Intra-Asia Entertainment Announces Intent to Acquire 85% of Beijing GIS Company
Friday October 27, 9:00 am ET
MONTEREY PARK, Calif.--(BUSINESS WIRE)--Intra-Asia Entertainment Corporation (OTCBB:IRAE - News) announced today that it has signed the Letter of Intent to acquire 85% interest of a geography information system technology company in Beijing, China, and is proceeding with due diligence following the signing.
The GIS technology company ("The Company") is one of the associated companies of Peking University and the leading company in the GIS (Geography Information System) sector in China. The Company develops and holds its own 3D GIS platform software and offers the market industry-standard software products, which are well-recognized in the market for their integrated functions and superior technical performance. Their products are widely used in mining, urban planning, and transportation. The current Chinese GIS software and application market is estimated at RMB12 billion ($1.5 billion) with annual growth rate of more than 25%. The market growth rate is expected to increase at a high pace as the Chinese government now widely increases the GIS implementation on mining, urban planning, and transportation management.
The Company has a group of experienced industry talent and professionals, mostly PhD's in GIS, and was awarded "High-Tech Enterprise" honorable certificates by the Chinese authorities. The Company has been maintaining a more than 50% growth in both total revenues and net profits from 2003 to 2005 (un-audited), and the Company reached $1.6 million in net income in 2005 (un-audited).
Intra-Asia Entertainment Corporation
Tony Wang, VP, 323-261-0078
Stanley Wu, Director, 323-261-0078
Total Cash (mrq): 10.12M
Total Cash Per Share (mrq): 0.155
Total Debt (mrq): 21.00K
Total Debt/Equity (mrq): 0.002
Current Ratio (mrq): 18.646
Book Value Per Share (mrq): 0.148