IPKL -- iPackets International, Inc.
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iPackets International, Inc. Receives Naming Approval for the Joint Venture in China
VANCOUVER, BC, Nov 02, 2006 (MARKET WIRE via COMTEX) -- iPackets International, Inc. ("iPackets") (PINKSHEETS: IPKL), a developer and provider of wireless communications software and equipment for the mining industry, announced today that the name for the Chinese Joint Venture ("JV") has been approved by the Chinese Central government. The name of the JV will be GuoAn Mining Communication Equipment Co., Ltd. (GuoAn translates to National Safety). The JV partners will be iPackets, the China Coal Information Institute, and the Henan Yongan Investment Guarantee Company, Ltd. The JV will be the entity that manufactures and markets the iPMine solution, which focuses on mine-safety for personnel and equipment in China.
Two of iPackets' senior management team will shortly travel to China to conduct a series of business and technical meetings. The focus will be on the manufacturing process, product certification, the JV business, and establishing the sales and marketing in China. In addition, iPackets will participate in an excellent opportunity for the JV to present the iPMine product to the Chinese product certification board authority.
IPackets' President and CEO, Mr. Naiel Kanno, commented: "The progress being made for the iPackets JV in China is on schedule and will continue to move forward as fast as possible to meet the demands in the Chinese mining industry."
About the Mining and Mine Safety Industries in China
There are more than 280,000 mining enterprises in China, 80,000 of which are state-owned. Of the state owned mines, more than 700 are classified as large mines, which will soon face Chinese government mine safety regulations. Mine safety has been a major issue with more than 6,000 miners killed in China last year although independent estimates the real figure could be as high as 20,000 miners killed. 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:
Henan YongAn Investment Guarantee Co., Ltd.
YongAn is one of the first investment guarantee investment companies to be approved by the Chinese National Development and Reform Commission. With more than 55 employees, YongAn's business scope is finance, investment and debenture guarantee, financial services and consultation related to investments in small- to medium-sized enterprises.
China Coal Information Institute ("CCII"): 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. CCII 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, visit www.coalinfo.net.cn/english.htm.
About iPackets International, Inc. and iPMine
iPackets International is a developer and provider of wireless communications software and equipment 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 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, visit www.ipackets.com.
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