LGOV : LARGO VISTA GRP LTD (OTC:BB)
Sino - U.S. Venture Opens Wuhan, China Office
NEWPORT BEACH, Calif., Dec 11, 2000 /PRNewswire via COMTEX/ -- Largo Vista Group Ltd. (OTC Bulletin Board: LGOV chart, msgs) today announced the official opening of the Largo Vista Representative Office in Wuhan, China, the home of 3,700 foreign enterprises, 45 of which are Fortune 500 Companies. A major deep water port on the Yangtze River, Wuhan, the fifth largest city in China with a population of 7 million, is centrally located in the Hubei Province, and is ideally situated to function as the hub of operations for Largo Vista.
Wuhan, a major center of education and technology, is considered the "Optical Valley of China," with plans to make it "Digital Wuhan." The modern three story office building is situated in a secure complex, equipped with state-of-the-art technology, (Bldg. No. 11, Yijuyuan, Xudong Rd., Wuhan, China 430063). For Largo, this brand new prestigious security building, with its finely appointed decorum, provides the stature and atmosphere of professionalism in which the Company can execute business and conduct meaningful negotiations with acquisition candidates. It officially opens Largo Vista's "China's Gateway to the USA," paving the way for free-flow of opportunity in both directions.
In early November Largo participated in the Wuhan Trade Fair which reported an estimated $900 million of foreign investment. The decision to open the office here was confirmed by the phenomenal success of the Fair.
Largo Vista's President Daniel Mendez stated from China, "This is the other side of our long term strategy that complements our 'America's Gateway to China.' We are continuing to develop relationships in parallel stages that are intended to enable us to interact with and adapt to changes in political, social and economic polices internally and internationally. With the WTO commitment expected next year, China, and especially Wuhan, is planning ahead in an effort to keep up with the anticipated WTO pace. China, commencing its 10th Five Year Economic Plan in 2001, is poised for a great leap forward, and Largo Vista is positioned to benefit from its market development. Over the last decade we have carefully nurtured our parallel plans for growth by developing clear, appropriate and professional relations with business, government and venture partners in China. Our plans to expand our existing Chinese LPG business are continuing and we anticipate strong growth in the future (www.largovista.com).
"Our Gulf operations in 2001 are expected to improve. With the skyrocketing oil prices during late 2000, and a lack of storage capacity, our Vietnam and Arabian Gulf operations had to wait until the lower priced diesel inventory was depleted. Now buyers are forced to purchase in the current market range, and Largo is aggressively seeking to regenerate its Vietnam commitments and establish other new customers. With all other year 2000 impediments behind us, we are gearing up for an active 2001. Another key objective for 2001 is to establish our Geneva facilities permitting us to better coordinate our global petroleum activities and to facilitate establishment of banking and credit relationships."
Source: Largo Vista Group Ltd. |
