RECAP OF UNPRECEDENTED GOVERNMENT LICENSE FOR PAN-CHINA SALES!!!
News June 11, 15:47 Eastern Time
CHINAMALLUSA.COM GRANTED LICENSE TO ACCESS WORLD'S LARGEST CONSUMER MARKET -- COMPANY IS THE ONLY FOREIGN FIRM WITH RETAIL LICENSE VALID Throughout China --
NEW YORK, Jun 11, 1999 /PRNewswire via COMTEX/ -- ChinaMallUSA.com Inc. (OTC Bulletin Board: CHML), an e-commerce company facilitating trade between the United States and China, announced today that it received a license from the Chinese government to market goods and services directly to the Chinese populace through its proprietary ChinaMallUSA.com e-commerce website. The company said that it believes it is the only foreign firm to receive sucha comprehensive license allowing it to sell retail throughout the entirecountry.
To date, according to the company, only Wal-Mart, the U.S. department store giant, has been granted a license to establish a retail store in China, but that license is limited to operating in the Shenzhen Special EconomicZone.
"Gaining a license valid all across China is especially valuable to our e-commerce operation," said Max Chen, ChinaMallUSA.com's chief executive officer. "Currently, there are only 4 million households on the Internet in China, which has a total population of 1.2 billion. Without geographic restriction, we are free to explore the huge retail market in the country and capitalize on the business network and resources of our Chinese retail partners. Although there remain economic, political, and administrative hurdles ahead of us, we look forward to taking advantage of this unique opportunity."
ChinaMallUSA.com Inc. has established close partnerships with two major retail businesses in China -- Beijing Urban-Rural Trade Center Co., Ltd. (BURTC), and Beijing Chengxiang Huamao Shopping Center (BCHSC). BURTC, listed on the Shanghai Stock Exchange, is a leading Chinese company in commerce and trade and has more than 10,000 affiliate manufacturers and merchants. BCHSC, a joint venture of BURTC and the Hong Kong Hamilton Group, is apremier department store in Beijing.
Established in 1997 for the purpose of marketing Chinese and U.S. products through the Internet, ChinaMallUSA.com provides Internet marketing, selling, information, and web leasing, and has developed websites for e-commerce between the U.S. and China (chinamallusa.com, chinamall.net, and wholesaleglobal.com) allowing direct access to products and services by companies and consumers in both countries.
In addition to its relationship with Beijing Urban-Rural Trade Center Co., Ltd., ChinaMallUSA.com has also established ties with Beijing Urban-Rural China Chem Group Co., Ltd., and China Township Enterprise Investment Development Corp. These three companies, which have a combined total of more than 30,000 affiliated firms in China, Hong Kong, and Taiwan, have requested that their member companies participate in the ChinaMallUSA.com e-commerce program.
ChinaMallUSA.com receives initial fees ranging from $500 to $1,000 and annual renewal fees averaging $500 for participation in its online e-commerce program.
A number of statements contained in this release are forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results that CHML may achieve may differ materially from any forward-looking statements due to such risks anduncertainties. |
