Press Release Source: China Cable and Communication, Inc.
China Cable and Communication CEO, in Letter to Shareholders, Discusses Opportunities for U.S. Investors to Participate in Strong Growth Prospects Through Ownership of Its China Cable TV Network
Wednesday August 6, 12:47 pm ET
HONG KONG, Aug. 6 /PRNewswire-FirstCall/ -- China Cable and Communication, Inc. (OTC Bulletin Board: CCCI - News), in a letter to shareholders from Chief Executive Officer Ray Kwan, today said that the company represents the first really significant opportunity for U.S. investors to have direct ownership in a People's Republic of China (PRC) cable TV network. Indeed, he said, the company also has the rare distinction of being the first foreign investor in, and first foreign operator of, this growing network, in a country with one fifth of the world's population, whose cable and communication needs are growing exponentially.
"Moreover," said Kwan "our license permits us to explore additional acquisitions, since we have the rare opportunity to be the only Chinese cable TV network with access to foreign capital. We have the advantage of a seasoned management team with good strategic direction, and can already say that in the past month of July we have begun to execute that strategy to maximize shareholder value, and take advantage of what is a huge marketplace for our services.
"As of today," the CEO continued, "our joint venture company has more than 200,000 subscribers in a market with a population of over 10 million. In addition to its cable television transmission services, the joint venture also offers Internet access, and anticipates that it will be able to offer value added services such as broadband Internet access, virtual private network and bulk data transmission services by the end of 2003.
"We are the first company approved by China's State Administration for Radio, Film and Television, to own interest in, and provide operational management support to, existing cable television networks in the PRC.," Kwan said. "To better identify our mission, the company, which is registered in Delaware, last month changed its name from Nova International Films to China Cable and Communication, Inc. and its trading ticker symbol to CCCI, consistent with that name change. We also have retained counsel for financial public relations, and abandoned an earlier planned reverse stock split, reflecting our belief that such as action at this time would not significantly affect our planned growth."
Kwan noted that the company has also put in place a new management team, whose collective experience will help take the company to its next level of development, with Gareth Tang as our Chairman and CFO, himself as CEO and a Director as well, and the appointment of two additional members of our Board of Directors, Jun-Tang Zhao and George Raney. All four parties, Kwan noted, have many successful years of experience in finance and management, working with corporate and international banking businesses in the PRC. In fact, said the CEO, Gareth has extensive working experience in management of US, Australian and Hong Kong listed companies. He is a former deputy chairman and chief executive officer of China Prosperity International Holdings Limited and Prosper eVision Limited (Stock code: 979), a listed public company in Hong Kong. Under his leadership, he successfully raised not less than $20 million for those companies through private placements.
Raney is a former executive of Millennium Capital Partners, the U.S. advisor to China.com. He has managed U.S. corporate development for China projects since 1994, when he introduced China Industrial Group to its acquisition of NASDAQ listed Generation 5 Technology, and subsequently raised $15 million for the company through private placements.
The CEO concluded by saying, "We thank you for your many expressions of support as we have move ahead with our joint venture, with our goal of maximizing shareholder value, and reporting to you regularly on our progress."
About China Cable and Communication, Inc.:
China Cable and Communication, Inc. offers U.S. investors the first opportunity to become shareholders in a People's Republic of China (PRC) cable television network. Through its British Virgin Island subsidiary, the company is the first foreign investor to own and operate a cable television network in China. China Cable and Communication owns a 49% interest in, and represents three of the seven board of directors of, Baoding Pascali Cable Television Network, through a license that allows the company to make additional investments in PRC networks. Located 85 miles south of Beijing, the network has more than 200,000 subscribers within a population of 10 million, and is the first China cable television network granted access to foreign capital. The company's expansion strategy is to develop a premium cable service, which will include two-way transmission of voice and Internet data, and to seek merger and acquisition opportunities in China. China Cable and Communication, Inc. recently obtained control of a U.S. listed public company, obtaining the ticker symbol CCCI, in order to facilitate financing of its strategy.
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including the Annual Report on Form 10-KSB for the fiscal year ended October 31, 2002, as well as the Quarterly Reports and Current Reports on Form 8-K by the company.
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Source: China Cable and Communication, Inc.
