Business Wire XIN NET CORP. MAKES ANNOUNCEMENT
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VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 29, 1998--Further to the
announcement of Dec. 8, 1998, Xin Net Corp. (OTC BB:XNET.O) (Formerly
Placer Technologies Inc.) Tuesday announced that its subsidiary Xin
Hai has successfully launched its E-Commerce service to its customer
base in China.
Businesses offer discounts to users of the E-Commerce service and
Xin Hai receives a commission.
Earlier this year, the Chinese Ministry of Foreign Trade and
Economic Cooperation (MOFTEC) set up an E-Commerce portal site, which
attracted 60,000 visitors on the first day and 560,000 visitors in the
first week. While E-Commerce is still at an early development stage in
China, Xin Hai is well positioned to capitalize on the commercial
potential of the Internet throughout the country.
While typical American Internet companies must wait several years
to see the profits of E-Commerce, Xin Hai is already a profitable
business that will see additional returns from this expanding service.
XNET is a profitable Internet Service Provider in China that has
attracted more than 16,000 subscribers in 19 months of operations. The
company's has about 50 employees and at present its clients are
located in Beijing and Shenyang (combined population of 26 million).
With expansion planned to four additional major cities, the
company sees significant near term growth potential in both subscriber
base and revenues.
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. Investors are cautioned that actual
results may differ substantially from such forward-looking statements.
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. Xin Net 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.
--30--sig/ix*
CONTACT: Xin Net Corp., Vancouver
Angela Du or Ernest Cheung, 604/689-4407
Fax: 604/689-7654
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET PRODUCT
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