Tuesday April 13, 9:02 am Eastern Time
Company Press Release
Contract With Beijing Telecom to Increase Growth Estimates by 200%
Number of Internet Users to Explode as Chinese Can Lease Set-Top Boxes for Inexpensive Internet Access
NEW YORK--(BUSINESS WIRE)--April 13, 1999-- New York-based Asia Media Communications' (OTC BB:ASMC - news) MyWeb business unit announced today that it has signed a major contract with Beijing Telecom, a wholly owned operating unit of China Telecom. Beijing Telecom is the sole operator of fixed lines with an estimated 4 million phone lines in Beijing. Beijing, with its 13 million inhabitants, already has the greatest number of Internet users in China, with more than 400,000 registered users. Beijing Telecom and MyWeb are to jointly deploy 200,000 units of MyWeb set-top boxes in 1999 through rental and leasing. MyWeb's set-top box system allows customers to use their television sets to connect to the Internet.
According to T.S. Wong, president and CEO of Asia Media, the deal will triple the company's original growth estimates for 1999. MyWeb had a 15,000-unit installed base of set-top boxes in the Asian markets at the beginning of 1999, with plans to increase the number to 100,000 by the end of the year. ''This major breakthrough in China is expected to increase our installed base to closer to 300,000 by the end of 1999, far surpassing previous estimates,'' states Mr. Wong.
''The MyWeb set-top box enables Chinese users to use their inexpensive TV sets to connect to the Internet. Instead of a $1,000 PC, they only need to purchase a $200 set-top box. According to our agreement with Beijing Telecom, Beijing customers can now rent the set-top boxes. This may very well mean a dramatic explosion in the number of Internet users,'' explains Mr. Wong. |
