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Gold/Mining/Energy : GFX.AL(Golden Fortune)China's Wireless Internet Connect. -- Ignore unavailable to you. Want to Upgrade?

To: Netwit who wrote (11)	10/20/1999 3:57:00 PM
From: Goldfort	Read Replies (1) \| Respond to of 47

Golden Fortune Enters Into Option Agreement With ChinaTech Vancouver, British Columbia, October 20, 1999 - Golden Fortune Investments Limited (a public company trading on the Alberta Stock Exchange under the symbol "GFX") announced today that its Board of Directors has approved an option agreement with ChinaTech Trading Ltd. (Hong Kong) to acquire its wholly owned subsidiary G. F. Management Inc. ("GFMI"). As previously announced, GFMI is a joint venture partner with NORCEL to provide wireless modem connectivity to the Internet in China. The option agreement with ChinaTech provides for a USD$300,000 payment over 4 quarters to Golden Fortune; USD$5 Million Dollars of two year convertible preferred bonds with interest payments at 1.75% above prime rate as quoted by the Chase Manhattan Bank of New York. A further One Million warrants attached to the preferred bonds to purchase One Million common shares; and a USD$1 Million Dollars of funding by ChinaTech for Project Gateway within the next year. ChinaTech is a private venture fund in Hong Kong with a view towards financing technology companies in China. With the rapid expansion of the China Internet market from 4 million users to an anticipated 27 million users by 2001. ChinaTech intends on providing wireless connectivity to the Internet on both PC and Web TV formats. ChinaTech has assembled a management team of veteran wireless engineers and executives who are experienced in systems integration and the China market. Project Gateway is one of several technology projects being funded by ChinaTech including a China Portal devoted to 1.3 billion Chinese within China, as well as 60 million expatriate Chinese around the world. ChinaTech anticipates going public in Hong Kong and the United States in the near future after completion of its due diligence of Golden Fortune and China Internet market analysis. All appropriate regulatory filings will be made in Hong Kong, the United States and with the Alberta Stock Exchange. The management of ChinaTech and Golden Fortune believe that the success of Project Gateway and other technology projects in China will require access to capital markets, strategic alliances with technology partners, management expertise and a rapid marketing strategy. -30- Golden Fortune Investments Limited (ASE:GFX) is a diversified company with interests in technology licensing agreements, and other investment holdings including mining. Golden Fortune's Head Office is located in Vancouver, British Columbia, Canada. For further information regarding Golden Fortune Investments Limited and its ongoing corporate direction, please call toll free, 1-877-688-2623, E-mail: info10@gfil.com or visit our web site: www.gfil.com. 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: info10@gfil.com The Alberta Stock Exchange has neither approved nor disapproved of the contents of this news release. ***posted by the company***