industries in China, along with expert management experience and ability to recruit the best minds in China. SVIP's members also bring excellent management experience and reputation in the Silicon Valley high tech community. Those are things that NetUSA needs right now and which we got with this plan to bring us into this partnership. We look forward to bright days ahead." NetUSA, Inc., headquartered in Fremont, Calif., is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. market under the symbol NTSA. NetUSA has three divisions. The WebCenter Division provides complete World Wide Web solutions for businesses and also owns and operates www.softwarecenter.com, one of the largest software information and on-line sales centers on the Internet, and is currently developing www.netchina.com to become an important business solution on the Internet for parties involved in or interested in United States-China trade relations. It also publishes two ground-breaking publications. Silicon Valley High Tech is a world-leading technology journal in the Chinese language, and is published in both paper and electronic form (at www.svhitech.com). BizNetUS Business Directories feature business listings and award-winning maps by Thomas Brothers in Chinese and other Asian languages. The Telecom Division (globalcom.netusa.com) employs cutting-edge IP technology for iphone and ifax services that greatly reduces the cost while preserving the quality of the services. The Software Technology Division (www.netusa.com/pacmicro) produces critically acclaimed utility programs for personal computers using Microsoft operating systems The following is a list of Microsoft operating systems. For the codenames that Microsoft gave their operating systems, see Microsoft codenames. Before Windows
For information, contact: Wei-Ling Soong, executive vice president, NetUSA, Inc., 103 Hammond Ave., Fremont, Calif. 94539; Telephone: 510/580-9800; Fax: 510/580-9801. |
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