CAOL a Dave Gore pick looking good:
NEWS RELEASE!!!!!!!!!!!!!!!!!!!!!!!!!
CATHAYONLINE INC. ACQUIRES CHINA ISP
CATHAYONLINE INC. is pleased to announce the acquisition of Sichuan Torch
Information Technologies Co. Ltd., an Internet Service Provider (ISP) in the province of
Sichuan, China. The move positions The Company as a joint venture partner with, and
operator of, one of only four government licensed ISP's in a province of 100 million
residents.
With 1.4 billion Chinese-speaking individuals worldwide, CATHAYONLINE is maintaining
its focus on becoming an ISP leader in the People's Republic of China. Strategic
domestic and international partnerships will enable The Company to provide a full
spectrum of services through its China operation, Sichuan Torch. By delivering
cutting-edge services far superior to those currently available, CATHAYONLINE will
achieve an elite competitive positioning.
The Acquisition
CATHAYONLINE has acquired 100% of Sichuan Torch Information Technologies Co.
Ltd., of Chengdu, capital city of the Sichuan province. The Company's joint venture partner
is Chengdu Torch Industrial & Commercial General Company, holder of one of only four
government licensed ISP's in the province. Sichuan Torch will exist as the sole operator of
this license.
Chengdu Torch will receive 20% of the net profits earned by this ISP joint venture. Mr.
Owen Li, President of the ISP project, as well as his management team, can earn-out up
to a total of 705,000 shares of CATHAYONLINE INC., based on specific performance
criteria.
Sichuan Torch Information Technologies Co. Ltd.
Well established and operational, Sichuan Torch currently employs 28 highly
accomplished industry professionals. As the first order of business following the
acquisition, The Company will expand existing operations within Chengdu city. Expansion
into the province's 12 additional major municipalities will soon follow.
Services currently provided by ISP's in Chengdu city are limited at best. Sichuan Torch is
currently enacting a marketing strategy that will allow The Company to offer a multitude of
value-added services never before seen in the province. These will include turnkey
systems for corporate users, Internet fax/phone, system integrations, use of an "Electronic
Mall", trial accounts, dedicated lines, virtual Web and domain names, on-site training and
seminars, Internet consultation and 24-hour support. Uniform pricing policies will also be
established to further entice existing "fee-exhausted" customers.
The Management Team at Sichuan Torch includes Mr. Owen Li, President, ISP
Operations; Mr. Allan Lai, Chief Engineer; Mr. Glen Gu, Network Manager; and Mr. Tony
Xu, Sales Manager. Mr. Owen Li holds a Master of Science in Computer Science from the
University of British Columbia, Canada. His 12 years of technical experience in computer
communications are complimented by 7 years of management experience in the
telecommunications industry, and a diverse background in computer consulting.
Market Potential:
CATHAYONLINE's Internet Service Provider/e-business (ISP-EBS) project presently
existing in the city Chengdu (Population: 9.8 million) will expand into remaining areas of
the province of Sichuan (Population: 100 million). As the centre of business and
technology development in Western China, Chengdu exists as the logical starting point in
a virtually untapped market - only 4% of the Internet usage in China. As one of the most
important centres of politics, economics, technology, and culture in China, it also holds a
strategic position in China's economic development plan.
CATHAYONLINE INC.
The acquisition of Sichuan Torch Information Technologies Co. Ltd., serves to reconfirm
the Company's commitment to sourcing and acquiring strategic properties with both
significant cash flow opportunities and established management. CATHAYONLINE
INC.will continue to establish strong brand name recognition through ongoing high profile
joint ventures, extensive use of outdoor advertising, link exchanges, and banners.
For more information, please visit our updated websites at:
torchnet.com or chengdunet.com
CATHAYONLINE INC. |
