NEWS *IMOT*
Tuesday April 20, 8:32 am Eastern Time
Company Press Release
SOURCE: Intermost Corporation
Intermost to Acquire E-Commerce Firm Developing Electronic Payment System for China Banks
NEW YORK, April 20 /PRNewswire/ -- Intermost Corporation (OTC Bulletin Board: IMOT - news) announced today the signing of a letter-of-intent to acquire the Jiayin E-Commerce Company, a three-year-old ''cyber-cash'' firm developing an E-commerce electronic payment system for the Chinese banking system.
Jiayin E-commerce is working with the Shenzhen Financial Electronic Settlement Center, a government agency under China's Central Banking System, to develop a cyber-cash system. Terms of the deal will be released upon the closing of the agreement.
Since the number of Internet users in China is expected to grow from 2 million to 10 million within the next year, Intermost is positioning itself at the heart of all E-commerce transactions in China. With Intermost already engaged in building one of the world's largest Chinese online bookstore market, the Company knows that the limited distribution of credit cards greatly affects China's E-commerce future. The cyber-cash system being created will allow the banks and E-commerce companies to bypass the current limited access to credit cards with a national debt system that works within government mandates.
Jun Liang, President of Intermost, said, ''Acquiring Jiayin E-Commerce is an opportunity to work directly with the Chinese government's banking system to build the E-commerce foundation for China. Creating a uniform electronic payment system not dependent on credit cards alone will allow China's online commerce to grow at a staggering rate.''
Intermost is an Internet content service provider that is a market leader in providing services to large organizations and export-oriented companies. Intermost recently signed an agreement with the Yinwen Book Import and Export Company to begin plans for one of the world's largest online bookstores of Chinese titles. The joint venture will be one of the few companies authorized by the Chinese government to import and export books in China. CBS MarketWatch (Nasdaq: MKTW - news) recently said, ''If Intermost's new plans for an online Chinese-language bookstore are any indication, e-commerce may be catching on in China.'' The Company is focusing on its Chinese language Internet search engine and building upon their national core business of Intranet Design/Consulting, Website Hosting and E-Commerce. Intermost also owns one of the world's largest databases of Chinese businesses. The Company recently renamed its main E-commerce site, www.ChinaEcom.net to www.ChinaE.com in order to take full advantage of the growth in demand for its services.
More information can be found on the Company's websites: www.Intermost.com and www.ChinaE.com . Investor information can be found on: www.MarketManagement.com or call Steve Smith at: 407-834-4446.
regards,
2MAR$ |
