RECAP OF ALLIANCE WITH MAJOR CHINESE BANK (read below):
CHINAMALLUSA.COM AND CHINA MINSHENG BANKING CORP. TO FORM STRATEGIC ALLIANCE
NEW YORK, Jun 15, 1999 /PRNewswire via COMTEX/ -- ChinaMallUSA.com Inc. (OTC Bulletin Board: CHML), announced today that it has agreed in principle with China Minsheng Banking Corporation to form a strategic alliance in an effort to jointly promote development of trade between the United States and China and to further the business development of both parties. Anagreement was signed last week in New York by Jian Chen, a Director of China Minsheng Banking Corp. ChinaMallUSA.com anticipates that the formal agreement to establish the strategic alliance will be signed, in China, by the end of thismonth.
Headquartered in Beijing, China Minsheng Banking Corporation was established in 1994 and has grown to be the seventh largest commercial bankin China in terms of total assets. The bank is 70-percent owned by privateinvestors.
"China Minsheng Banking Corporation is the only private-type commercial banking institution of China," said ChinaMallUSA.com president Max Chen. "With its focus on serving private commercial enterprises, the bank couldbe very instrumental in helping us expand our member network throughout China."
Established in 1997 for the purpose of marketing Chinese and U.S. products through the Internet, ChinaMallUSA.com is one of few companies licensed bythe Chinese government to conduct business on the web and the only foreign firm to hold a license to conduct retail operations throughout the entire country. The company provides Internet marketing, selling, information, andweb leasing, and has developed websites for e-commerce between the U.S. andChina (chinamallusa.com, chinamall.net, and wholesaleglobal.com) allowing direct access to products and services by companies and consumers in both countries.
ChinaMallUSA.com has established firm relationships with strong business partners such as Beijing Urban-Rural Trade Center Co., Ltd., 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 an 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. |
