TMPS - Temple Summit Financial Projects Inc. Files Audited Financial Statements and Announces Name Change
Business Editors LOS ANGELES--(BUSINESS WIRE)--Sept. 6, 2000--Temple Summit Financial Projects Inc. (OTCBB:TMPS) announced that the company has filed Form 8-K/A with audited financial statements of Beijing Wintech Technology Co., Ltd., which was recently acquired by Temple Summit. The financial statements were audited by Deloitte Touche Tohmatsu, one of the largest accounting firms in the world. According to the financial statements, the revenue grew from 4,379,682 Yuan in the year ended June 30, 1999 to 7,720,004 Yuan ($932,593 US Dollars) in the year ended June 30, 2000, and the net profit more than doubled from 1,212,827 Yuan in the year ended June 30 to 3,215,231 Yuan ($388,407 US Dollars) in the year ended June 30, 2000. Mr. Yonghong Dong, the president Temple Summit and Wintech, commented: "Wintech is still a young company. With very limited resource and no outside funding, we have been working very hard to try to meet the demand on our products and services. We expect that the revenue and net profit will continue to grow at the high rate. If we succeed in raising funding from the capital market, we are confident that we can achieve even higher, explosive growth rate." The company also announced that it has changed its name from "Temple Summit Financial Projects Inc." to "Wintech Digital System Technology Corp." "Beijing Wintech Technology Co., Ltd." is still the name of the company's subsidiary in Beijing. DSP (digital signal processing) is the core technology in the digital age. Its role is equivalent to the role of the CPU technology in PC era. DSP technology will be widely used in many fields, including networking, telecommunication, artificial intelligence and digital appliances. Wintech Digital System Technology Corp. is the leading DSP product, solution and service provider in China. The company has developed a complete series of DSP development tools. Targeting several areas in the information industry, the company has developed different DSP solutions, including multi-user object board, multi-algorithmic function library, and application procedure library. It is currently developing DSP solutions for telecommunication network, including solutions for ADSL (Asymmetric Digital Subscriber Loop), IP LAN Phone and Software Radio, a general purpose wireless communication signal processing hardware platform that can be programmed to function as different communication systems such as GSM, CDMA or IMT2000. Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the company's actual results in future periods to differ materially from those expressed. These uncertainties and risk include changing consumer preferences, lack of success of new products, loss of the company's customers, competition and other factors discussed from time to time in the company's filings with the Securities & Exchange Commission. No securities regulatory authority has approved or disapproved of the contents of this news release. --30--LS/na* CONTACT: Wintech Digital System Technology Corp. Yonghong Dong, (0118610) 62639212 Email: info@dspchina.com |