(Applies to: ACEI)
ACEI SIGNS LOI TO ACQUIRE CHINESE NETWORK TECHNOLOGY COMPANY
SAN JOSE, Calif., Feb 9, 2000 /PRNewswire via COMTEX/ -- American
Champion Entertainment (Nasdaq: ACEI) has signed a Letter of Intent to
purchase 50.01% of the Beijing Wisdom Network Technology Company Ltd.
("B.A. Network") through an exchange of stock and cash. B.A. Network of
China provides and installs optical fiber cable lines in buildings
throughout the country. China's population and its projected 100
million cable subscribers by the end of the year 2001, offer great
growth opportunities for those companies in a position to capitalize on
it. B.A. Network is a leading cable network design and installation
company in China providing the newest large bandwidth optical fiber
technology to equip users with high capacity voice and data lines, and
faster access to the Internet. The company has been in business since
1997.
B.A. Network has an impressive list of clients including the Beijing
International Airport, installing 13,000 voice and data lines within
the entire airport structure, Motorola Asia Headquarters with 7,000
lines, Helongjiang Province Postal Service with 6,300 lines, and more.
Its primary equipment providers include IBM, Lucent, and Johnson
Controls.
Anthony Chan, President and CEO of ACEI stated, "China's enormous
market coupled with a government that continues to demonstrate its
willingness to embrace technology, provides prime opportunity for an
infrastructure building company such as B.A. Network."
B.A. Network's unaudited revenues for 1999 was RMB 32 million (US$ 3.9
million). ACEI intends to seek shareholders approval for this
acquisition upon completion of due diligence including obtaining
audited financials from B.A. Network. Once the acquisition is
completed, B.A. Network's financial results will be combined with
ACEI's under consolidated reporting. American Champion Entertainment is
a holding company with subsidiaries specializing in the development and
acquisition of quality family and sports programming, as well as
development of multi-media consumer products. Visit our website at
www.americanchamp.com for more information about our company.
The statements contained in this Press Release contain certain
forwarding looking statements, including statements regarding ACEI and
its subsidiary's expectations, intentions, strategies and beliefs
regarding the future. All statements contained herein are based upon
information available to management as of the date hereof and actual
results may vary upon future events, both within and without the
control of the management of ACEI.
SOURCE American Champion Entertainment
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Jeff Pryor of Pryor & Associates, 818-382-2233, for American
Champion Entertainment; or Jennifer Baker, Investor Relations of American
Champion Entertainment, 408-288-8199, ext. 8181
WEB PAGE: americanchamp.com
GEOGRAPHY: California
New York
INDUSTRY CODE: ENT
SPT
SUBJECT CODE: TNM |
