Golden Fortune Signs Contract to Establish Wireless
Internet Hub for China
VANCOUVER, BRITISH COLUMBIA, CANADA--(BUSINESS WIRE)--May 3,
1999-- Mr. James Tong, President of Golden Fortune Investments Limited
(ASE:GFX) announced today that, further to its news releases on 04/09/1999
and 04/12/99 the company has concluded contract discussions with Nanjing
Orient Railway Communication Equipment Co. Ltd. (NORCEL).
The company has also concluded a Reseller Agreement with WaveRider
Communications Inc. (OTC BB:WAVC) of Toronto, Ontario Canada to utilize its
NCL135 high-capacity wireless IP router. Operating in the unlicensed 2.4 to
2.4835 GHz radio spectrum, the NCL135 has integrated bridging and routing
capabilities, supports point to point and point to multipoint topologies, delivers
high speed wireless Internet access and addresses a wide range of LAN to
LAN connectivity applications.
The contract with NORCEL calls for Golden Fortune to provide a minimum of
7500 wireless routers based on the WaveRider NCL135 wireless IP router
specification to NORCEL over three years. The WaveRider products will be
used in several applications including the development of a national wireless
Internet hub in China. The Golden Fortune/NORCEL contract is WaveRider's
first substantial opportunity in China, a region which represents a large
emerging telecommunications market.
GFIL's management believes this to be a major step in achieving Golden
Fortune's goal of becoming a successful pioneer in developing a national
wireless hub for Internet access in China.
GFIL and NORCEL plan to jointly market other technology-based products and
services for China's Internet industry and also agreed to cooperate on a number
of business and technical exchanges.
In support of this agreement, Golden Fortune will shortly enter into further
discussions with WaveRider to license the appropriate technologies for
manufacture in China. Manufacturing would take place within facilities now
owned and established by NORCEL.
NORCEL is a Sino-Canadian Joint Venture company fully registered in China
with nationally approved licenses to develop, manufacture and market wireless
communication equipment and other related products. The company is
currently selling its products in over 25 cities within China and is still expanding
its markets. The company has also received licenses and specific frequencies
for wireless data communication as it relates to establishing a wireless Internet
hub for China. NORCEL is a subsidiary of Nanjing Orient Electric Instrument
Factory (NOEIF). Founded in 1946, it specializes in manufacturing and
operation of wireless communication systems. NOEIF's Head Office is located
in Nanjing, China.
WaveRider Communications Inc. is a leading, wireless technology company
that develops, manufactures and markets products for data communications
and Wireless Internet Networking (WIN). WaveRider's high performance
products use frequency hopping spread spectrum technology coupled with time
division multiple access techniques and operate in the license-free 900MHz
and 2.4GHz ISM frequency bands. WaveRider Communications Inc. Head
Office is located in Toronto, Ontario, Canada (website: www.waverider.com;
e-mail: info@waverider.com).
Golden Fortune Investments Limited is a diversified company with interests in
mining exploration, licensing agreements to market a Chinese edition Y2K Kit,
and an investment holding in Friends Travel Bureau Inc. The company's primary
objective is to capitalize on opportunities within the growing China Internet
market, through its long-term business relationships within China. Golden
Fortune's Head office is located in Vancouver, British Columbia, Canada
For further information regarding Golden Fortune Investments Limited and its
on-going corporate direction, please call toll free, 1-877-688-2623, e-mail:
ool@gfil.com or visit our website: www.gfil.com.
On behalf of the Board of Directors, James Tong, President
Golden Fortune Investments Limited No. 298-1199 W. Pender St, Vancouver
BC V6E 2R1 Toll Free: 1.877.688.2623 Website: www.gfil.com e-mail:
ool@gfil.com
The Alberta Stock Exchange has neither approved nor disapproved of the
contents of this news release.
CONTACT: Golden Fortune Investments Limited
1-877-688-2623
e-mail: ool@gfil.com
or visit our website: www.gfil.com |
