(COMTEX) B: Xin Net Corp. Makes Announcement
B: Xin Net Corp. Makes Announcement
VANCOUVER, BRITISH COLUMBIA (April 23) BUSINESS WIRE -April 23, 1999--
Further to the announcement of April 6, 1999 Xin Net Corp. (formerly
Placer Technologies Inc.)(OTC BB:XNET) Friday announced that it has
entered into an agreement with EDUVERSE Accelerated Learning Systems
Inc. (OTC BB:EDUV) to provide EDUVERSE's Internet based English
language instruction system (freeENGLISH) in China.
"E-Commerce and E-Education are the biggest initiatives driving the
Internet industry today," explained Marc Hung, president of Xin Net
Corp. "Identifying the right E-Education initiative for our ISP network
has been a top priority for us. This agreement with EDUVERSE makes Xin
Net a leading pioneer for distance education in China. Millions of
Chinese are striving to improve their English.
"Now we are positioned to meet their requirements while adding value
and revenue to our network. freeENGLISH will be popular with our
subscribers and will play a significant role in attracting new
subscribers."
"Xin Net Corp. has the marketplace presence and corporate vision to
remain a forerunner in China's booming Internet business," stated Mark
E. Bruk, president and chief executive officer of EDUVERSE. "Together,
we will provide quality English language education for free while
generating significant future revenues through advertising.
"Corporate sponsored education is a winning model recognized by
business, educators and governments."
Under the terms of the agreement, EDUVERSE will provide a localized
Mandarin version of freeENGLISH to Xin Net Corp. for launch on June 1,
1999. Both companies will participate in marketing activities to
attract new users to the Xin Net network and the freeENGLISH
application. About freeENGLISH
freeENGLISH is a premium English as a Second Language computer program
that teaches spoken English over the Internet at www.freeENGLISH.com.
The program is completely free to use and generates revenue by
displaying embedded advertising throughout the course content.
In a 30-minute session, a user is exposed to 120 advertisements that
rotate every 15 seconds. Advertisers pay an average of one penny per
advertisement. An average user generates $1.20 in gross revenue per
session. About EDUVERSE Accelerated Learning Systems Inc.
EDUVERSE Accelerated Learning Systems Inc. is a technology-based
company focused on developing and marketing proprietary educational
software products specializing in English language instruction and
Internet delivery.
Xin Net Corp. is an Internet Service Provider (ISP) and Internet
Content Provider (ICP) in China that has attracted more than 20,000
subscribers. The company has approximately 50 employees and at present
its clients are located in Beijing and Shenyang (combined population of
26 million).
Xin Hai is currently offering a "flea market" E-Commerce product to its
subscribers with over 10,000 items offered for sale. An expanded
service 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 investment information, please visit our English web site:
www.xinnet.net.
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.
-0- sig/ix*
CONTACT: Xin Net Corp., Vancouver
Marc Hung, 604/632-XNET (9638)
Fax: 604/689-7654
KEYWORD: NEW YORK INTERNATIONAL CANADA ASIA PACIFIC
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS EDUCATION
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