SHENZHEN, China, Dec. 12 /Xinhua-PRNewswire/ -- Intermost Corporation
(OTC Bulletin Board: IMOT), a leading electronic online equity exchange
service provider in China, announced that its wholly-owned subsidiary, IMOT
Information Technology (Shenzhen) Co., Ltd., signed an agreement on December
8 and will expend approximately USD$800,000 to replace the formerly issued
2,470,355 shares of Intermost Corporation stock to gain a 15% shareholding
position in the Shenzhen International Hi-Tech Property Right Exchange
Center.
In December 2004, IMOT Information Technology (Shenzhen) Co., Ltd.
exchanged 2,470,355 shares of the Intermost Corporation common stock with
China Merchants Technology Investment (Shenzhen) Co., Ltd. for a 15%
shareholding position in the Shenzhen International Hi-Tech Property Right
Exchange Center. In consideration of recent developments, IMOT Information
Technology (Shenzhen) Co., Ltd. decided to buy back the 2,470,355 shares of
Intermost Corporation common stock at a cost of approximately USD$800,000.
Therefore, IMOT Information Technology (Shenzhen) Co., Ltd. unconditionally
controls a 15% shareholding position in the Shenzhen International Hi-Tech
Property Right Exchange Center.
Mr. Xiangxiong Deng, acting CEO of Intermost Corporation and Board
Vice-Chairman of the Shenzhen International Hi-Tech Property Right Exchange
Center said, “The Shenzhen International Hi-Tech Property Right Exchange
Center ranks as the best-performing equity exchange institution in South
China. With its business spreading throughout nine provinces in South China,
it is among the few profitable equity institutions in China. Up to the end
of the first half of 2006, the accumulated trade amount of the Shenzhen
International Hi-Tech Property Right Exchange Center is RMB65 billion. And
over 175
non-listed companies are under its depository, which is planned to increase
to 2000 in five years. Local government fully supports its development with
relevant policies. The Shenzhen International Hi-Tech Property Right
Exchange Center is a close partner of Intermost Corporation in equity
exchanges, overseas listing and financing, equity-related solution
development, future capital and finance services, among other activities.
Intermost Corporation has great confidence in the further development of the
Shenzhen International Hi-Tech Property Right Exchange Center, and we will
continue increasing our shareholding.”
“The swap of Intermost Corporation stock also indicates our confidence
in the great prospects of our core business -- equity exchange. The Chinese
government is exerting great efforts to promote the development of a multi-
layer capital market and an equity exchange market. Intermost Corporation
has seized the leading market position as an online service provider in the
electronic equity exchange business, and will benefit from its rapid
development,” Mr. Deng emphasized.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that, if they never materialize or if
they prove incorrect, could cause the Company’s results to differ materially
from those expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements that could
be deemed forward-looking statements, including any projections of earnings,
revenue, or other financial items, any statements of the plans, strategies,
and objectives of management for future operations, any statements concerning
proposed new products, services or developments, any statements regarding
future economic conditions or performance, statements of belief and any
statements of assumptions underlying any of the foregoing. These statements
are based on expectations as of the date of this press release. Actual
results may differ materially from those projected because of a number of
risks and uncertainties, including those detailed from time to time in the
Company’s reports filed with the Securities and Exchange Commission. The
Company assumes no obligations and does not intend to update these forward-
looking statements.
For more information, please contact:
Intermost Corporation
Mr. Chris Liu or Ms. Carmen Liu
Tel: +86-755-8221-0238
Email: ir@intermost.com
