Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: John McDonald who wrote ()	3/5/2000 2:20:00 AM
From: ms.smartest.person	of 4541

This might be old news: PCCW, SoftNet Launch Pacific Broadband Bid asia.internet.com By asia.internet.com staff [March 3, 2000--HONG KONG] Broadband service provider SoftNet Systems Inc.(Nasdaq:SOFN) and Pacific Century CyberWorks Ltd (PCCW) Friday launched a joint venture to offer broadband services via cable. Pacific Century SoftNet has been formed to develop the broadband market in Asia. The hybrid firm seeks to offer broadband services to cable operators and their 130 million subscribers in more than 50 Asian countries. Lawrence Brilliant, SoftNet chairman and chief executive officer, said the JV makes the most of the companies' combined expertise to capture the Asian broadband market. "The joint venture will provide the advanced network engineering, marketing and technical expertise necessary to empower Asian cable companies to upgrade existing systems to provide broadband services to their subscribers," Brilliant said. He added the Asian market was the place to be because its broadband market is about to explode. "Asia is currently the most exciting market for the growing Internet economy and PCCW's ability to exploit emerging technology trends makes it the preferred Internet partner for companies such as SoftNet," Brilliant said. "The creation of Pacific Century SoftNet is another exciting step for PCCW as we continue to pioneer the Internet revolution in Asia," said Hubert Ng, Pacific Convergence Corp. chief executive officer. "SoftNet's ISP Channel has already launched more than 70 cable operations in the U.S. to deliver high speed broadband, giving it a demonstrated ability to help us bring broadband to Asia." The launch of Pacific Century SoftNet is an extension of the January US$129 million transaction in which PCCW bought five million shares of SoftNet common stock. As SoftNet's largest shareholder, George Chan, executive vice president of Pacific Century Group, was appointed to SoftNet's board of directors.

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