This looks as though it could be significant
GERMANTOWN, Md.--(BUSINESS WIRE)--Oct. 6, 1998--ZMAX Corporation (Nasdaq Small Cap: ZMAX) announced today that its wholly owned subsidiary, Century Services Incorporated ("CSI"), has entered into an agreement with Beijing Guo An Electrical Corporation ("GUO"), a subsidiary of China International Trust & Investment Corporation
("CITIC"), and Sino Network Co., Ltd. ("SINO") to exclusively market and utilize CSI's Year 2000 tools and services throughout China.
As stated by ITAA's Year 2000 Outlook, "Few, if any, of the (Chinese) government's 20 plus agencies have completed Y2K assessments and even the method of assessment work completed to date is arguably superficial by Western standards."
Michael C. Higgins, President and CEO of CSI, remarked, "China provides an exciting opportunity for CSI. The marketplace is behind schedule and under pressure to make the necessary repairs required. Beijing Guo An Electrical Corporation has offices throughout China and is positioned to support the Government of China with the required repairs using CSI's tools and services.
"This agreement provides CSI with another beachhead overseas and the opportunity to further leverage our expertise, experience, and tools."
ZMAX Corporation is an IT consulting and re-engineering company focusing presently on system re-engineering and IT consulting services relating to Y2K analysis and remediation, system testing, project management, independent validation and verification of IT systems and processes, as well as other IT related services.
Statements made in this Press Release that are not historical or current facts are "forward looking statements" made pursuant to the safe harbor provisions of federal securities laws.
Forward looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risk and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected.
Such factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital, unexpected costs, and failure to capitalize upon access of new clientele.
Specific risks and uncertainties which may affect forward looking statements about the business and prospects include the possibility that a competitor will develop a more comprehensive or less expensive service or solution to the Company's services or products and delays in the market awareness of ZMAX and its product and service solutions.
These factors and others are discussed in the "Management Discussion and Analysis" section of the Company's Annual Report on Form 10K for the fiscal year ended December 31, 1997, to which reference should be made.
ZMAX CORPORATION is quoted on the NASDAQ Small Cap exchange under the symbol of "ZMAX" and on the Frankfurt and Berlin Stock Exchanges under the symbol of "ZMX".
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