Fatt, KYOM is acquiring an ISP and E-Commerce Company in China...
CathayOnline Inc. To Acquire Internet Service Provider (ISP) & E-Commerce Company In China
NEW YORK, April 26 /PRNewswire/ -- CathayOnline Inc. (formerly Kyocera Management, Ltd.) (OTC Bulletin Board: KYOM - news) is pleased to announce it has entered into a Memorandum of Understanding to acquire an established ISP and E-Commerce company in the Peoples Republic of China (''China'') upon the completion of satisfactory due diligence and the receipt of a favorable legal opinion.
The Company has initially targeted Sichuan province with a population in excess of one hundred (100) million people to launch this project.
The project has been in operation for the past 2 years and is the sole private/foreign-owned provider in the province of Sichuan. There are three additional government operated ISP providers in this province. This acquisition, with existing revenues, would serve as the platform to grow in the ISP and E-Commerce business in China.
China now uses the Internet as a tool for business and trade, with an estimated 2 million users in place, it is expected to surpass 10 million users in the year 2000. Today internet use in China is growing much faster than anywhere else in Asia and is second only to the United States.
This project confirms the focus of the Company to engage in businesses that provide significant cash flow opportunities, with experienced and proven management in place.
More information can be obtained about CathayOnline by visiting wvfg.com .
For further information, please contact:
WorldVision Financial (Keith Baldridge)
Tel: 1-888-345-6060 or 1-407-834-8944
Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as ''forward-looking statements'' for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward- looking statements may be identified by words including ''anticipate,'' ''believe,'' ''intends,'' ''estimates,'' ''expect,'' and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: CathayOnline Inc.
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