PCRT @.72 Chinese internet provider reaches 10,000 subscribers,
VANCOUVER, B.C.--(BUSINESS WIRE)--July 21, 1998--The Board of Directors of Placer Technologies, Inc.(OTC BB:PCRT) (''the
Company'') is pleased to announce that it has reached the milestone of 10,000 subscribers in China. The Company's operating company
Xin Hai Technology Development Ltd. started its Beijing Internet operations in April 1997 and later Shenyang in September 1997. As at the end of June 1998, the Company has 10,534 subscribers and the capacity to add another 20,000 subscribers based on its current
configuration. Xin Hai has reported monthly positive operating profits since November 1997 and is currently contemplating several
marketing strategies to significantly increase the volume of new subscribers.
A recent report from Reuters reported that there are now more than 1 million Internet users in China. The July 13 articles reports: ''The
number of Internet surfers in China swelled to 1.175 million at the end of June from 505,000 at the beginning of this year, the China
Economic Times reported today. The number of computers wired to the global computer network increased 64 percent from the beginning
of this year to 542,000 by June 30, the newspaper said, quoting a report by the China Internet Network Information Center. Of the total
users, 92.8 percent were male, 83.2 percent were less than 35 years old and 58.9 percent had at least a bachelor's degree..........Only a
small fraction of China's 1.2 billion people have access to the Internet, but growth has been explosive, and industry analysts say the
number of surfers could reach 7 million by 2001.'' The personal computer boom is an important driving force behind the growth in Internet users. According to a July 1998 research report by DBS Securities Hong Kong Ltd., a leading brokerage house in the region, China's personal computer market has grown 38% per annum since 1994 and was worth US$5 Billion in 1997, up 66% from 1996. The growth
trend in China's computer software and hardware market is expected to continue over the next few years.
Any forward-looking statement in this press release is made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements.
Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors, developments of
the Chinese Internet market, and changes in regulatory matters. Placer disclaims any obligation to update any such factors or to publicly
announce results of any revision to the forward-looking statements contained herein to reflect future events or developments.
ON BEHALF OF THE BOARD OF DIRECTORS OF PLACER TECHNOLOGIES, INC. Angela Du, President --------------
Can't find too much on this one but here's another article on a recent private placement.
Morgan Stanley Expects Chinese Internet Usage to Grow More Than 50% Annually
RIVERSIDE, Calif., March 3 /PRNewswire/ -- Placer Technologies, Inc.
(symbol: PCRT) announces the acquisition of Infomet Investment Corp., which
has a joint venture agreement with Xin Hai Technology Development Ltd., a
Beijing, China based Internet corporation, in exchange for 5,000,000 common
shares of Placer Technologies. Xin Hai has a license in China to provide
Internet access services and products including World Wide Web server hosting
and integration services, client software and security products, training and
network integration, as well as consulting services to the Chinese market.
In order to oversee and manage the Company's Chinese operations, Placer
Technologies announces the appointment of three new directors. Joining the
Board will be Mr. Ernest K. Cheung, MBA, Ms. Xiao Qing Du, MSc, and Dr. Jing
Liang, Phd.
To fund the expansion of the Company's business in China and to provide
for additional working capital, Placer Technologies announces a private
placement funding for $750,000 through a 504 Registration authorizing
1,875,000 shares at $0.40 per share.
While worldwide usage of the Internet continues to grow exponentially, the
Internet market is still in its infancy in China. Compared to around 28
million worldwide users of the Internet, up from 1 million at the end of 1995,
there are only around 40,000 to 60,000 users in China according to Morgan
Stanley. Over the next four years, Morgan Stanley expects annual growth in
Chinese Internet use to exceed 50% per year. With PC sales in China nearing 2
million units annually, the Chinese computer market is already the seventh
largest in the world and growing fast.
SOURCE Placer Technologies, Inc.
-0- 03/03/97
/CONTACT: Dave Gamache for Placer Technologies, 909-359-6968/
(PCRT)
CO: Placer Technologies, Inc.; Infomet Investment Corp.; Xin Hai Technology
Development Ltd.
ST: California
IN: CPR MLM
SU: TNM |
