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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (21467)	2/9/2000 3:51:00 PM
From: Fuza	Read Replies (1) \| Respond to of 25711

XCHG--a new Chinese play! Today News: Beijing Telecom Affiliate to Acquire 45% of Telpac Industries From Company's Control Shareholder Telpac Industries to Acquire 50% of a Beijing Based, State of the Art, Broadband, Multimedia, Internet E-Commerce Platform and Service Center LAS VEGAS, Feb. 9 /PRNewswire/ -- Telpac Industries, Inc. (OTC Bulletin Board: XCHG - news) today announced that a series of definitive contracts have been signed in Beijing by and among, Intermarket Ventures, Inc., Telpac's controlling shareholder; Beijing Red Sail Communications, an 100% affiliate of Beijing Telecom -- Beijing's sole local access service provider; and Telpac Industries and by and between Intermarket and Telpac industries. As a result (i) Telpac Industries will sell its current businesses to Intermarket Ventures in exchange for US$ 7.5 million in cash and the assumption of all liabilities; (ii) Telpac Industries will both fund and acquire 50% of a Sino-U.S. joint venture company in Beijing to be formed with Red Sail that will own a State of the Art, Broadband, Multimedia, Internet E-Commerce Platform and Service Center in Beijing, China (the ``SuperPOP'), and (iii) Intermarket Ventures will contribute 50% of its holdings in Telpac Industries to Beijing Red Sail as additional consideration (there will be no dilution to any other shareholder by virtue of the current transactions) such that both companies will own 45% of Telpac Industries. The SuperPOP will be an Internet service provider engaged in the design, construction and provision of sophisticated Internet-based solutions for large and medium size business enterprises. A SuperPOP (Super Point of Presence) is a high-capacity Internet data center offering dedicated Internet access, web hosting and co-location facilities to a large concentration of customers in a focused geographic area -- Beijing. Telpac's Joint Venture Company will be a primary source of ``one-stop shopping' for innovative, cutting-edge Internet technology to its customers including: (i) high bandwidth dedicated Internet access, web hosting and co-location facilities, (ii) value-added systems and network integration, (iii) interactive development -- digital web design, web implementation, network user applications and (iv) interactive corporate and other interactive multi-media distance training.