Haven't seen this here. sorry if it's a re-post
biz.yahoo.com
nolimitz
Xin Net B2B E-Commerce Grows
NASD OTCBB: "XNET"
VANCOUVER, Jan. 4 /CNW-PRN/ - Xin Net Corp. is pleased to announce the following corporate developments:
A. Preliminary agreements in the form of Letters of Intent have been
signed with:
(1) Beijing San Jie Heng An Technology Company Ltd. ("San Jie"). San
Jie is a major computer and computer supplies distributor and the
exclusive agent for Samsung monitors and LG optical drives (both
large Korean conglomerates) for the North China region. San Jie
has offices in several major cities in the region and supplies to
over one hundred retailers. San Jie currently has annual sales of
400 million Renminbi (US$50 million).
(2) Guangdong Xin Na Te Electronics Company Ltd. ("Xin Na Te"). Xin
Na Te is a major computer hardware distributor of LG monitors and
optical drives for the South China region. Xin Na Te has a very
strong distribution network based out of Guangzhou covering the
Pearl River Delta and its environs, including the provinces of
Guangdong, Guangxi, Hainan and Fujian. The network has over 50
agents and over 300 retailers. Xin Na Te currently has annual
sales of over 300 million Renminbi (US$38 million).
Under the terms of the Letters of Intent, both San Jie and Xin Na Te
will utilize Xinnet (including ChinaDNS and XinBid) as their exclusive
B2B E-commerce platform and pay a commission on e-sales. The platform
covers the functions of online catalogue, ordering, transaction,
inventory, and accounting, etc. E-commerce in China is still at its
infancy, but both companies recognize its growing importance and
inevitability. They have chosen Xinnet B2B platform because of the
Company's established position in China's Internet industry and its
proven technical expertise and client services.
B. A Letter of Intent to acquire control of Future Computer Company Ltd.
("Future") has also been signed. Xin Net Corp. is performing all the
necessary due diligence to finalize an agreement. Future is an
established systems integrator specializing in the retail sector. It
currently counts as its clients major Chinese and foreign department
store chains and shopping malls such as Sogo and Parkson. Based in
Hainan, Future will bring their expertise of the China retail industry
and existing business to the company.
C. There are currently over 120 employees in China, in four major cities,
viz. Beijing, Shanghai, Shenyang and Guangzhou.
The developments announced above, together with the significant growth
of ChinaDNS, will help to establish the Company's B2B E-commerce,
which is a major future direction for the Company.
Xinnet provides Internet access and content (www.xinnet.com.cn), online domain name registration (www.ChinaDNS.com) and online auction (www.xinbid.com). It
currently operates in Beijing, Guangzhou, Shanghai and Shenyang and has ISP licenses for six (6) other Chinese cities. Its subscriber base has presently reached 68,000
(including domain name registrants) and it has approximately 200,000 e-mail accounts.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
(Signed)
Marc Hung, President
SOURCE: Xin Net Corp. |
