SHANGHAI IND H<0363> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility
for the contents of this announcement, makes no representation
as to its accuracy or completeness and expressly disclaims any
liability whatsoever for any loss howsoever arising from or
in reliance upon the whole or any part of the contents of this
announcement.
Shanghai Industrial Holdings Limited
(Incorporated in Hong Kong under the Companies Ordinance)
Announcement
Further to the announcement made by the Company on 17th
February, 2000 regarding a reciprocal equity investment by the
Company and Cyber-care, Inc. in and to each other, a
supplemental letter of agreement was entered into on 21st March,
2000 to complete the transaction.
The directors of the Company are pleased to announce that
further to the announcement made by the Company on 17th
February, 2000 regarding a reciprocal equity investment by the
Company and Cyber-care, Inc. in and to each other (``the
transaction'') the Company and Cyber-care, Inc. (``CYBR'')
entered into a supplemental letter of agreement (``the
Agreement'') on 21st March, 2000 in order to complete the
transaction.
The transaction will now be subject to the fulfillment of
certain conditions, which include the following, on or before
1st September, 2000:
(i) the due incorporation of a joint venture company (``JV'')
pursuant to a Joint Venture and Shareholders Agreement (``JV
Agreement'') between SIIC Medical Science and Technology
(Group) Limited, a listed subsidiary of the Company, and CYBR
in respect of the undertaking or the procurement of undertaking
of manufacturing, distribution and servicing of the Cyber-Care
Electronic Housecall System, a patented internet-based
technology which allows health care providers to remote
monitor individuals for health care purposes, and;
(ii) the initial business plan as defined in the JV Agreement
having been approved and adopted by the board of directors of
the JV.
All other material terms of the transaction remain the same.
The completion date of the transaction is therefore postponed
accordingly. The estimated investments in the JV will not
constitute a Notifiable Transaction of the Company, under the
Rules Governing the listing of securities on the Stock Exchange
of Hong Kong Limited. Further announcement will be made upon
the completion of the transaction.
By Order of the Board
Roger L. C. Leung
Company Secretary
Hong Kong, 23rd March, 2000
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