(COMTEX) B: Xin Net Corp. Makes Announcement
B: Xin Net Corp. Makes Announcement
VANCOUVER, B.C. (April 6) BUSINESS WIRE -April 6, 1999--Further to the
announcement of December 29, 1998 Xin Net Corp. (OTC BB:XNET) Tuesday
announced that three months after the successful launch of its initial
E-Commerce services to its subscribers; its subsidiary Xin Hai is
poised to expand its E-Commerce services by introducing an expanded
online E-Commerce service to the Chinese market.
Xin Hai is already offering a "flea market" to its subscribers
currently with over 10,000 items offered for sale. The expanded
services will be made available during the second quarter of 1999,
which will coincide with the start of the new operations in Shanghai
and Taiyuan (populations 14 million and 8 million).
Licenses have already been granted for these cities. For the above
expansion program, the company has arranged a $5.5 million private
placement of restricted shares.
The company also wishes to announce that Marc Hung, B.A.Sc.(E.E.),
M.A.Sc. (E.E.) and Maurice Tsakok have been appointed to the board of
directors. Hung has over 25 years experience as engineer, manager and
senior executive in a major Quebec utility.
Throughout the years, he has been closely associated with technical and
technological development and management, including computer hardware
and software. Hung has taken over as president from Angela Xiao-Qing
Du, who will dedicate more of her time in China.
Tsakok brings a wealth of related knowledge to the company with over 15
years of computer and financial industry experience. He holds an
Engineering degree as well as an MBA specializing in Management
Information Systems (MIS).
XNET is a profitable Internet Service Provider in China that has
attracted more than 20,000 subscribers in less than 2 years of
operations. The company has about 50 employees and at present its
clients are located in Beijing and Shenyang (combined population of 26
million).
With this new capital infusion, the company plans to implement a major
expansion plan. Expansion to four major cities (including Shanghai and
Taiyuan) and introduction of new E-Commerce sites, the company sees
significant near term growth potential in both subscriber base and
revenues.
For investment information, please visit our English web site:
"www.xinnet.net".
Note to Editors: 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. Xin Net
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 Marc Hung, President
-0- dlc/ix*
CONTACT: Xin Net Corp., Vancouver
Marc Hung, 604/689-4407
Fax: 604/689-7654
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET Today's News On The Net -
Business
Wire's full file on the Internet
|
