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Subject: GCHC GREATER CHINA CORP
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To: +Douglas B Meyers (54 )
From: +Brent Gilbertson
Thursday, Nov 20 1997 2:42PM EST
Reply #55 of 56
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Thursday November 20, 11:05 am Eastern Time
Company Press Release
Greater China Corp. Announces Completion of its
Combination with The International Technology Group, a
Leader in the Fiber Optic Industry in China
NEW YORK--(BUSINESS WIRE)--Nov. 20, 1997--Greater China Corp.
(NASDAQ/BB:
GCHC - news) announced today that it had completed the business combination with
The
International Technology Group (''ITG'') Hong Kong. The transaction involves the
exchange of
Greater China shares for all of the issued and outstanding shares of ITG. Final terms of
the
transaction were not released.
The International Technology Group, through seven operating subsidiaries,
manufactures and sells
fiber optic cable materials and supplies to more than 100 telecommunication providers
in China and
other Asian markets. ITG's revenues for the latest fiscal year, on an unaudited basis,
exceeded $14
million. ITG has manufacturing facilities both in the United Kingdom and in China which
produce
specialty gels, an essential component in fiber-optic cables.
John W. Allen, chief executive officer of Greater China Corp. said: ''The International
Technology
Group has a very experienced management team. They have been operating
successfully in the
China market for approximately 10 years during which time they have established an
outstanding
reputation and a solid record of revenues and profits. The combination of this
experienced operating
team with the corporate and finance team at Greater China Corp. provides a strong
base for rapidly
building a major publicly-traded company in the telecommunications and information
services
industry in China.''
Contact:
Greater China Corp., New York
212/935-0561
More Quotes and News:
Greater China Corp (OTC BB:GCHC - news)
Related News Categories: computers, telecom
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