(COMTEX) B: CyberChina Program Sponsored by CBQ Highlights Support Ch
B: CyberChina Program Sponsored by CBQ Highlights Support Chinese Software
Development Efforts by the Government of China
HUNT VALLEY, Md., May 29, 2001 (BUSINESS WIRE) -- CBQ, Inc. (OTCBB:CBQI), The
E-Business Infrastructure Company, sponsored a very successful and well attended
conference on CyberChina: Prospects and Opportunities on Wednesday, May 16,
2001, which addressed the current situation in China for software outsourcing,
B2B Internet, and IT-related intellectual property rights. With over 60
companies such as Verizon, US China Industrial Exchange, Inc., Deloitte Touche
LLP in attendance, CBQ was afforded a wide forum to explain the use of its
resources in China to service U.S. clients. The conference was such a success
that CBQ has agreed with the Maryland China Business Council to sponsor another
conference on CyberChina on Wednesday, November 7, 2001. The November conference
will be a one-day event, to be carried out in conjunction with The Johns Hopkins
University and local technology councils in the Washington, D.C. area.
Wei Sun, President of CBQ's subsidiary EasySoft International, which produces
software in its Beijing, China, and Miami, Florida, offices for U.S. customers,
gave a general summary of how the private sector in China is developing in the
software area.
Xiaoming Jin, Minister-Counsellor for Science and Technology, Embassy of the
People's Republic of China in Washington, D.C., said that the software
development industry in China is poised for "explosive growth," and that new
policies were being implemented to support the export of software development
services from China by companies such as CBQ to foreign markets such as the
United States. He said that China first developed its hardware infrastructure,
and was now going to promote its software development sector as well. He cited
new preferential tax, fiscal and governmental lines of credit policies that the
Government of China is implementing to support its software industry.
Lauren Hall, Executive Vice President, Software & Information Industry
Association, reported on the outcome of her association's mission to China in
April. She reported that over $60 million in deals were inked during the
mission, and that U.S. companies are extremely interested in obtaining access to
the lucrative Chinese software development market. The combination of lower
costs in China and a dynamically growing market is attracting many U.S.
companies, she said. Ms. Hall added that China is well on its way to becoming a
global superpower in the Information Technology field, with an economy that is
two-and-one-half times that of India, and exports six times the IT goods and
services that India sells abroad. With China set to invest $5 billion internally
in software spending, 125 million telephone lines (compared to India's 30
million), 70 million mobile phone users (compared to India's 2.5 million), and
22 million Internet subscribers (compared to India's 1.5 million), China is
poised to leapfrog India as an information superpower, she said.
Bart S. Fisher, Chairman of CBQ, was the moderator for the CyberChina panel
discussion. He reaffirmed the intention of CBQ to take full advantage of the
high quality, low cost resources that China has to offer in the software area.
About CBQ, Inc.
CBQ, Inc. is a full service, end-to-end e-Business solution provider, which
provides software-outsourcing through its subsidiary EasySoft International
Inc., Beijing, China and Miami, FL; provides technology and network Integration
engineering services through its subsidiary Networkland, Rosslyn, Virginia;
provides software programming and development though its subsidiary Technet
Computer Services, Inc., India and Tyson's Corner, Virginia; and provides
network integration though its subsidiary, CBQ NETSERV, Hunt Valley, MD. For
more information on CBQ, Inc., visit 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: CBQ Investor Relations, Coral Springs, Fla.
Gary Swancey, 954/757-0582
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KEYWORD: MARYLAND DISTRICT OF COLUMBIA VIRGINIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
E-COMMERCE
INTERNET
NETWORKING
SOFTWARE
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