Perfisans Signs Merger Terms of Recent LOI With Major Chinese Broadband & VoIP Service Provider
Tuesday June 27, 9:05 am ET
Perfisans Updates Progress of the LOI Merger With FSP Holdings Limited
LOS ANGELES, CA.--(MARKET WIRE)--Jun 27, 2006 -- Perfisans Networks Corp. (OTC BB:PFNH.OB - News), a next-generation semiconductor designer focused on the burgeoning Gigabit Ethernet market, announces today that it has reached all merger terms with Wireless Broadband Access (WBA) service provider; FSP Holdings Limited (FSP) which fully owns Zhejiang Fibersense Communication Technology Company Limited (http://www.fsp.com.cn). Executives of both companies see significant mutual benefits to the upcoming merger of the two companies and are working diligently in order to expedite the process.
The recent agreement of all the terms and conditions for the execution of the merger is a major step towards its completion. This agreement has fixed all financial terms for the merger and now the company is waiting for FSP's audited financials which will be converted to US GAPP. "This is a very significant step for Perfisans as it enters into an exciting market sector with the benefits of PFNH's technology. The FSP acquisition will allow PFNH to establish significant market share in the burgeoning growth of the Broadband wireless and WiMax services sector in China. We look forward to completing this merger in the next 60 days," comments To-Hon Lam, President and CEO of Perfisans.
FSP is a Wireless Broadband Access (WBA) solution provider. It provides long range wireless broadband access (WiMax-802.16) and short range wireless broadband access (WiFi-802.11) for communications, surveillance, VoIP (Voice over Internet Protocol), video and internet access to the growing market place in China. To-Hon Lam, President and CEO of Perfisans adds, "As one of the major wireless broadband and VoIP solution providers in China, the PFNH-FSP merger contains significant benefits for both companies. By combining FSP's market position in China and PFNH's semiconductor design expertise and high-speed networking know-how, FSP is technologically equipped to offer a complete VoIP and WBA solution for 802.16 (WiMAX) and 802.11 (WiFi) based system and products and as a result will establish itself quickly as the leader in this sector."
To give investors an idea a size of this market, IDC; China published their research report in July 2005 titled "Research and Projection of VoIP Market in China 2005 to 2009," which shows that Chinese carrier-class IP voice market has become the largest voice market in the Asia Pacific region. IDC estimates that the carrier-class IP voice market in China will reach $1.26 billion, and the compound growth rate will be 22.85%.
To-Hon Lam, President and CEO of Perfisans adds, "This merger will allow PFNH to participate in a high growth sector that could potentially be worth hundreds of millions in revenues in China alone. The fact that FSP has revenues already will allow us to hit the ground running and quickly establishing further relationships and revenues in the next 12 months."
"FSP's objective is to become the premier provider of advanced telecommunication network solutions and services within China and has solidified this goal with its exclusive partnership with Sichuan China Netcom to offer its VoIP and Broadband, WiMax and WBA services," adds Jian Xing Yang, CEO of FSP.
About FSP Holdings Limited
Zhejiang Fibersense Communication Technology Company Limited is a fully owned foreign company headquartered in Hangzhou City, Zhejiang, China, with a registered capital of USD$8MM. The holding company is FSP Holdings Limited (FSP) registered in British Virgin Island. FSP is a WBA (Wireless Broadband Access based on 802.16 and 802.11 standard) and VoIP (Voice over Internet Protocol) solution provider and service provider with branches in Mainland China (PRC). FSP has set up sales and engineering offices in Hangzhou, Beijing, and Chengdu. FSP is committed to providing cost-effective integrated WBA and VoIP systems solutions conforming to Chinese and international standards. FSP's primary target consumers are both public and private networks with substantial existing infrastructures such as telecommunication providers, government offices, enterprise networks, public utilities, oil and mining industries, and provincial forest services. |
