Hi Jim,
I hope this helps.
Dorine
Xin Net Shares to Trade in Pink Sheets XIN NET CORP. NASD OTCBB: ``XNETE.OB''
Wed May 17 17:25:00 EDT 2000
VANCOUVER, May 17, 2000 /CNW-PRN via COMTEX/ -- Further to the May 15, 2000 press release, the board of directors of Xin Net Corp. announces that the company has not yet cleared SEC Form 10 comments and as a result its shares will be trading in the ``Pink Sheets'' commencing on May 18, 2000. The company has diligently pursued its Form 10 and other filings, but SEC staff has continued to
deem there to be unresolved, mostly accounting, issues. Management and the Company's auditors are working to resolve those issues quickly. The Company is committed to obtaining the necessary clearance from the SEC and believes the present situation to be only temporary. Once Form 10 clearance is obtained from the SEC, Xin Net will immediately apply for reinstatement on the OTC Bulletin
Board.
The fact that the company may trade in the ``Pink Sheets'' for a short period of time will not prevent the company from building on its past achievements in order to carry out its plans to become a major technology company in the China and Asia markets. Those achievements include, amongst others:
- Customer base of 230,000 in approximately three years of operations;
- A very successful and growing domain name registration business which
counts a network of more than 100 agents;
- One of only three ICANN accredited registrars in China;
- Agreements and contracts with the Bank of China, the Commercial and
Industrial Bank, the Post Office, Telecommunication Bureaus and other
blue chip corporations;
- Strategic partnerships and associations with IBM, Sun Microsystems and
Oracle;
- Substantial growth in revenue which is expected to continue;
- Cash on hand of nearly $5 Million at the end of first quarter 2000 to
fund future growth;
- Number of employees has reached 200.
Xinnet provides Internet access and content (www.xinnet.com.cn), online domain
name registration, website hosting, design & management (www.ChinaDNS.com) and
e-commerce solutions. It currently operates in Beijing, Guangzhou, Shanghai and
Shenyang and has ISP licenses for six (6) other Chinese cities. Its subscriber
base has reached over 230,000 including domain name registrants.
Any forward-looking statement in this press release is made pursuant to the
``safe harbor'' provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve risks and uncertainties including, but
not limited to, economical and political factors, developments of the Chinese
Internet market and changes in regulatory matters. The Company disclaims any
obligation to update any such factors or to publicly announce results of any
revision to the forward-looking statements contained herein to reflect future
events or developments.
ON BEHALF OF THE BOARD OF DIRECTORS
(Signed) Marc Hung, President
For further information, contact:
Marc Hung, President or Ernest Cheung, Director.
Telephone: 604-632-XNET (9638) Facsimile: 604-689-7654
Home Page: www.xinnet.net E-mail: investors@xinnet.net
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw
SOURCE Xin Net Corp.
CONTACT: Marc Hung, President or Ernest Cheung, Director, Telephone:
604-632-XNET (9638), Facsimile: 604-689-7654, Home Page: www.xinnet.net,
E-mail: investors@xinnet.net
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