News for 'HPNN' - (Hop-on Forms Corporation to Do Business in India - The World's 2nd Largest Emerging Market)
IRVINE, Calif., May 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- Hop-on.com, Inc. (OTC: HPNN) today announced that it has formed Hop-on Mobile India Private Limited, a company incorporated under the laws of India, to facilitate the sale and distribution of its CDMA and GSM handsets to customers in India. By having a local presence, Hop-on will be working closely with local distributors that fulfill the handset needs of Indian carriers. Hop-on plans to have its products manufactured overseas and shipped in either fully assembled or in semi-knocked down (SKD) form to its Indian company. With the anticipated purchase volumes by Indian customers, wholesale prices are estimated under $55 (USD) for a single-mode CDMA phone and under $40 (USD) for a dual-band GSM phone.
According to CDMA Development Group (CDG), the CDMA subscriber base in India has increased more than 500 percent to 14 million users between December 2002 and 2004. Similarly, the GSM market is expected to experience rapid growth in India in the coming years. According to a study by PricewaterhouseCoopers Pvt. Ltd., India's cellular subscribers base currently stands at approximately 41 million users and is expected to reach 200 million users by 2007.
Dan Gannon, Chief Executive Officer of Hop-on, commented, "Our strategy of having a local presence in key markets initially began in Mexico, where we were able to generate positive sales results as a result of having the right product for the market coupled with building brand awareness with consumers. By replicating these efforts in India, we will have a local presence in the world's second most populated country and one of the largest growth markets for wireless phones. India has over 1 billion people and wireless subscribers represent less than 20% of the population. As an emerging market, handset cost is an important consideration for these carriers and based on our discussions and meetings with many of these Indian carriers and distributors, we believe that we have promising and sizeable opportunities in India that justify establishing a local presence."
About HOP-ON, INC.
HOP-ON (OTC: HPNN) develops and markets wireless phones and accessories as well as wireless surveillance systems. Its product line includes the next generation CDMA2000 handsets designed by its Dallas R&D team as well as GSM/WIFI handsets. Hop-on targets its phones to both emerging market carriers and other domestic carriers and resellers needing an entry level priced phone. In addition, Hop-on offers a line of innovative and attractively priced wireless accessories for both Hop-on phones and other leading manufacturers as well as affordable, wireless surveillance systems. Hop-on is also known for developing the world's first disposable cell phone. It was an IS-95 CDMA phone that was sold to consumers with prepaid airtime and included the capability to add on additional minutes. For more information, visit http://www.Hop-on.com
CONTACTS:
David Pasquale, 646-536-7006 or Abbas Qasim, 646-536-7014
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Company's business and financial plans, strategies and prospects. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as: believe, expect, anticipate, should, planned, will, may, intend, estimated, and potential, among others. Important factors that could cause actual results to differ materially from the forward-looking statements made in this news release include market conditions and those set forth in any reports or documents that the Company may file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to the company or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
SOURCE HOP-ON, INC.
CONTACT: David Pasquale, +1-646-536-7006, or Abbas Qasim, +1-646-536-7014, both of the Ruth
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