George & Other Newbies; XNET Symbol Confusion!!!!
The Symbol XNET prior to 7/98 was owned by a Co. called Xcellenet (NASDAQ) that was bought out by Sterling Commerce in 7/98. This freed up the XNET symbol which was taken over by Xin Net (OTCBB) in 8/98. The 2 companies are not related at all. The symbol identity causes confusion with some Financial Servers (most notably Quicken.com) such that it reports out information on Xcellenet as if it belonged to Xin Net. Big charts ( bigcharts.com )gives you the choice to chart info on either Xin Net or Xcellenet when you enter the XNET ticker symbol. The all time high for Xin Net prior
to 2/99 was $1.08
I've done extensive DD on this company & you could do a search for my posts if you want a quicker overview of the company, of course you'll get my bias, but I've tried to be as impartial as I can. I Hold a significant long position because I am a believer in this company & it's management.
Placer Technologies is the old name of Xin Net...
This announcement about Infornet aquisition was published on Mar. 3, 1998.
Please read below:
Company Press Releases
Mar. 3, 1998 - Placer Technologies announced the acquisition of Infornet Investment Corp.
RIVERSIDE, Calif., March 3 /PRNewswire/ -- Placer Technologies, Inc. (symbol: PCRT) announces the acquisition of Infornet 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 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.
Contact: Dave Gamache for Placer Technologies, 909-359-6968/PCRT |
