Thursday November 2, 6:02 am Eastern Time
Press Release
Financial Intranet, Inc. Receives Business License to Operate Foreign Entity
in China
MOUNT KISCO, N.Y.--(BUSINESS WIRE)--Nov. 2, 2000--Financial Intranet, Inc. (OTCBB: FNTN - news) announced today it has received its business
registration license to do business through its subsidiary E-trend Technology in the People's Republic of China.
E-trend's Chief Executive Officer in China, Hellson Huo, stated ``The accomplishment of the proper registration is very significant for our Company and sets a solid
milestone for our development in China. With this registration, we are now able to deploy our business officially as a fully licensed foreign owned company. With the
ongoing business we have structured, I strongly believe this registration will quickly help us to expand our market along with establishing more relationships with other
important new partners.''
Michael Sheppard, Chief Executive Officer and President of Financial Intranet, Inc., said, ``This completes the initial steps of our global plan with the advent of
setting up an ongoing business in the PRC. This license gives us the wherewithal to expand our websites hotage.com and chinaetrend.com at a much accelerated
pace. We have already increased the subscriber base by over ten percent since our acquisition in April, and with more than 30 channels of information, we are now
ranked the second largest E-magazine in China. ''
E-trend, FNTN's Chinese subsidiary, expects to generate revenues from the sale of content and advertising on its website and e-magazine, ASP services and
business-to-business Internet and website consulting services. It has previously announced that it has entered into a significant contract with 21cn.com, and expects
to have revenue generating from that contract and other impending contracts in the fourth quarter of 2000.
SAFE HARBOR STATEMENT
Certain statements made in this release may contain language describing the plans, goals, strategies, intentions, forecasts and expectations of Financial Intranet, Inc.
that may be referred to as ``forward looking statements''. Several important factors could cause actual results to differ materially from those in such forward-looking
statements, and as an emerging technology company. Financial Intranet could encounter unanticipated obstacles and delays in developing products, services, service
offerings and markets.
Contact:
Investor Relations
Financial Intranet, Inc.
Corey Rinker, 1/914-242-4848
investorrelations@fntn.com |
