News:
(PR NEWSWIRE) China Continental in Negotiations to Acquire 10% Stake in Hitsgalore
China Continental in Negotiations to Acquire 10% Stake in Hitsgalore.com, Inc.
HONG KONG, Feb. 23 /PRNewswire/ -- China Continental, Inc.
(OTC Bulletin Board: CHCL), announced today that it is in negotiations to
acquire a 10% stake in an Internet company, Hitsgalore.com
(OTC Bulletin Board: HITT). The amount of the consideration has not been
finalized.
"Hitsgalore.com has a strong management team with extensive experience in
the rapidly growing Internet sector and a well established Web site. By
acquiring a stake in Hitsgalore.com, we hope to capitalize on its strength in
the Internet sector. In addition, their B2B model can be adapted and expanded
to Asia. We believe that China Continental will benefit from this investment,
leveraging our Internet strategy internationally," commented Harry H. H. Ho,
Chairman of China Continental, Inc.
Hitsgalore.com is a profitable U.S. based business-to-business Internet
company. It began its beta operations in August 1998 and launched its Web
site in November 1998. The company provides searchable databases for
businesses to bring people to their Internet Web sites. Revenue of the
Company is derived from the sales of sponsorships, keyword bid and rank
rights, audio banners, advertising and local city editions.
Hitsgalore.com's Chairman, Dorian Reed, said, "There are many solid
reasons that China Continental would be a good strategic partner and investor
in Hitsgalore.com. Access to the whole of Asia is very significant as the
"Technology Gap" is beginning to close quickly. Having done business in Hong
Kong, Singapore and other parts of Asia in the past, I firmly believe Asia
represents solid future growth for Hitsgalore.com with a strong opportunity to
expand and establish market dominance in many areas of Internet technology."
For the three months ended September 30, 1999, the revenues of
Hitsgalore.com were US$2.996 million, an increase of approximately 109% from
their prior fiscal quarter. After tax earnings of the company were
$1.238 million for the three months ended September 30, 1999 compared to
$136,803 for the prior fiscal quarter.
About China Continental, Inc.
China Continental, Inc., traded on the OTC Bulletin Board market since
1995, is a holding company with over ten 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 developing and providing technologies in agricultural
genetics and farming. The Company's agricultural genetics and farming
activities are centralized in the Inner Mongolia Province of 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.
SOURCE China Continental, Inc.
-0- 02/23/2000
/CONTACT: Harvey A. Goralnick, Investor Relations of FOCUS Partners LLC,
212-752-9445, or chcl@focuspartners.com/
/Web site: focuspartners.com
(CHCL HITT) |
