Xybernaut Acquires 24.9% of One of China's Premier IT Companies
Wednesday November 10, 9:40 am ET
Shenzhen Hi-Tech Partnership Includes Development and Manufacturing Initiatives in Addition to Worldwide Rights for Operating System
FAIRFAX, Va.--(BUSINESS WIRE)--Nov. 10, 2004-- Xybernaut® Corporation (NASDAQ:XYBR - News) today announced that it has completed negotiations to acquire the largest shareholder position in Sunshine Hi-Tech company, a Shenzhen, China-based IT leader in the hand-held and operating systems sectors.
Sunshine's hand-held products represent the leading position in the People's Republic of China (PRC) in the categories of vertically-based hardware and software for police, firefighters, emergency medical personnel, insurance adjusters, stock market traders and others. Additionally, Sunshine's operating system -- Sunshine 2000 -- is the most widely used operating system in China; is designed for information appliances, intelligent control systems, vending machines, home appliances and cellular phones; and has more than a 50% market share of the hand held computing software segment in the PRC.
Ed Newman, Xybernaut Chairman and CEO, noted, "Sunshine's installed base of over one million users is an ideal target market for Xybernaut. Exclusive of the PRC, Xybernaut has obtained worldwide marketing rights to the Sunshine operating system as it relates to our current and future products."
"With Xybernaut products, intellectual property and know-how in the mobile/ wearable computing space, and Sunshine's exceptional design and manufacturing capabilities, I see this as a real win-win situation. We are already developing plans to work with their engineers and scientists as we create our next-generation of very high-functionality but attractively priced wearable computers, smart displays and head mounted display products," continued Newman.
Shuwu Zhang, Chairman of Sunshine Hi-Tech Company, added, "Xybernaut is the world's leader in providing truly mobile solutions, those that are really needed for the China marketplace now. We not only look forward to developing new ubiquitous and pervasive operating systems for this space in the China market and internationally, but we also see a major market in the conversion of our existing industry applications to all-light-readable, Atigo and Atigo-like products. This is something that our current customers will find very attractive compared to the small-screen, limited-readability and low-functionality devices they have today. In addition, our new Sunshine 3000 OS is currently being evaluated and tested for distribution to a potential client base of over fifteen million smart phone subscribers." |
