Global National Communications Corporation Signs a U.S $12.8 Million Dollar Contract Agreement
11/17/2004 4:03:00 PM
SHENZHEN, China, Nov 17, 2004 (BUSINESS WIRE) -- Global National Communications Corporation ( GLNC ) is pleased to announce it has signed a contract with Chongqing Yuanpeng Telecom Equipments Co. Ltd a China Corporation, to manufacture 300,000 sets of 5568 series Personal Handyphone System (PHS) cellular phones valuing the contract is valued at 105,000,000 RMB or approx U.S $12.8 million dollars U.S.
Currency exchange rate is $1.00 U.S dollar = 8.2 RMB
"This contract shows yet another significant order for our name brand PHS phones and the growing market share our company continues to enjoy in China," says Mr. Wang Hanqing, President and CEO.
About the PHS cellular market in China
The growth of this industry is supported by the largest telecoms in China: China telecom ( CHA ) and Netcom, and U.S based company UTStarcom ( UTSI ). The Minister of Information Industry of China estimates the PHS handsets (cell phone users) to grow from 65 million new users in 2004 to 82 million new users in 2005 and increase to 91 million new users by 2006.
About Global National Communications Corporation
On September 30, 2004, Zeolite Mining completed the acquisition of Global National Communications Corp. a corporation organized under the laws of the British Virgin Islands, whose wholly owned subsidiary is Guonuo (Shenzhen) Industrial Company Ltd., a Peoples Republic of China ("PRC") company.
Guonuo (Shenzhen) Industrial Company Ltd. is a manufacturer of telecommunications devices including (PHS cellular phones), digital televisions parts, MP3 recorders, satellite receivers, motherboards and accessories.
Company revenue for 2002 was approximately U.S. $10 million dollars and increased to U.S. $13.6 million dollars in 2003. Company management is forecasting sales revenue of approximately U.S $20 million dollars for 2004. In order to take advantage of the rapid growth of PHS cellular sales in China, the company began selling their own brand name phones earlier this year.
Guonuo (Shenzhen) Industrial Company Co. Ltd. and has received the following honours in China.
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