To: Bryan who wrote (29236 ) 11/17/1999 1:44:00 PM From: John Pitera Respond to of 108040
Bryan, I was in CLST in 1998... and bought a bit today. Here is a January press release on CLST Friday January 29, 11:07 am Eastern Time Company Press Release SOURCE: CellStar Corporation CellStar Awarded Supply Contract by EverBright Telecom-land; Largest Telecommunications Retail Chain in People's Republic of China CARROLLTON, Texas, Jan. 29 /PRNewswire/ -- CellStar Corporation (Nasdaq: CLST - news) today announced that Shanghai CellStar International Trading Co., Ltd. has been awarded a contract by EverBright Telecom-land under which Shanghai CellStar will serve as a major supplier of cellular telephones and accessories to EverBright Telecom-land stores in the People's Republic of China (PRC). Shanghai CellStar is a subsidiary of CellStar Corporation. EverBright Telecom-land is an affiliate of China EverBright Group, headquartered in Shanghai, and is the largest telecommunications chain-store network in the PRC. It specializes in the sales and service of telecommunications terminal products, including cellular telephones. EverBright Telecom-land presently has more than 300 chain stores nationwide, including 160 stores in Shanghai, and plans to have 1,000 stores in more than 100 cities in the PRC by the end of 1999. In 1996, CellStar became the first 100 percent foreign-owned distribution company to become legally registered to distribute telecommunications terminal equipment in the PRC. The Company is an authorized distributor of Motorola, Inc. and Nokia cellular products in that country. Industry estimates project that 16-to-18 million cellular handsets will be sold in the PRC in 1999. For the year ended November 30, 1998, CellStar Corporation reported sales of $225 million in the PRC, compared with sales of $42 million for 1997. This growth reflected strong market demand, continued strong sales of Motorola cellular products, and the impact of CellStar's agreement in 1998 to distribute Nokia products in the PRC. ``We are very pleased with the opportunity to work as a partner with EverBright Telecom-land in the PRC,' said Alan Goldfield, chairman and chief executive officer of CellStar Corporation. ``This agreement demonstrates the success of our strategy, which is to work in-country to provide solutions for our partners that support our mutual success.' ``EverBright Telecom-land's retail presence and growth potential make them a very productive partner in the PRC, a market where retail stores serve as the primary channel for selling wireless products to businesses and consumers,' said Gilbert Lee, president, Greater China for CellStar. CellStar Corporation is a global company focused on providing value-added services to cellular carriers and manufacturers in direct relationships. CellStar is one of the world's largest non-carrier wholesale distributors of wireless handsets for major manufacturers, with operations in North America, the Asia-Pacific Region, Latin America and Europe. The Company reported revenues of $2.0 billion for the year ended November 30, 1998. Additional information about CellStar may be found on its web site at www.cellstar.com. This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. A variety of risk factors, including the disruption of foreign economies, changes in foreign laws, regulations and tariffs, system implementation difficulties, competition and other risk factors, are discussed in the Company's Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, which are on file with the SEC. Any combination of these could cause CellStar's actual results to vary materially from anticipated results or other expectations expressed in the Company's forward-looking statements. SOURCE: CellStar Corporation --------------------------------------------------------------------------------