HANGZHOU, China, July 23, 2012 /PRNewswire-Asia-FirstCall/ -- The China 3C Group ("China 3C", or "the Company") (CHCG), announced today that it has executed a cooperation agreement and launched an important strategic partnership with China Telecom, the dominant player in China's telecommunication industry.
The establishment of this significant partnership is based on the trend of 3G mobile Internet development and the two parties' respective unique competitive advantages. Both parties have agreed to form a large-scale cooperation in the Hangzhou area through this partnership. Hangzhou is the capital city of Zhejiang province on the East Coast of China, and the home to China 3C.
"We are very excited about this partnership," commented Mr. Zhenggang Wang, the Chairman and Chief Executive Officer of China 3C. "China Telecom is China's major telecommunication operator and a Top 500 Global Corporation. A partnership with China 3C demonstrates their strong confidence in us and represents a significant milestone in China 3C's business development."
The China Telecommunications Corporation (China Telecom) is an extra-large State-owned telecom operator in China. It primarily provides integrated information services including fixed-line telephones, mobile services, Internet connections and application services. It has subsidiary companies in 31 provinces and branches in the Americas, Europe, Hong Kong and Macao. Its communications and information network covers the urban and rural areas of China and reaches every corner of the world. China Telecom built the world biggest CDMA 3G network, was the first company to bring commercial 3G services to China, and has a wide range of branded products including "Tianyi", "My e-Home", "BizNavigator", and "Best Tone", among others.
Pursuant to the signed agreement, China 3C's retail stores will be able to serve as China Telecom's authorized point of service in all of its core areas including fixed-line telephone services, mobile services, Internet connections and applications, and prepaid phone services. The objective is to provide China 3C's many customers with more convenience, better quality mobile devices and integrated mobile Internet information services.
About China 3C Group
China 3C Group ("China 3C", or "the Company") (CHCG) is a leading wholesale distributor and retailer of 3C merchandise: computers, communication products and consumer electronics. The company specializes in wholesale distribution and retail sales of 3C products in Eastern China, focusing on products that make life more comfortable, convenient and connected. The company operates under the Yosen and Wang Da brand names. For more information, visit http://www.china3cgroup.com/.
Safe Harbor Statement
Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the Company's future performance. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the periodic reports that are filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
