XIN NET CORP. - PRIVATE PLACEMENT IN WORLD ENVIROTECH, INC. BUSINESS EDITORS VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--FEB. 1, 2002-- FURTHER TO THE PRESS RELEASE OF DECEMBER 26, 2001, XIN NET
09:02 ET VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 1, 2002-- Further to the press release of December 26, 2001, Xin Net Corp. (OTCBB: XNET.U), the "Company", has invested $600,300 in a private placement of World Envirotech, Inc. (OTCBB: WDEV.U) for 14,500,000
common shares (3,625,000 shares after an adjustment of a 1 for 4 consolidation), as well as 10,875,000 special warrants convertible into 10,875,000 post-consolidation common shares on or before January 31, 2004. An option to purchase an additional 7,500,000 post-consolidation common shares for $300,000 until February 15, 2002 was also granted to the Company. The proceeds will be used by World
Envirotech, Inc. to fund the future growth of its ProtectServe Pacific Ltd. ("PSP") subsidiary. Please refer to the latest information statement (Form 14c) filed by WDEV for further details.
"Xinnet" provides online domain name registration, web site hosting, design & management and e-commerce solutions to customers mainly in China and SAR Hong Kong. It currently has offices in Beijing, Chengdu, Guangzhou, Nanjing, Shanghai and Shenyang. It operates the following web sites: www.chinadns.com,
paycenter.com.cn, and ebwdiy.com
Any forward-looking statement in this press release is made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties including, but not limited to, economic and
political factors, developments of the Chinese Internet market and
changes in regulatory matters. The Company disclaims any obligation to
update any such factors or to publicly announce results of any
revision to the forward-looking statements contained herein to reflect
future events or developments.
ON BEHALF OF THE BOARD OF DIRECTORS
(Signed) Marc Hung, President
--30--vs/cgo*
CONTACT: Xin Net Corp.
Marc Hung, President or Ernest Cheung, Director.
Telephone: 604/632-XNET (9638)
Facsimile: 604/689-7654
E-mail: investors@xinnet.net
URL: www.xinnet.net |
