CHCL - more news this morning:
China Continental in Discussions to Acquire Stakein US Based B2B Internet Company
HONG KONG, Feb. 8 /PRNewswire/ -- China Continental, Inc. (OTC Bulletin Board: CHCL) announced
today that it is in negotiation to acquire a stake in a US based B2B Internet company. The Internet
company is engaged in the sponsorship of Portal Services and has an Internet search engine.
"This strategic move is a further step to expand and strengthen our Internet business. What is attractive
about this company is that we believe their business is fundamentally sound and well-managed,"
commented Mr. Harry H.H. Ho, Chairman of China Continental Inc.
Last week, China Continental announced that it is negotiating with an independent third party to acquire a
20% stake in Green Green Net Holdings Limited. Its core objectives are to adopt the most advanced
Internet technology to provide timely bilingual agricultural information that will facilitate
business-to-business communications and encourage e-commerce trade for the global agricultural sectors
in areas such as forestry, cattle and livestock farming, agricultural by-products and seafood.
About China Continental, Inc.
China Continental Inc., traded on the Nasdaq market since 1995, is a holding company with over 10 years
of experience in developing turnkey businesses. Core activities include supplying manufacturing
technology on a turnkey basis, high technology manufacturing techniques in primary industries and in
developing and providing technologies in agricultural genetics and farming.
To date, China Continental Inc. has completed over 70 turnkey projects, varying in various sizes for
different industrial processing sectors in China. The manufacturing arm of China Continental Inc., Asia
Continental Limited, is engaged in applying state-of-the-art technology to manufacturing and distribution of
chemical fiber related products and steel drums in China. In October 1999, Asia Continental Limited
announced its intention to list on the Stock Exchange of Singapore. The Company's agricultural genetics
and farming activities are centralized in the Inner Mongolia Province, China, covering an area of 406 square
kilometers to commercialize its genetic techniques in breeding as well as propagating superior livestock
and products in its own Research and Development Institute.
Safe Harbor Statement
Except for the historical statements made herein, the statements made in this release are forward-looking
statements including "a further step to expand and strengthen our Internet business." Risk factors that
could cause actual results to differ materially from those projected in forward-looking statements include
the Company's ability to capitalize on internet diversification opportunities, financing, and the size and
growth of the dairy markets in Pakistan. Other risks include organizing and managing the consortium,
receiving government and legal approvals, general business conditions, political and other business risks.
Although the Company believes that the forward-looking statements contained herein are reasonable, it
can give no assurance that the Company's expectations are correct. All forward- looking statements are
expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed
in the Company's reports filed with the Securities and Exchange Commission.
SOURCE China Continental, Inc.
CO: China Continental, Inc.; B2B Internet; Green Net Holdings Limited; Asia Continental Limited
ST: China
IN: CPR FOD
SU: TNM
02/08/2000 08:45 EST prnewswire.com |
