To: Bert Zed who wrote (5604 ) 1/26/2000 9:44:00 AM From: 01HorseTrader Read Replies (2) | Respond to of 6180
NEWS NEWS NEWS!!! MSU Corporation Announces Business Alliance In IndiaStrategic Business Partner Selected for Marketing and Production MILTON KEYNES, England, Jan. 26 /PRNewswire/ -- MSU Corporation (OTC Bulletin Board: MUCP), a designer and developer of computer chips and chipsets principally for use in high-volume consumer electronics products, including its low-cost, Web-to-TV system, Web2u, reported today that it has signed a licensing agreement with JadooNet.com LTD. (JL), a joint venture between Salora International Ltd. and Infoquest E-Commerce Pvt Ltd., for the license, manufacture and sale of the Web2u Internet Set Top Box in India. JL will exclusively manufacture and market the Web2u system in India and also sell it into Bangladesh, Nepal and Sri Lanka. MSU Corporation will receive a license fee per unit produced and will sell certain components of the Web2u access device to JL. MSU will also help customize the product for the markets covered by the Agreement. As part of the agreement, each of MSU and JadooNet.com will receive options to purchase shares in the other, in an agreed upon amount that is less than 5 percent of the outstanding capital stock of each company. JadooNet.com Ltd. is incorporated in India with its registered office in Bombay. It is an associated company of Salora International Ltd., which is a manufacturer and marketer of a variety of electronic products as well as being a Star Export House. Salora began introducing television sets into the Indian market in 1977. It presently manufactures and/or markets television sets, speakers, Panasonic fax machines, printers, and digital cameras. It also sells color monitors and cordless phones under its own brand. An on-going strategy for Salora has been to introduce new technology into the Indian market with foreign partners. Salora possesses three manufacturing facilities in India and has its own research and development staff. Infoquest E-Commerce Pvt Ltd. is an Internet incubator with business interests in innovative Internet access devices, Internet payment portals, an IT retail chain, and web-based learning and IT-enabled services. Darran H. Evans, Chief Executive Officer of MSU Corporation, stated, "MSU expects to benefit from the introduction of the Web2u product into potentially large markets by a company with local expertise, distribution and production capacity. Such an approach makes sense for a company at MSU's stage of development -- especially in markets that are likely to experience significant growth in Internet usage in the near future, but where the introduction of products would be complicated without the benefit of local knowledge and presence." Praween Napate, Director of JadooNet.com Ltd., commented, "Low-cost access to the Internet is of growing importance in many markets for businesses and consumers. Web2u represents an important entry point to the growing use of the Internet as a knowledge base, business tool and a medium to conduct commerce. A product like Web2U is ideal for the Indian market and other regional markets where the penetration of televisions far outstrips that of personal computers." Certain information included herein and on other Company statements, reports and SEC filings is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, marketing, growth and expansion. Such forward-looking information involve important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other company statements, reports and SEC filings. SOURCE MSU Corporation CO: MSU Corporation; JadooNet.com LTD; Salora International Ltd.; Infoquest E-Commerce Pvt Ltd. ST: England, India IN: CPR MLM SU: JVN 01/26/2000 08:50 EST prnewswire.com