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Wednesday December 8, 10:57 am Eastern Time
Company Press Release
Tengtu International Revises China Contracts Upwards
TORONTO--(BUSINESS WIRE)--Dec. 8, 1999--Tengtu International Corp. (OTCBB: TNTU - news), developer of educational and entertainment software, today revised upwards to 15,437 the number of schools in the People's Republic of China so far under contract with its subsidiary, Tengtu United Electronics Development Co., Ltd. (``Tengtu United'), for computers, networking systems, educational software, training and related information technology services.
The company had announced on November 30, 1999 that contracts with at least 12,500 schools in China would be filled in calendar 2000. At that time, the company estimated revenues could approach US $30 million from these contract installations and services alone.
``Every week, Tengtu United is adding hundreds of new schools toward the sales target of 70,000 set for the first phase of government-mandated TORCH programs to modernize China's more than 800,000 K-12 schools,' said Tengtu International chairman and CEO Pak Cheung. ``This is a vast national undertaking, probably the largest of its kind in the world,' he stated.
``Each school on average adds approximately US $2,500 to Tengtu revenues,' Cheung noted. ``What's more, these schools are not restricted to just one city or province. Our mandate spans all of China, from Guangzhou to Mongolia. Our three-prong sales strategy incorporates such powerful marketing partners as Legend Computer, the so-called IBM of China; government channels and our own direct sales force,' he said.
Early stage sales through November by Tengtu marketing partners totaled 10,487 schools; government channels contributed 2,200 schools; while Tengtu's own sales force delivered 2,750 schools.
TABLE. Tengtu United sales agreements as of November 30, 1999
# schools Geographical
coverage
A. via Marketing Partners
Legend Computer Group 4,000 Nationwide
Sanxing Lishen Electronic Technology Co. 3,800 Yunan, Anhui,
Guongdong, Hainan,
Hunan, Guangxi,
Helongjiang, Fujian
and Qinghai Provinces
and Dalian City
Taigu Economic Development Co. 1,687 Jejiang, Hunan,
Guizhou, Gansu
Provinces
Century Networks Systems Co. 500 Beijing City
Chengdu Tianye Computer Co. 500 Sichuan Province
B. via Government Channels
Sichuan Xinhua Co. 1,000 Chungching City
Inner Mongolia Five Ring 1,000 Autonomous Region of
Electronics Industrial Co. Inner Mongolia
Coastal Commerce Co. of Guizhou Province 200 Guizhou Province
C. via Direct Sales
Municipal Government of Guangzhou City 1,500 Guangzhou and
Jiangmen Cities
Tengtu (Anhui) Co. 600 Anhui and Jiangsu
Provinces
Ministries of Education of:
Hebei Province 500 Hebei Province
Henan Province 30 Henan Province
Jilin Province 30 Changchun City
Shaanxi Province 30 Shaanxi Province
Shandong Province 30 Shandong Province
Autonomous Region of Ninghsia 30 Autonomous Region of
Ninghsia
About Tengtu International Corp.
Tengtu International Corp., which began operations in 1996, is a developer and distributor of multimedia educational and entertainment software and related services, operating through joint ventures and subsidiaries in the People's Republic of China, Hong Kong and Canada. The company's joint ventures and subsidiaries include 57% owned Tengtu United Electronics Development, Co. Ltd. (``Tengtu United'); wholly owned TIC Beijing Electronics Co., Ltd. (``TIC Beijing'); 44% owned Iconix International, Inc. (``Iconix'); and 55% owned Edsoft Platforms, Inc. (``Edsoft').
About Tengtu United
Tengtu United is currently one of the largest developers of educational software in China. It is the primary operating subsidiary of Tengtu International Corp. Minority subsidiary stakeholder (43%) Beijing Tengtu Culture & Education Development Co. Ltd. (``Tengtu China') is the state enterprise created by the Chinese government through China's three largest computer companies to serve as the country's official gateway for all domestic and international educational and entertainment software.
Through its strategic relationships within the highest levels of the Chinese government and software industry, Tengtu United has won assignment of the development and implementation of a comprehensive information technology solution for China's national K-12 educational system, consisting of more than 800,000 schools. It also has been granted the exclusive license to electronically publish educational materials, including converting to electronic format the paper texts of the People's Education Press, the sole source of materials authorized for use in Chinese schools. It is also involved in the licensing and domestic production of all domestically and internationally designed educational software for the Chinese market.
In addition, the company already distributes more than 100 titles of its own electronic books and animated movies and believes that it is positioned to become China's leading educational software publisher.
Note: The statements made in this press release for Tengtu International Corp. may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, regarding events, conditions and financial trends that may affect the company's operating results and financial position. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual events or results may differ from the company's expectations, which are subject to various risks and uncertainties some of which are listed in the company's SEC filings.
This press release was prepared by The Cavior Organization, Inc., a public relations firm, based on information supplied by its client, Tengtu International Corp. The information contained herein is believed to be reliable, but has not been independently verified by The Cavior Organization, Inc. None of the information contained in this press release should be construed as an offer to buy or sell securities, either directly or indirectly. The Cavior Organization, Inc. or its officers or employees may from time to time acquire, hold or sell a position in the securities of Tengtu International Corp.
--------------------------------------------------------------------------------
Contact:
Company Contact: Pak Cheung, Chairman & CEO
604/438-9729
-or-
Media Contact: Warren J. Cavior
The Cavior Organization
212/687-6070
caviorg@aol.com
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