MediaG3 (MDGC)

[doogdilinger]

I did a little due on that PR MrBigz...this reporter provided some commentary on BusinessCorp Services Inc's history & some other stuff but haven't tried to initiate any contact with them yet:

http://www.businessmirror.com.ph/03172008/companies01.html

MediaG3 gets BusinessCorp contract

By Dennis D. Estopace
Reporter

AFTER more than a decade of noncommercial operations, Filipino-owned BusinessCorp Services Inc. gave MediaG3 Inc. of Santa Clara, California a supply contract worth $10 million (P400 million roughly).

In a statement Friday, MediaG3 said the contract with Manila-based network services provider BusinessCorp has a “duration of 18 months.”

“MediaG3 has been selected as the preferred supplier of fixed-wireless equipment and software services to support a planned cellular network deployment in Equatorial Guinea,” the company said in the statement.

The company said it is a “developer for broadband-wireless product and interactive rich-media content delivery applications.”

It added that the contract would allow for the use of MediaG3’s wireless equipment to “provide a last mile wireless access link to enable the cellular-network plan to deliver mobile telephone services to Coastal Africa.”

According to its latest audited financial report submitted to the Securities and Exchange Commission (SEC), BusinessCorp “has not resumed commercial operations as of December 31, 2006. That year, it also said it posted a deficit of P1.1 million.

BusinessCorp’s statement also revealed the company has neither revenue nor assets but has an accounts payable item worth P75,818.

In its financial statement to the SEC, Michele Cecilia F. Go, corporate secretary, said the company has less than 20 shareholders when it was incorporated in March 1995. The company then reported cash and cash equivalent of P94,550.

On the other hand, MediaG3 said it was formed in December 2005. It has two wholly-owned subsidiaries in Shanghai, China: Oriental Media Inc. and Little Sheep Children’s Product Development Ltd.

The company also operates in Santa Clara, California, Shanghai and Shenzhen, China.

The awarding of the contract comes at a time of a controversial government contract on broadband connections with Chinese firm ZTE Corp., clouding potential trade links between Philippine and mainland Chinese public and private sector relationships.

BusinessCorp managing director Sonny Garcia was quoted in the statement as saying its “key executive and technical personnel have had occasion to work with MediaG3 Inc. in the past on various network plans.”

“Having adopted the concept of ‘duty-determined serving platforms’ as a network design philosophy, [BusinessCorp] considers MediaG3… wireless equipment as a valuable element of the platform portfolio, serving as a cost-effective solution for bandwidth provisioning,” Garcia was also quoted as saying.

MediaG3 defined BusinessCorp as “a telecom equipment operator …based in the Philippines.”