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*previously ASMC* Tuesday May 11, 10:13 am Eastern Time Company Press Release Arthur Andersen Completes Audit Of MyWeb Business Unit NEW YORK--(BUSINESS WIRE)--May 11, 1999--MyWeb Inc.com (OTC BB:MYWB) announced today that Arthur Andersen has completed an audit of 1998 operating results at its recently acquired subsidiary, TechnoChannel Technologies Sdn. Bhd., operating as MyWeb, a business unit of MyWeb Inc.com. Full details of the financials are included in MyWeb's 8-K A filed yesterday with the U.S. SEC. In February, MyWeb Inc. com, then known as Asia Media Communications Ltd., announced its acquisition of 100 percent of TechnoChannel, whose MyWeb unit allows customers in Asia to use their television sets to access the Internet using a MyWeb set-top box and a remote control or wireless keyboard, much as Microsoft's (Nasdaq:MSFT - news) WebTV operates. The Arthur Andersen audit confirmed TechnoChannel's financial results for fiscal year 1998. In U.S. dollars, revenues were $1.31 million and profits were $375,000. The audit was conducted according to U.S. generally accepted accounting practices. According to T.S. Wong, president of MyWeb, ''We are very gratified that our 1998 operating results have been found to be in compliance with all applicable accounting practices and procedures.'' In recent weeks, MyWeb has consummated a number of several strategic relationships with major Internet providers in China, as well as with several leading television and computer manufacturers. ''From a base of 15,000 set-top boxes at the beginning of 1999, we now project approximately 300,000 MyWeb set-top boxes in use by the end of this year, thanks to our new affiliation with the Beijing Telecom subsidiary of China Telecom,'' continued Wong. Under terms of agreement, Beijing Telecom and MyWeb are to jointly deploy 200,000 units of MyWeb set-top boxes this year through a combination of rental and leasing. This should help MyWeb to establish itself even further as a leading Internet solution provider in China. In other recent collaborations, MyWeb has teamed with Soyea, part of the West Lake Electronics Group, for the licensing of MyWeb's Thunder client software. West Lake, which produces 1.6 million TV sets annually, is one of China's largest TV manufacturers. The Lang Chao Computer Co., maker of China's third-largest-selling computer brand in 1997, has also allied itself with MyWeb to develop set-top boxes for distribution and use in China. Since the number of Internet users in China is expected to grow dramatically from 2 million in 1999 to as many as 10 million in 2000, China would then rank second only to the United States in Internet usage, according to Far Eastern Economic Review. MyWeb is also a major player in e-commerce, where its volume is currently growing by more than 100 percent per quarter. MyWeb projects $1 million per month in 1999 from e-commerce sales of consumer goods alone, with the majority of its e-commerce revenues originating from transaction-based commissions from its merchants. Major online advertisers at MyWeb's e-commerce sites include Unilever (NYSE:UL - news), United Pictures and Hewlett-Packard (NYSE:HWP - news). MyWeb's growth this year is being propelled by the expansion of its number of set-top boxes, TVs with MyWeb functionality and partnering with Internet service providers, causing its revenues from advertising and e-commerce transactions to expand substantially. ''We are very pleased,'' Wong said, ''at the successful results of our Arthur Andersen audit, and we are confident that operating results for fiscal year 1999 will show strong progress across the board.'' The statements made by MyWeb Inc.com may be forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. MyWeb Inc.com believes that its primary risk factors include, but are not limited to: the need for substantial financial requirements; the need to develop effective internal processes and systems; the ability to attract and retain high-quality employees; changes in the overall economy; changes in technology; the number and size of competitors in its markets; changes in the law and regulatory policy; and the mix of product and services offered in the company's target markets. Merger Communications (Merger) is a media relations firm employed by the Company. The statements and opinions presented here represent the views of the Company, not Merger, as the release is based on information provided by the Company. Merger and the Company believe that all information in this release has been obtained from sources considered reliable, but can't guarantee that the statements presented herein are accurate or complete. Merger's compensation for its media relations services, including preparation of press releases, consists of a monthly retainer and warrants for the purchase of the Company's stock. Merger may have a long position in the securities of the companies in which it distributes information to the media, and Merger may be buying or selling securities in the course of its regular business. | ||||||||||||||
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