Oriole Systems Announces e-China Project
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ORIOLE SYSTEMS INC.
APRIL 30, 1999
Oriole Systems Announces e-China Project
VANCOUVER, BRITISH COLUMBIA--Oriole Systems Inc. announces the
signing today of a memorandum of understanding (MOU) to acquire 51
percent of Success Technology Ltd. of Hong Kong (STL) for US $5
million ($2.5 cash and $2.5 million debenture instrument).
The $5 million financing will be used to underwrite STL's e-China
Project using Internet and electronic commerce technology from
Oriole System Inc. and its business partners, combined with STL's
software and relationships from Hong Kong. STL has a large client
in China that is committed to selling their goods worldwide using
the Oriole strategy. The e-China Project involves the
implementation of a complete e-commerce system designed to sell a
full range of Chinese manufactured products over the Internet.
The Company is developing a Chinese language version of the
commerce site for full implementation in Mainland China and
overseas as well as an English version for Non-Chinese buyers
worldwide who currently purchase China manufactured products
through traditional retail outlets. According to the US
Department of Commerce, China exported to the US over $27 Billion
in consumer goods in 1998 with an annual growth rate of
approximately twenty five percent. (Ref.
uschina.org
China is a world leader in manufactured, low-cost quality goods.
"STL is positioned to become the largest e-commerce Chinese
language site in the world." Notes Stephen Ip, president of
Success Technology Ltd.
Oriole's business partners in the project will include:
NCompass Labs ncompass.com for the web administration
software,
Dyad Systems Inc., Oriole's Canadian subsidiary,
dyad.ca for PowerTouch Financial Management Systems,
OSS/Magic Software Enterprises magic-sw.com for
application deployment and
OrioleSystems.com, Oriole's US subsidiary for systems integration,
oriolesystems.com
Al Gerenser, Oriole's president, says, "The project puts the
company and it's currently assembled team of software engineers,
Internet specialist, and e-commerce solutions providers on the
very first wave of opportunity and first to market for major e-
commerce in China."
The agreement is subject to completion of the financing and
approval by the directors of both companies and regulatory
authorities.
This news release may contain forward-looking statements
considered genuine by the author and are based on the author's
experience and knowledge. However, the outcome will ultimately be
determined by forces of which the author may have little or no
ability to affect. Any forward-looking statements should not be
considered guarantees of results.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Oriole Systems Inc.
Marie Antoinette Shields
Market/Finance Development
1-800-419-6019 or (604) 681-6186
or
Oriole Systems Inc.
Frank Stama
Technical Inquiries
(603) 472-4828
Website: oriolesystems.com
E-mail: info@oriolesystems.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the accuracy of this news release.
INDUSTRY: CPR
SUBJECT: TMN
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I like this deal! Very, very much!!!
Cheers,
Don |
