iPackets Provides an Update on Its Chinese Joint Venture
Monday October 23, 9:45 am ET
VANCOUVER, BC--(MARKET WIRE)--Oct 23, 2006 -- iPackets International, Inc. ("iPackets") (Other OTC:IPKL.PK - News), a global developer and provider of wireless and communications solutions for the mine-safety industry, announced today that it has signed and authorized the submission of the pre-approval name application for its Chinese Joint Venture ("JV"). Pending name approval from the various Chinese government agencies, the JV will be named China National Safety Technology Inc.
iPackets is also pleased to announce that the JV partners are executing multiple activities concurrently to expedite the manufacturing and certification process. These activities include the operational budget for the initial phases, product certification application, first batch of product manufacturing, manufacturing facility design, and long term operational planning.
The partners are also working towards establishing a common framework to collaborate through. This includes technical and management communication links, and on-line information exchange channels. The objective of this framework is to facilitate meeting of the deadlines set in the Letter of Intent signed last month.
iPackets' President and CEO, Mr. Naiel Kanno, commented: "As communicated in previous press releases, we will keep our stockholders fully updated on all major milestones during the establishment of our JV. We are very pleased with the progress of the JV creation and the efforts invested by all partners as a result of which we are on track with delivering the contents agreed upon in the LOI."
iPackets would also like to report that it has filed its year end financial statements for the year end June 30, 2006. The un-audited financial statements can be viewed on the Pink Sheets' web site at www.pinksheets.com.
About the Mining and Mine Safety Industries in China
China comprises more than 280,000 mining enterprises, of which 80,000 are state-owned, and of the more than 25,000 state-owned coal mines in China, more than 700 are classified as large mines. Mine safety has been a major issue in the Chinese mining industry, with more than 6,000 miners killed in mining-related accidents in China last year; independent estimates say the real figure could be as high as 20,000. According to Chinese government statistics, more than 12.2 million people were employed as miners in 2005, and approximately 7.0 million of these were coal miners.
About The Chinese Joint Venture Partners
China Coal Information Institute: Established in 1959 by the Chinese government, China Coal Information Institute is a national research organization with more than 800 employees. CCII is part of the newly established National Institute for Occupational Safety and has played a leading role in the development of China's domestic coal industry and related occupational safety standards. As the strongest segment of the CCII, the Energy and Safety Division provides information support and strategic suggestions to government authorities; undertakes market investigations; and provides consulting services to Chinese and international companies to expand their business in the areas of energy, safety, environment, and information technology. For more information, please visit www.coalinfo.net.cn/english.htm.
Henan YongAn Investment Guarantee Co., Ltd.
YongAn is one of the first investment guarantee companies to be approved by the Chinese National Development and Reform Commission. With more than 55 employees, YongAn's business scope is finance, investment guarantee, debenture guarantee, financial services and consultation related to investments in small- to medium-sized enterprises.
About iPackets International, Inc. and iPMine
iPackets International is a developer and provider of wireless communications solutions for the global mine-safety industry. iPMine, the company's flagship product designed to significantly improve the safety of miners and equipment, is a real-time two-way wireless communications solution that tracks, monitors, and communicates with miners and equipment underground and above ground. With iPMine, location information of both miners and equipment is collected and displayed in real time on one or more monitoring stations against a background of a mine's terrain map. iPMine's scalability and flexibility features make it ideal to be deployed in any size mine supporting multiple levels and/or sites. Its redundant communications feature makes the system highly reliable to efficiently operate in the harsh mining environment. For more information, please visit ipackets.com .
Contact:
Contact:
Allegiant Financial Group
1 (866) 824-8227
Source: iPackets International, Inc. |
