STGC news regarding China!!
Thursday November 18, 8:30 am Eastern Time
Company Press Release
SOURCE: Startec Global Communications Corporation
Startec Establishes Hong Kong, China Office Through Acquisition And Advances IP Network Into Asia Pac Rim
BETHESDA, Md., Nov. 18 /PRNewswire/ -- Startec Global Communications Corporation (Nasdaq: STGC - news), a provider of telecommunications and Internet services to ethnic communities in North America and Western Europe, announced the acquisition of Worldwide Telecommunications, Ltd., a rapidly growing Hong Kong-based provider of voice and data services. The establishment of its Asia Pacific Rim operations in Hong Kong through the acquisition of certain assets of Worldwide Telecommunications positions Startec to quickly penetrate the rapidly growing and newly opened Chinese market and to deploy Voice over IP in the Asia Pac Rim. With an additional Asian hub, Startec is able to leverage its undersea cable capacity in the Pacific, its IP gateway in Hong Kong and its in-language customer service center in Guam.
Startec's strategy of deploying an IP network into the emerging economies allows it to provide high-quality connectivity into emerging economies and to exchange IP traffic with carriers in the Asia Pacific Rim region. Additionally, Startec's IP network will enable it to provide voice, data, Internet and video services to its customers in the region. Hong Kong now becomes a key nerve center for Startec's IP network into the Asia Pacific Rim and a launching pad for expansion into China. To enhance its Internet services, Startec will create a Chinese virtual community as one of its nine virtual communities located at www.estart.com.
Startec's efforts in the region will be managed by Lee Lam, the founder of Worldwide Telecommunications and the former director of Greater China services at A.T. Kearney. Mr. Lam has extensive telecommunications experience in Asia, having served as the president and chief executive officer of Asia Pacific Operations of Millicom International Cellular, a global developer of cellular telephone and international gateway services. Prior to that, he held several positions with Hong Kong Telecom, including the position of general manager with full responsibilities for the business and government sectors.
``We are building a state-of-the-art IP network into the emerging economies of the world to provide a full range of communications services, including voice, data, Internet and video services, to ethnic communities located in North America and Western Europe,' said Ram Mukunda, founder and chief executive officer of Startec. ``The establishment of an additional Asian hub is a key milestone for us as we begin to push our service platform directly into regions like China where 'we expect huge growth for Internet services.``
About Startec:
Startec Global Communications Corporation is a facilities-based provider of communications services to ethnic communities in North America and Europe. Startec is building a state-of-the-art network optimized for Internet Protocol technology with an emphasis on connectivity to the emerging economies of the world, allowing it to integrate voice, data, Internet, and video services on a seamless network. Once completed, Startec's network will provide connectivity from points originating in the U.S., Canada and Europe and terminating in the emerging economies on an ATM/IP network. The Company's class of common stock is traded on The Nasdaq National Market under the symbol ``STGC.'
For more information on Startec, visit its Web site at www.startec.com.
To view Startec's Arab virtual community, the first in a series of nine ethnic virtual communities, visit www.estart.com.
Other than historical information contained herein, certain statements in this release are ``forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1994. Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, changes in market conditions, government regulation, technology, the international communications industry, and the global economy, availability of transmission facilities, management of rapid growth, entry into new and developing markets, competition, customer concentration and attrition, and the expansion of the global network. These risk factors are discussed in further detail in the Company's SEC filings.
SOURCE: Startec Global Communications Corporation
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