MDTV..OLD NEWS BUT!!!!!READ paragraph 3...NEWS JAN 18th???
MDTV Announces Joint Venture With Antech (Hong Kong) to Provide Digital Satellite TV, High Speed Internet, Telephony and Security Products to the Asia Pacific Market
CHAI WAN, Hong Kong SAR and RICHMOND, British Columbia--(BUSINESS WIRE)--Dec. 1, 1999--
Antech (Hong Kong) Ltd. (``ANTECH'), a wholly owned subsidiary of Kingly Enterprises Inc., and MDU Communications International, Inc. (``MDTV') have recently signed a Memorandum of Understanding to exploit various technologies in the Asia Pacific marketplace. The purpose of the understanding is to structure a strategic relationship between MDTV and ANTECH to provide high speed Internet, telephony and security products in the Hong Kong SAR, Macau, Taiwan and the People's Republic of China. MDTV will also assist ANTECH in exploiting SMATV, Digital Satellite TV and Pay Per View TV in the Asia Pacific region.
The parties will enter into a joint venture agreement (the ``Joint Venture') early in January 2000, with an expected signing ceremony and media launch in Hong Kong slated for January 18, 2000. The Joint Venture will incorporate a Hong Kong corporation for the purposes of operating the Joint Venture. ANTECH will have a 75% interest in the JV corporation and be responsible for all funding requirements of the Joint Venture, sourcing equipment supply in Asia and adapting MDTV's knowledge and expertise to the cultural and market differences between Asia and North America. MDTV will have a 25% interest in the JV corporation and be responsible for the new technologies, management and marketing expertise, North American supplier relationships and beta site management.
Mr. Derek Cheng, Chairman and Chief Executive Officer of ANTECH said, ``We are pleased with our new strategic relationship with MDTV, the strength of its operational management and its relationships with technology suppliers in North America. We have a similar business plan to MDTV in the area of Digital Satellite TV and we hope that we will be able to deploy the new technologies on a similar timeline as MDTV deploys these technologies in North America.'
``This JV corporation will provide MDTV with access to the entire Asia Pacific market. We will position the JV corporation as a multi media provider of bundled television, internet, telephone and security services to the massive multi dwelling unit market in these regions. We anticipate that ANTECH will announce shortly financing for the Joint Venture's short to medium term needs. That will allow us to deploy with no funding commitment or guarantees required of MDTV.' said Sheldon Nelson, MDTV's Chairman and Chief Executive Officer.
As a pioneer in the communication satellite business, ANTECH has been dedicating itself to encompass system integration, product distribution and manufacturing in telecommunications and related fields in the Asia Pacific region. In the last decade, there has been a rapidly increasing demand for communication equipment and technologies in many countries of Asia. Among others, these technologies include satellites, terrestrial microwave relay systems, land mobile radio and rural telephony. To capitalize on this market, ANTECH has already set up representative offices in ten major cities of China, those being Beijing, Shanghai, Guangzhou, Tianjin, Dalian, Chongqing, Shenzhen, Hangzhou, Xian and Xiamen. To increase it's consumer appeal, ANTECH is continuing to establish businesses in various fields within the realm of telecommunications. With the support from its strategic partners, ANTECH is able to provide diversified services to its customers.
As a strategic partner, MDTV will be able to offer it's expertise, by facilitating the delivery of high speed internet, telephony and security products, SMATV, Digital Satellite TV and Pay Per View TV in this vast market. This underserved market is comprised of a potential 2 million multi-dwelling units in Hong Kong alone. The size of the potential market in China is staggering. MDTV looks forward to a long and prosperous relationship with ANTECH. Through the Joint Venture, ANTECH and MDTV hope to become the leaders in facilitating the delivery of these new technologies in the Asia Pacific market. |
