(COMTEX) B: CBQ, Inc. Accelerates China Development Strategy, Applaud
B: CBQ, Inc. Accelerates China Development Strategy, Applauds U.S. House of
Representatives' Vote On Permanent Normal Trade Relations for China
HONG KONG, SHENZHEN, China and ADDISON, Texas, May 25, 2000 (BUSINESS WIRE) --
CBQ, Inc. (OTCBB:CBQI) The E-Business Marketplace announced today that it will
accelerate its China development strategy as a result of yesterday's vote by the
U.S. House of Representatives to normalize America's trade ties with China.
CBQ, Inc. had urged the Ways and Means Committee of the U.S. House of
Representatives to report the permanent normal trade relations legislation
favorably to the full House.
CBQ, Inc. has made a number of moves over the last year to promote its
aggressive engagement with China. The company recently announced plans to change
its name to 1stinChina, Inc. to reflect its pioneering efforts there in wireless
telecommunications, software development and online business to business trade.
"The passing of this bill will be looked upon as the beginning of the opening of
China for U.S. business," said John Harris, CEO, CBQ, Inc. "The pending name
change to 1stinChina, Inc., represents a solid shift in our business strategy."
CBQ, Inc. has formed several subsidiaries to take advantage of the Chinese
marketplace: China Wireless, Inc. is developing a wireless Internet network in
China; ChinaSoft, Inc. is leveraging the lower costs of software development in
China; and China Partners, Inc. is positioned to become a leading business to
business online trade portal for more efficient trade between the United States
and China.
"CBQ is delighted that China will join the World Trade Organization," said Bart
S. Fisher, chairman, CBQ, Inc. "With China as a full member of this rules-based
organization for trade, CBQ and other U.S. companies and their investors will
reap the rewards of the House's decision in the future."
Fisher expects permanent normal trade status for China to positively impact all
three CBQ, Inc. business areas in China.
He said the China Wireless, Inc. subsidiary will find the regulatory climate for
its involvement with Wanlitong Information Network (www.95960.net) greatly
clarified for foreign investment. Beijing-based ChinaSoft, Inc. will see
increased business due to other companies' willingness to work with China. China
Partners, Inc. online trading portal opportunities will be enhanced with the
reduction of trade barriers between the United States and China.
And Fisher hinted of other business areas CBQ, Inc. may enter. "We will
aggressively seek market opportunities in other fields in China as well,
including the healthcare area," he said.
About CBQ, Inc. -- CBQ, Inc. The E-Business Marketplace is a total end-to-end
provider for implementing customer driven e-business solutions. Through its
subsidiaries, Reliance Technologies, Inc. and Priority One Electronic Commerce
Corp., it can design, implement, host, build traffic and process payments for
its customers' e-business initiatives. ChinaSoft, Inc. is a wholly-owned
subsidiary of CBQ, Inc. that is a joint-venture partner with CCSoft Technology
Developing, Ltd. (formerly, Beijing Zhongruan Zhixun Technology Developing Co.).
Services include Software Development for Enterprise computing and Internet
Development. For more information about CCSoft, visit www.ccsoft.com.cn. China
Partners, Inc. is a wholly-owned subsidiary of CBQ, Inc. that focuses on
facilitating trade and investment opportunities between companies in the United
States and Chinese through its trade portal, Chinapartners.net. For more
information on CBQ, Inc., visit www.cbq.com.
This news release includes forward-looking statements related to CBQ Inc. that
involve risks and uncertainties, including, but not limited to, quarterly
fluctuations in results, the management of growth, market acceptance of certain
products and other risks. These forward-looking statements are made in reliance
on the "safe-harbor" provisions of the Private Securities Litigation Reform Act
of 1995. For further information about these factors that could affect CBQ's
future results, see the company's filings with the Securities and Exchange
Commission (the "Commission"). Prospective investors are cautioned that
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from management expectations.
CONTACT: VGS Marketing Group, Inc.
Valerie Gabriel-Swenson, 972/395-9034
vgs@onramp.net
or
China Partners, Inc./ChinaSoft, Inc./Capital House, LLC
Joan Worden, 202/337-5411 or 202/342-8113
wnsgl@aol.com
or
CBQ, Inc., Addison
John Harris, 972/732-1100
investors@cbq.com
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INDUSTRY KEYWORD: INTERNET
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