Concept Wireless Inc
CEU
Shares issued 7,663,964
2000-06-23 close $1.27
Friday Jun 23 2000
Mr. Michael Ginn reports
Effective June 23, 2000, the company's name has been changed from Concept
Industries Inc. to Concept Wireless Inc. There was no consolidation or
subdivision of the company's shares associated with the name change.
The new name more properly reflects the company's current businesses following
its expansions into the Internet and wireless telecommunications fields in the
People's Republic of China.
The company's current activities in China includes a paging joint venture that
operates paging systems in 13 cities in Shandong province and is the second
largest paging network in the province with 375,000 subscribers. The paging
business has been extremely successful and is currently growing at an average rate
of 15,000 subscribers per month. Due to the anticipated growth of the Chinese
Internet market and Internet-related activities, Contour recently reached an
agreement to form an alliance with a Beijing-based company to be an Internet
service provider and to offer two-way wireless messaging and long-distance
calling by way of the Internet (VoIP). The two-way wireless messaging and
Internet services are expected to commence operations this September in Jinan, a
city with a population of five million people. Jinan, which also is the capital of
Shandong province, is the location of the company's headquarter offices.
The company has signed an initial agreement with the Beijing branch of Jitong
Telecommunications Ltd. to establish a joint venture to develop and operate
Internet data centres (IDCs) in China. Jitong is a major Internet service company
that operates one of only two commercial Internet backbone systems in China.
Currently, there are 12 million Internet users in China, and the four national data
carriers, China Telecom, (NYSE: CHL -- news), China Unicom, (NYSE: CHU
-- news), China Netcom and Jitong, have recently announced that they will spend
$1-billion (U.S.) this year in improving the country's Internet backbone
infrastructure.
Last week, management in co-operation with the Beijing and Hong Kong divisions
of Sun Microsystems, completed a presentation of the proposed IDC project to
Jitong in Beijing. As a result of the successful presentation of the proposed IDC
project, Jitong has requested management to prepare a co-operation plan, which
will form the basis of the joint venture agreement for Jitong's review. Management
is currently preparing to establish an office in Beijing to work closely with Sun and
Jitong toward finalizing the remaining details of the proposed IDC facility to be
located in Beijing.
The company's activities have recently been featured in an Internet business Web
site, www.VirtualChina.com, that specializes in news for the China
telecommunication and Internet industry. |
