SUNW & ORCL with XNET(symbol) in China:
NASD OTCBB: ?XNET? March 21, 2000
PRESS RELEASE
e-Commerce Agreement Signed with Major Guang Dong Electronics Company
Further to the press release of January 3rd, 2000 the board of directors of Xin Net Corp. is pleased to announce that Guang Dong Xin Na Te Electronics Company Ltd. (?Xin Na Te?) has signed an agreement to use Xinnet platform for their B2B e-commerce. Xin Na Te is one of the largest computer hardware distributors in China. It is an agent for LG monitors and optical drives in Southern China. Its network comprises over 50 agents and 300 retailers. LG is currently the fourth largest Korean business group with an annual revenue of US$ 73 billion and 126,000 employees in over 120 countries.
Under the terms of the agreement, Xinnet will build, implement and maintain an online ordering, transaction and management platform for Xin Na Te. Xinnet will also provide training and support to Xin Na Te management and technical personnel. Xin Na Te will require all its agents and distributors to utilize the Xinnet platform. Xin Na Te will pay Xinnet a commission based on the value of the total transactions done through the platform, with a guaranteed minimum. Operations are scheduled to start on May 1st, 2000.
Through separate agreements signed with Sun Microsystems Inc. (Nasdaq: SUNW) and Oracle Corp. (Nasdaq: ORCL), Xinnet will be able to tap these companies? technical expertise to support the Xinnet/ Xin Na Te platform which, being proprietary to Xinnet, can be easily modified to accommodate other Xinnet e-commerce customers.
Furthermore, registration of new subscribers resulting from on-going marketing efforts and from previously announced agreements is progressing very well. Subscriber base has now reached over 150,000 ISP customers and domain name registrants. Also, employees presently total nearly 200 in China.
Xinnet provides Internet access and content (www.xinnet.com.cn), online domain name registration (www.ChinaDNS.com) and online auction (www.xinbid.com). It currently operates in Beijing, Guangzhou, Shanghai and Shenyang and has ISP licenses for six (6) other Chinese cities.
Any forward-looking statement in this press release is made pursuant to the ?safe harbor? provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors, developments of the Chinese Internet market and changes in regulatory matters. The Company disclaims any obligation to update any such factors or to publicly announce results of any revision to the forward-looking statements contained herein to reflect future events or developments.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Hung, President
For further information, contact:
Marc Hung, President or Ernest Cheung, Secretary.
Telephone: (604) 632-XNET [9638] Facsimile: (604) 689-7654
Home Page: www.xinnet.net E-mail: investors@xinnet.net |
