NACT - Newagecities.com Completes The Acquisition Of G-Choice Science And Technology Development Company, LTD.
WEST PALM BEACH, FL, Aug 23, 2001 (INTERNET WIRE via COMTEX) --
Newagecities.com, Inc. (OTCBB: NACT) announced today that it has completed the
acquisition of 80% ownership interest of G-Choice Science and Technology
Company, Limited (G-Choice), a leading provider of information technology
products and services located in Shanghai, China. Newagecities.com issued
800,000 restricted shares in exchange for 80% ownership of G-Choice.
Founded in August 1999, G-Choice's business services include computer product
sales, network services, software development, and system integration. With
extensive experience in computer system engineering, and software research and
development, G-Choice has significant capabilities in the planning and
implementation of synthetic layouts, network designs and a variety of hardware
and software platforms. In addition the company has extensive experience in the
areas of scattered database applications and the design and development of
network platform business systems. The company is one of the largest information
technology companies in the eastern China region. Currently, G-Choice's sales
networks and channels have been expanded to the regions of north, south and west
of China.
G-Choice's sales in year 2000 were $13.8 million, with $380,000 in pre-tax net
income (audited). In the first 6 months of 2001, G-Choice generated
approximately $11.7 million in sales. Management expects the company to generate
$25-$30 million in sales over the next 12 months.
"We are excited to have G-Choice join the Genesis family. The distribution
channels that G-Choice provides will substantially enhance our ability to export
U.S. advanced information technologies and products to the Greater China market,
the largest consuming market in the world," commented Dr. James Wang, CEO and
President of Newagecities.com.
"We are fortunate to be part of Genesis family and are looking forward to
working with Genesis management. Like most expanding businesses, we expect some
growing pains in the coming years. With the expertise provided by Genesis
Systems in business management and operation support, we feel that our future is
brighter than ever. We are excited to work with our new partner to moving the
entire business forward, " indicated Xiaochun Chen, CEO of G-Choice.
Dr. Wang concluded, "We are rapidly implementing our new acquisition/spin-off
business strategy to leverage advanced technology, economies of scale and
industry knowledge to capture a substantial portion of the market. We are very
pleased that we will be able to reach our first goal of annual revenues of $24.5
million for fiscal 2001 at such an early time. As the Company is in negotiations
to acquire several other companies, our next objective is to achieve our fiscal
2002 goal of $50 million in the fiscal 2001. This rapid growth should allow our
shareholders to enjoy a greater stock price appreciation and the dividend
distribution."
About Newagecities.com, Inc.
Recently, Newagecites.com acquired Genesis Systems, Inc. The mission of Genesis
Systems, Inc. is to accelerate the success of technology companies by
acquisition and development. The Company develops, invests in, and operates high
technology related companies in the US, China, Taiwan, Hong Kong and Singapore.
The Company strategy includes the internal development and operation of
subsidiaries within the Company corporate family, as well as investment in other
technology companies directly, and through other venture capital arrangements.
The Company strategy also envisions and promotes opportunities for synergistic
business relationships among all of the companies within its family. For more
information, please visit www.genesis-systems.net
About G-Choice Science and Technology Development Company, Limited.
As a non-governmental high-tech enterprise, Shanghai G-Choice Science
Development Company, Limited was founded in August 1999. Its business services
include computer product sales, network services, software development, and
system integration. With extensive experience in computer system engineering,
and software research and development, G-Choice has significant capabilities in
the planning and implementation of synthetic layouts, network designs and a
variety of hardware and software platforms. In addition the company has
extensive experience in the areas of scattered database applications and the
design and development of network platform business systems. The company is one
of the largest information technology companies in the eastern China region.
Currently, G-Choice's sales networks and channels have been expanded to the
regions of north, south and west of China. For more information, please visit
www.G-Choice.net.
This announcement contains forward-looking statements that involve risks and
uncertainties, including those relating to the company's ability to grow its
business. Actual results may differ materially from the results predicted and
reported results should not be considered as an indication of future
performance. The potential risks and uncertainties include, among others, the
company's limited operating history, the limited financial resources, domestic
or global economic conditions, activities of competitors and the presence of new
or additional competition, and changes in Federal or State laws and conditions
of equity markets. More information about the potential factors that could
affect the company's business and financial results is included in the company's
filings, available via the Securities & Exchange Commission.
CONTACT: Dr. Ken Shenkman
Newagecities.com, Inc
561-835-6600 |
