Yifan Communications Seats Four New Board Members and Cautions Investors Over Pending Reverse Stock Split.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 17, 2000

Yifan Communications, Inc. (the "Company") announced today that it has appointed four new members to its Board of Directors in connection with the Company's July 30 acquisition of Yifan.com, Inc. ("Yifan"). The new directors are Yifan He, Michael Yung, Jeffery Wu and Ahn Tran. The Company also announced that it has appointed Jeff Kraft as its interim chief financial officer. The following paragraphs summarize the business history of our management team.

Ms. Sally A. Fonner, age 51, has been the sole member of the Company's Board since March 30, 2000. Ms. Fonner will continue to serve as a Director until the next stockholders meeting. For most of the last 15 years, Ms. Fonner has worked as an independently employed business consultant. She graduated from Stephens University in 1969 with a Bachelor of Arts degree in Social Systems. After a stint in the private sector, Ms. Fonner returned to further her education and obtained her MBA degree from the Executive Program of the University of Illinois in 1979. For the past five years Ms. Fonner has been engaged in the business of restructuring public companies and arranging business combination transactions. In addition to her work on behalf of the Company, Ms. Fonner has previously arranged business combinations for four other inactive public companies.

Mr. Yifan He, age 24, is a full time employee of the Company and will serve as Chairman of the Board of Directors until the next stockholders meeting. Mr. He established the original yifan.com web-site in 1997 while studying computer science at the State University of New York, Stonybrook. For the last three years, Mr. He has managed Yifan's operations, strategy development, technical design, product development and quality assurance. During this development period, Mr. He supervised the expansion of Yifans staff to over 30 consultants and employees, including a total of 7 PhDs. In addition to daily management responsibilities, Mr. He is primarily responsible for administration of the Company, including hiring of personnel. Mr. He's education also includes a Major in International Business with a Minor in Computer Science from Northwestern Polytechnic University in Xi'an, China. Mr. He was born in Xi'an, China, and has been resident in the U.S. since 1996.

Mr. Michael Yung, age 36, is a part-time consultant to the Company and will serve as a Director until the next stockholders meeting. Mr. Yung is employed full-time as Senior Vice President, Asian Markets for a major U.S. brokerage firm. Mr. Yung's duties include developing Asian markets in the United States and overseas for his employer. Previously, Mr. Yung held a similar position with Citigroup as Vice President, Asia Development. Prior to Citigroup, Mr. Yung held positions in sales and marketing, including two years as Vice President, International Marketing, with Highfu International, a producer and marketer of police equipment, where he was in charge of developing and marketing new products. Mr. Yung is a graduate of The New York Institute of Technology, where he earned a Bachelor of Science degree in Marketing. Mr. Yung was born in Taipei, Taiwan and has been a resident of the US since 1977.

Mr. Jeffery Wu, age 36, is a part-time consultant to the Company and will serve as a Director until the next stockholders meeting. Mr. Wu is the Chief Executive Officer of Hong Kong Supermarket, the largest chain of Chinese specialty supermarkets in the Northeast. Mr. Wu is also President of Moo Chung Loong (MCL) Trading, Inc., a $50 million wholesale food distributor that services Hong Kong Supermarket and other retail grocers. MCL trading is currently the largest Asian food distributor in the Northeast. MCL has recently expanded to San Francisco and Houston.

Mr. Ahn Tran, age 48, is a part-time consultant to the Company and will serve as a Director until the next stockholders meeting. Mr. Tran, has been president of Hong Kong Supermarket since 1994 and is responsible for the daily operations of six stores with average combined sales of nearly $120 million a year. Mr. Tran is also a principal stockholder of MCL Trading. Mr. Tran brings key strategic alliance and partnership expertise to the Company. Mr. Tran immigrated to the U.S. in 1980 and has quickly adapted to the entrepreneurial environment.

Mr. Jeff Kraft will serve as our Interim Chief Financial Officer until December 31, 2000. Mr. Kraft is a part-time employee of the Company who also works as the controller of Capston Network Company, a corporation owned by Ms. Fonner. In this capacity, Mr. Kraft will be responsible for the overall financial management of the Company, and developing our accounting and financial reporting systems. Mr. Kraft received his Bachelor of Science degree in Accounting from Florida State University. Before joining Capston, Mr. Kraft was employed as the Controller for Thermacell Technologies, a public corporation that manufactured and sold specialty paints throughout the Southeast. Mr. Kraft has held executive accounting positions in manufacturing, retailing, banking, real estate development and auditing.

Sally Fonner, the Company's former sole director, said "I am delighted to turn over control of the Board to the team that has taken Yifan from a student's hobby to a major Internet portal network that serves 100,000 registered users and generates over 1 million page impressions per day." Ms. Fonner then noted that the Company had recently filed a Current Report on Form 8-K that provides detailed information on the terms of the Yifan business combination and the future operations of the Company.

In connection with the Yifan business combination, the Company intends to effect a 1 share for 40 reverse stock split in late September. Then the former stockholders of Yifan will receive 11,994,750 shares of New Common and certain financial consultants will receive 179,921 shares of New Common. Taking all of the foregoing into account, there will be 12,987,171 shares of New Common issued and outstanding after the reverse split.

With respect to the pending reverse split, Ms. Fonner said "We have been working very hard to reorganize the Company's affairs over the past few months and are delighted to find a combination partner with the potential of Yifan. Even so" she continued, "the net worth of the combined companies is only $1.2 million, including $395,300 in cash, and the pro forma fully diluted book value of our outstanding common stock is approximately $.002 per share."

Ms. Fonner then cautioned "the recent market price of the Company's common stock represents a multiple of 80 to 90 times the pro forma book value of the Old Common and bears no relationship to our assets, earnings or any other established criteria of value. At this time an investment in the Company must be considered an investment based on the perceived value of our strategic plan and the track record of our officers and directors."

The Company's SEC filings can be obtained from the SEC's web site at "www.sec.gov." The Company will also mail printed copies of its SEC filings on request.