China World Trade Corp. Completes Acquisition of Vast Opportunity Ltd.
LOS ANGELES--(BUSINESS WIRE)--Dec. 27, 2000--China World Trade Corp. (OTCBB:CHWT - news) announced that the company has completed the acquisition of the remaining 49% equity interest of Infotech Enterprises Ltd. from Vast Opportunity Ltd.
The acquisition was completed by the issuance of 2.5 million new shares of the common stock of the company.
Infotech Enterprises Ltd. (``IEL'') is a ``virtual'' office and research center, providing trade information for traders in China and other foreign countries and an electronic data interchange for all its members and users using its site as a portal to the Web. IEL aims to be the premier business-to-business e-commerce provider in China.
John H.W. Hui, chairman and chief executive officer of China World Trade Corp., stated: ``Infotech Enterprises Ltd. (IEL), becoming a wholly owned subsidiary of China World Trade Corp., brings a new concept into international business-to-business e-commerce.
``With a staff experienced in Quality Assurance and Fulfillment, combined with state-of-the-art Internet technology, Infotech Enterprises Ltd. (IEL) will provide business overseas with the comfort required to do business in China. Moreover, through its links to government bodies it can ensure that the legal requirements of trade are satisfied, making for on time delivery.''
Through its bilingual (Chinese/English) Web site, China-WTC.com, IEL will provide online information and services to individual and corporate consumers, advertisers, suppliers and vendors.
It will capture data and information (both trade and non-trade oriented), performing data mining from the best search engines, supported by metadata analysis, to provide business opportunities, communication platforms and a variety of other services that create a successful business-to-business e-commerce portal. With the addition of online two-way English/Chinese translation tools, users have a real bilingual choice.
China-WTC.com will be an easy-to-use business portal for members to, among other things, retrieve trade information, submit trade inquiries, negotiate contracts, translate documents into their preferred language, calculate tariff and VAT, monitor trade progress, do logistics planning, consult legal advice online and transmit trade documents electronically.
China-WTC.com will be licensing its other subsidiary, Beijing World Trade Center Club (BWTCC), to distribute the China-WTC.com services to Chinese users. With the expected boom of e-business in Asia in the next few years, it is planned to expand this franchising to other WTCA clubs in major cities like Washington, D.C.; Chicago; London; Tokyo; Singapore; Kuala Lumpur; and Seoul.
Statements made in this news release concerning predictions of performance and the company's plans and objectives are not historic facts and constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve important risks and uncertainties that may cause results to differ materially from those set forth in this news release. All forward-looking statements are subject to the successful completion of actions described in the news release. Readers should carefully review the company and publicly available filings thoroughly with their registered investment advisor or registered broker.
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Contact:
Pace Communications Network
Sy Mitzner, 800/719-5777
www.China-WTC.com
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