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GOLDEN FORTUNE (ASE-GFX) SIGNS CONTRACT TO ESTABLISH WIRELESS INTERNET HUB FOR CHINA It seems that Mr Tong has a vision that he is creating for China's internet access. In short, he's building a hub for private gov't wireless access at the same time that he is creating the network for the future public use. Right now GFX trades on the Canadian Alberta Board but they are going to begin the move to NASDAQ within three months. I just didn't want to wait till they get on the NASDAQ, especially at .30 cents a share. Company: GOLDEN FORTUNE INVESTMENTS LIMITED Symbol: GFX Exchange: ASE Website: gfil.com Email: chat@gfil.com Monday, May 3, 1999: Mr. James Tong, President of Golden Fortune Investments Limited (ASE:GFX) announced today that, further to its news releases on 04/09/1999 and 04/12/99 the company has concluded contract discussions with Nanjing Orient Railway Communication Equipment Co. Ltd. (NORCEL). The company has also concluded a Reseller Agreement with WaveRider Communications Inc. (OTC BB:WAVC) of Toronto, Ontario Canada to utilize its NCL135 high-capacity wireless IP router. Operating in the unlicensed 2.4 to 2.4835 GHz radio spectrum, the NCL135 has integrated bridging and routing capabilities, supports point to point and point to multipoint topologies, delivers high speed wireless Internet access and addresses a wide range of LAN to LAN connectivity applications. The contract with NORCEL calls for Golden Fortune to provide a minimum of 7500 wireless routers based on the WaveRider NCL135 wireless IP router specification to NORCEL over three years. The WaveRider products will be used in several applications including the development of a national wireless Internet hub in China. The Golden Fortune/NORCEL contract is WaveRider's first substantial opportunity in China, a region which represents a large emerging telecommunications market. GFIL's management believes this to be a major step in achieving Golden Fortune's goal of becoming a successful pioneer in developing a national wireless hub for Internet access in China. GFIL and NORCEL plan to jointly market other technology-based products and services for China's Internet industry and also agreed to cooperate on a number of business and technical exchanges. In support of this agreement, Golden Fortune will shortly enter into further discussions with WaveRider to license the appropriate technologies for manufacture in China. Manufacturing would take place within facilities now owned and established by NORCEL. NORCEL is a Sino-Canadian Joint Venture company fully registered in China with nationally approved licenses to develop, manufacture and market wireless communication equipment and other related products. The company is currently selling its products in over 25 cities within China and is still expanding its markets. The company has also received licenses and specific frequencies for wireless data communication as it relates to establishing a wireless Internet hub for China. NORCEL is a subsidiary of Nanjing Orient Electric Instrument Factory (NOEIF). Founded in 1946, it specializes in manufacturing and operation of wireless communication systems. NOEIF's Head Office is located in Nanjing, China. WaveRider Communications Inc. is a leading, wireless technology company that develops, manufactures and markets products for data communications and Wireless Internet Networking (WIN). WaveRider's high performance products use frequency hopping spread spectrum technology coupled with time division multiple access techniques and operate in the license-free 900MHz and 2.4GHz ISM frequency bands. WaveRider Communications Inc. Head Office is located in Toronto, Ontario, Canada website: waverider.com e-mail: info@waverider.com Golden Fortune Investments Limited is a diversified company with interests in mining exploration, licensing agreements to market a Chinese edition Y2K Kit, and an investment holding in Friends Travel Bureau Inc. The company's primary objective is to capitalize on opportunities within the growing China Internet market, through its long-term business relationships within China. Golden Fortune's Head office is located in Vancouver, British Columbia, Canada. For further information regarding Golden Fortune Investments Limited and its on-going corporate direction, please call toll free, 1-877-688-2623, e-mail chat@gfil.com or visit our website: gfil.com On behalf of the Board of Directors, James Tong, President Golden Fortune Investments Limited Golden Fortune Investments Limited #298-1199 W. Pender St, Vancouver BC V6E 2R1 Toll Free: 1.877.688.2623 Website: gfil.com e-mail: chat@gfil.com ...................................... Golden Fortune provides joint venture details Golden Fortune Investments Limited GFX Shares issued 7,655,000 1999-04-08 close $0.25 Monday Apr 12 1999 Mr. James Tong reports The company has clarified the details regarding its business arrangement with the Nanjing Orient Communications Equipment Factory in China. At this juncture the company has a letter of intent for a joint venture agreement with NOCEF. The objective is to source telephony intellectual property from outside Mainland China. The agreement is a joint venture between the two companies and covers a broad spectrum to include hardware, software, and conceptual information technology abstracts. To this end, Golden Fortune has identified the necessary hardware to assist consumers wishing to connect on-line to circumvent traditional routes. The hardware testing will begin Monday, April 12, 1999, in the People's Republic of China and will require between 60 to 90 days to completion. Effectively what is required is the equivalent of an Underwriter's Laboratory approval, an Industry Canada Radio Equipment Certificate approval, or a Federal Communications Commission grant of equipment authorization being met. The equipment being certified requires a certain bandwidth frequency to operate on. NOCEF currently has two different frequency licences in place for its role as a manufacturer of wireless communication system, which includes Motorola (China) products to the Chinese Railway Bureau. The Nanjing Orient Communications Equipment Factory has a proven track record with the certification process in China. With respect to Golden Fortune's interest in mining claims situated in the Great Bear Magnate Zone in the North West Territories, the claims are in good standing and all filings are up to date. The company has fulfilled its commitment to the work program of spending $315,000 on or before Dec. 31, 1998. Its next obligation for the phase two work program is to commit $1-million on or before Dec. 31, 2001. Currently, the company is awaiting the final recommendations from the geologist on the next phase work program and management will evaluate the report when received and decide the action plan in due course. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||
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