GOLDEN FORTUNE (ASE - GFX) SIGNS CONTRACT TO ESTABLISH WIRELESS INTERNET HUB FOR CHINA
MARCH 16,1999
Company: GOLDEN FORTUNE INVESTMENTS LIMITED
Symbol: GFX
Exchange: ASE
Website: gfil.com
Email: chat@gfil.com
Monday, 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 chat@gfil.com or visit our website: gfil.com.
On behalf of the Board of Directors,
James Tong, President
Golden Fortune Investments Limited
Golden Fortune Investments Limited
#298-1199 W. Pender St, Vancouver BC V6E 2R1
Toll Free: 1.877.688.2623
Website: www.gfil.com
e-mail: chat@gfil.com
The Alberta Stock Exchange has neither approved nor disapproved of the contents of this news release. |
