(PR NEWSWIRE) ChinaMallUSA.com Granted License to Access World's Largest C
ChinaMallUSA.com Granted License to Access World's Largest Consumer Market
-- Company is the Only Foreign Firm with Retail License Valid
Throughout China --
NEW YORK, June 11 /PRNewswire/ -- ChinaMallUSA.com Inc.
(OTC Bulletin Board: CHML), an e-commerce company facilitating trade between
the United States and China, announced today that it received a license from
the Chinese government to market goods and services directly to the Chinese
populace through its proprietary ChinaMallUSA.com e-commerce website. The
company said that it believes it is the only foreign firm to receive such a
comprehensive license allowing it to sell retail throughout the entire
country.
To date, according to the company, only Wal-Mart, the U.S. department
store giant, has been granted a license to establish a retail store in China,
but that license is limited to operating in the Shenzhen Special Economic
Zone.
"Gaining a license valid all across China is especially valuable to our
e-commerce operation," said Max Chen, ChinaMallUSA.com's chief executive
officer. "Currently, there are only 4 million households on the Internet in
China, which has a total population of 1.2 billion. Without geographic
restriction, we are free to explore the huge retail market in the country and
capitalize on the business network and resources of our Chinese retail
partners. Although there remain economic, political, and administrative
hurdles ahead of us, we look forward to taking advantage of this unique
opportunity."
ChinaMallUSA.com Inc. has established close partnerships with two major
retail businesses in China -- Beijing Urban-Rural Trade Center Co., Ltd.
(BURTC), and Beijing Chengxiang Huamao Shopping Center (BCHSC). BURTC, listed
on the Shanghai Stock Exchange, is a leading Chinese company in commerce and
trade and has more than 10,000 affiliate manufacturers and merchants. BCHSC,
a joint venture of BURTC and the Hong Kong Hamilton Group, is a premier
department store in Beijing.
Established in 1997 for the purpose of marketing Chinese and U.S. products
through the Internet, ChinaMallUSA.com provides Internet marketing, selling,
information, and web leasing, and has developed websites for e-commerce
between the U.S. and China (chinamallusa.com, chinamall.net, and
wholesaleglobal.com) allowing direct access to products and services by
companies and consumers in both countries.
In addition to its relationship with Beijing Urban-Rural Trade Center Co.,
Ltd., ChinaMallUSA.com has also established ties with Beijing Urban-Rural
China Chem Group Co., Ltd., and China Township Enterprise Investment
Development Corp. These three companies, which have a combined total of more
than 30,000 affiliated firms in China, Hong Kong, and Taiwan, have requested
that their member companies participate in the ChinaMallUSA.com e-commerce
program. ChinaMallUSA.com receives initial fees ranging from $500 to
$1,000 and annual renewal fees averaging $500 for participation in its online
e-commerce program.
A number of statements contained in this release are forward-looking
statements which are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve a number of risks and uncertainties, including the timely
development and market acceptance of products and technologies, competitive
market conditions, successful integration of acquisitions, and the ability to
secure additional sources of financing. The actual results that CHML may
achieve may differ materially from any forward-looking statements due to such
risks and uncertainties.
SOURCE ChinaMallUSA.com Inc.
-0- 06/11/99
/CONTACT: Gary Smolen Global Financial Resources, Inc., 800-837-5003, or
gsmolen99@yahoo.com, |
