China Voice Holding Corp. Signs Agreement With China Mobile and Provides Update to Shareholders
BOCA RATON, Fla., Oct 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- China Voice Holding Corporation (CHVC) (OTC: CHVC), announced today that its China subsidiary, Beijing CandidSoft Technology Co. Ltd. (CandidSoft), has signed an agreement with China Mobile, the world's largest mobile network and mobile subscriber base carrier, to provide CandidSoft with preferential rates and cooperation. The China Mobile agreement term is for 5 years. The Company had previously announced on July 16,( )2009 that it had signed a similar agreement with China Netcom, which is now China Unicom Ltd. Both agreements are revenue sharing arrangements and also provide for installation and support of the Company's current Chinese Government and large enterprise customer contracts for SKY O/A Office Automation with integrated Digital Voice Application in the Guangxi Province.
CHVC's President and CEO, Bill Burbank, said, "We now have signed agreements with two of the three Chinese carriers to support our large enterprise and government contracts in China. Both China Mobile and China Unicom have invested hundreds of millions of dollars into their wireless 3G network and are looking for partners to not only use their networks but provide value added solutions that keep their customers connected to them. CandidSoft's solutions do just that, and we expect to see installation progress by the end of this year. We anticipate that utilizing wireless broadband connectivity will enable us to install our solution at a much faster pace and at less cost to the carrier than running cable, especially in remote rural areas."
Update to Shareholders
-- China M & A Strategy- As previously announced, the Company recently
acquired Sino Beyond Limited, a Hong Kong company. This company will be
utilized to acquire additional companies in China. CHVC has also engaged
Hong Kong accounting firm, BDO Limited, to certify the company's value
so that it can engage targeted acquisitions in China.
-- Technology Solutions required for CandidSoft Contract Deployments-
Beijing CandidSoft Technology Co. Ltd. has signed an agreement with
Borde Solutions Pte. Ltd. of Singapore whereby Borde shall supply the
Borde - Hybrid Wireless Solution to CandidSoft's broadband connectivity
provider for the Company's government and large enterprise contracts.
The Borde system is an integrated edge device to provision wireless
access and connectivity including QoS, Filtering and Virus/Spam. The
device supports wired cable connectivity as well as wireless 3G and WiFi
or WiMax. Borde's devices are currently being evaluated and certified by
China Unicom Ltd. After this approval, the Company will apply for
China's MII certification as well. The Company expects this device to
enable use of China Mobile and China Unicom's 3G wireless networks as
well as resolve many China internet quality issues that the Company has
experienced in the past. This device does not replace the Company's use
of InterEdge Technologies VoIP end devices used for SKY O/A Office
Automation with integrated Digital Voice.
-- Large Logistics Company Focus- During 2009, CandidSoft has focused on
providing solutions to large logistics companies because of its success
during the first phase of its agreement with previously announced
SuperBig Logistics Co. The Company is currently in the final planning
stage of Phase 2 of the SuperBig Enterprise IT Modernization Contract,
which is projected to be $10 Million in revenue and has also signed a
Letter of Intent with Wantong Logistics, another large Chinese logistics
company.
-- Advance to the OTCBB- CHVC as a fully reporting company is being
sponsored by a Market Maker to become approved for quotation on the
OTCBB market. The Company is currently working through the OTCBB
approval process.
-- Q-Chat teleconferencing application- This application that was developed
by CandidSoft for China Unicom's (CUC) SCDMA cellular network in GuangXi
Autonomous Region and previously announced on March 03, 2009, continues
to support over 400,000 users. To date, CUC has not expanded this
application into other markets.
-- China Contract Installations - The Company has experienced major delays
in installation of its contracts, due primarily to the China Netcom and
China Unicom merger, which was completed in May of this year. CHVC
remains optimistic that with the support agreements signed with China
Unicom and China Mobile, as well as the agreement with Borde Solutions,
that it will be in a much better position to overcome the many obstacles
it has experienced during this year. Based on this positive direction,
CHVC believes that it will start realizing additional revenue from its
contracts sometime in December of this year.
China Voice Holding Corp. ("CHVC") is a U.S. publicly-traded holding company headquartered in South Florida with a portfolio of next-generation communications products and services doing business in the People's Republic of China. Through its subsidiaries, the Company provides Voice over Internet Protocol ("VoIP") telephone services, office automation, wireless broadband, unified messaging, video conferencing, mobility services and other advanced voice and data services in China, where the Company has obtained full legal status as a licensed telecommunications company. CHVC's focus is on providing its innovative and proprietary voice and data solutions to government agencies and large enterprises in China. China Voice Holding Corp. trades Over-the-Counter and is listed in the Pink Sheets under the symbol "CHVC". CHVC has become a fully reporting company and files required financial and disclosure reports with the SEC. The Company is progressing through the process for quotation on the OTCBB and expects to move to this market in the near future. Additional information may be found at www.chvc.com.
Forward-Looking Statements
The foregoing, including any discussion regarding the Company's future prospects, contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to risks and uncertainties associated with economic conditions in the telecommunications industry, particularly in the principal industry sectors served by the Company; risks and uncertainties inherent in the operation of businesses outside the United States; changes in customer requirements and in the volume of sales to principal customers; the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions; competition and technological change; and the ability of the Company to control operating costs and maintain satisfactory relationships with existing and potential vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors that may be set forth in the Company's anticipated filings with the Securities and Exchange Commission.
China Voice Investor Contact:
The Eversull Group, Inc.
Jack Eversull
972-378-7917 or 972-571-1624
972-378-7981 (fax)
jack@theeversullgroup.com
ir@chvcmail.com
