XNET-Currently trading at .75 est 35% growth rate for the next 5 years.
Xin Net Corp., Formerly Placer Technologies Inc., Announces Name Change and New
Stock Symbol
VANCOUVER, BRITISH COLUMBIA (July 23) BUSINESS WIRE -July 23, 1998--Xin
Net Corp. is pleased to announce that following Board and shareholder
approval the corporation changed its name from Placer Technologies Inc.
to Xin Net Corp. and has adopted a new stock symbol "XNET" effective
July 24, 1998, at the Opening.
The new name more accurately reflects the core business of the
corporation which is participating in the rapid growth of the Internet
in China through its operating company Xin Hai Technology Development
Ltd. Xin Hai already has over 10,000 subscribers in China and has been
achieving monthly operating profits since November 1997. The number of
computers connected to the Internet has increased by 64% in China since
the beginning of this year. Xin Hai intends to capture a growing share
of this explosive market.
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. Xin Net Corp. has positioned itself to gain market
share in this fast growing region.
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 statement.
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.
(signed)
Angela Du, President
-0- AMP/se*
CONTACT: Xin Net Corp.
Angela Du or Ernest Cheung, 604/689-4407
Fax: 604/689-7654
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
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