Golden Fortune update on project gateway
Golden Fortune Investments Limited GFX
Shares issued 7,655,000 Jul 21 close $0.38
Thu 22 Jul 99 News Release
Mr. James Tong reports
Over the last four months "project gateway" has developed rapidly. Golden
Fortune has had several developments as GFIL works hard to establish the
wireless Internet solution for China.
Our accomplishments to date can be summarized as follows:
A joint venture with an established, highly regarded, Chinese company to
provide a national wireless Internet solution for China.
Established a national product standard based on technology represented by
Golden Fortune and supplied by WaveRider Communications Inc.
An initial contract to supply product for China's private networks, valued
at over $20-million (U.S.).
National approval and licensing as a wireless Internet service provider in
China.
Agreement with WaveRider Communications Inc., which provides assured access
to technology, trained technical expertise and the ability to manufacture
product underlicense.
The establishment of a pilot project in conjunction with MultiCyber
Internet Ltd. to provide regional wireless Internet solutions and local
area network services in one of the largest special economic zones in
Shanghai, China.
These are the visible components of the major undertaking that is project
gateway. Golden Fortune and its Chinese partners are working diligently to
build the wireless Internet solution that is so important to China. There
are many more developments to come.
The pilot project is beginning earlier than expected. Shanghai is to China
what New York City is to America. The importance of this pilot project can
be likened to the introducton of leading edge, data communication
technology in any major financial center. This pilot project will highlight
project gateway's wireless Internet solution and help to stimulate its use
by several of China's major companies as well as multnationals operating in
Shanghai's Pudong new area.
Right now one of GFIL's personnel is in China ensuring the joint venture
partner is prepared for the training sessions that WaveRider personnel will
conduct in August. He is also overseeing the preliminary site analysis for
the Shanghai project.
At the end of July, James Tong will be traveling to China with MultiCyber's
senior management to meet the Shanghai project's senior people and visit
the Sit project site in Shanghai. Mr. Tong will also be meeting with the
joint venture partner, Norcel, to update them on GFIL activities. In
mid-August, Mr. Tong will meet with the WaveRider team and will hold the
training sessions for Norcel's personnel. This brings project gateway into
the start of the operational phase.
One consistent question GFIL receives about our shares is "Why are our
shares not trading like other Internet stocks?"
First, most of the stocks GFIL is compared against have had much more time
than four months to develop market awareness through promotional and IR
efforts.
Second, general media attention is only now beginning for GFIL and thus
greater notice from investors is building.
Third, project gateway is on a scale that can be challenging to understand
for people not familiar with doing business in China and is clearly not for
the faint of heart.
Finally, the general perception that GFIL is under valued compared to many
other Internet related stocks. This is now beginning to work in the
company's favour. We are confident that shareholders will benefit as this
trend continues.
Below is a short list of some of the companies that GFIL is being compared
with:
Golden Fortune 52-Week Trading Range (Canadian): Hi: 60 cents, Low: 10
cents, Closing Price: 34 cents (Jul 19).
Wi-LAN Inc. 52-Week Trading Range (Canadian): Hi: $11.50, Low: $ 1.18,
Closing Price: $11.50 (Jul 19).
Xin Net Corp. 52-Week Trading Range (U.S.): Hi: $6 5/8, Low: $61/256,
Closing Price: $2 1/2 (Jul 19).
China.com 52-Week Trading Range (U.S.): Hi: $68.00, Low: $44.75, Closing
Price: $45.25 (Jul 19).
Waverider Comm 52-Week Trading Range (U.S.): Hi: $3 3/88, Low: $1 1/8,
Closing Price: $1 1/2 (Jul 19).
Direct comparisons are challenging. GFIL is a unique blend of business
development components. As the provider of a wireless Internet solution,
slated to become the Internet backbone for China, we have taken great care
to proceed thoughtfully and meticulously.
"Build a better mousetrap, and the world will beat a path to your door".
This simple phrase typifies what Golden Fortune is doing with project
gateway. |
