China World Trade Corporation Signs Letter of Intent to Acquire 50% Interest in United Information Network Holdings Limited; CHWT Plans Growth Through Acquisition
LOS ANGELES, Feb 5, 2001 (BUSINESS WIRE) -- China World Trade Corporation (OTCBB:CHWT) today proudly announced that it has executed a Letter of Intent with United Information Network Holdings Limited ("UINH") to acquire a fifty-percent (50%) interest in UINH.
The business of UINH is uniquely focused on introducing Chinese suppliers to overseas buyers on its Internet portal with an aim toward building a trade bridge between domestic and international businesses by, amongst other things, operating the Web sites www.uinchina.com and www.uinworld.com as its main business platform.
UINH reports that it currently has approximately 200 agents facilitating trade between domestic and international businesses and is currently averaging approximately US$50,000 in monthly revenue.
John H.W. Hui, chairman and chief executive officer of China World Trade Corporation stated, "Our anticipated acquisition of UINH represents another major move toward fulfilling our goal of being the actual nexus of world trade with China."
Hui added, "We look forward to experiencing a successful and prosperous relationship with UINH as we become a conglomerate in the China trade agency business."
China World Trade Corporation is structured to be a dominant player in the trade agency business linking companies in China with the rest of the world.
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.
CONTACT: Pace Communications Network Sy Mitzner, 800/791-5777 www.china-wtc.com
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Copyright (C) 2001 Business Wire. All rights reserved.
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KEYWORD: CALIFORNIA CHINA INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: INTERNET E-COMMERCE MERGERS/ACQ
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