XNET's GREAT TIMING: Opening of New Office in Guangzhou, Formerly Canton and Marketing Agreement With Post Office in Beijing...
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 16, 1999--The
board of directors of Xin Net Corp. (NASD Bulletin Board:XNET) is
pleased to announce the following developments:
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1. Its operating arm in China, Xin Hai Technology Development Ltd.,
has opened on November 8, 1999 a new office in Guangzhou, in the
south of China. With a combined population of over 30 million,
Guangzhou, Beijing and Shanghai are the three cities in China
where Internet usage is the most widespread and continues to see
dramatic growth.
2. Xin Hai has struck a marketing agreement with the Post Office in
Beijing. Ten branches of the Post Office in Beijing have begun to
sell Xin Hai's prepaid Internet access card, the "Instant Card",
on a trial basis. If the trial proves successful, as expected,
other branches will follow suit. This agreement comes on the heel
of a similar one signed in September with the Bank of China in
Beijing. The "Instant Card", which is becoming very popular, is
also carried by many department stores in Beijing. Furthermore,
China's largest courier services company, EMS, has agreed to
deliver the "Instant Card" to the customer's door.
3. The Company's online domain name registration business, Chinadns,
continues to enjoy sustained growth. Total registration has now
reached over 8,000. Moreover it has listed over seventy agents
that sell its services. This list includes Ji Tong, China's third
largest Telecommunications company as well as several local
telecommunications bureaus. In October 1999, Chinadns was
approved as an Official Agent of Network Solutions Inc. We
believe it is the largest and fastest growing domain name
registrar in China. The Company also has an advertising banner on
Yahoo's Chinese site cn.yahoo.com.
4. Xin Hai has successfully tried and now implemented Cisco
equipment. The new digital equipment, together with previously
installed analog equipment, allows the Company to service its
present customers while providing room for growth. The Cisco
equipment is modular and stackable and can easily be added upon
as required. It replaces equipment previously ordered from
Alcatel, but which the Company had to cancel due to delivery
difficulties.
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Xin Hai is an Internet Service Provider, an Internet Content
Provider, an Online Domain Name Registrar and Auctioneer. It operates
in Beijing, Shanghai, Guangzhou and Shenyang, and holds ISP licenses
for six additional Chinese cities. Its subscriber base presently
numbers 43,000 including 8,000 domain name registrants.
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. 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. The Company 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.
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CONTACT: Xin Net Corp.
Marc Hung/Ernest Cheung, 604/632-XNET (9638)
Home Page: www.xinnet.net
Operating web Sites: www.xinnet.com.cn, www.chinadns.com,
www.xinbid.com
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