BEIJING, Oct. 26 /PRNewswire-Asia/ -- Telestone Technologies Corporation (Nasdaq: TSTC; "Telestone", or the "Company"), a leading developer and provider of local access network solutions based in China, announced today that one of its divisions, the Radio Division, which runs its integration service business, is certified as a "High and New Technology Enterprise" by the Beijing Municipal Government. It is the second division within Telestone that has been granted such a certification, with the first being Telestone's Science and Technology Division that received the certification in 2008.
Starting in 2008, the Chinese government has revised and raised the standards for national high and new technology organizations. The new standards are higher than the previous set of standards as they now provide specific and quantitative requirements in the capabilities of a company's R&D team and R&D results, such as the number of patents, investment in R&D, participation in research projects organized by the national government, and the sales revenue of the equipment independently developed by a company. There were approximately 30,000 certified enterprises in Beijing last year under the previous standards. Under the more stringent set of new criteria, there are only 110 companies, including Telestone, that have been certified in the first batch of certifications in 2008.
Following the release of the new standards, the Beijing Municipal Government will issue a series of preferential policies that support the certified enterprises. Such policies include tax exemption or tax rate reduction, special market permission and bank credit support, as well as individual preferential treatments to the key personnel or key posts of the enterprises.
Telestone has also obtained the qualification of "Engineering Technology Center" from the Beijing Municipal Government. Over the years, there have been approximately 100 enterprises awarded such a qualification, including state-run and private enterprises and many construction enterprises. As with the Company's certification of High and New Technology Enterprise, the Company expects to be entitled to additional support and preferential policies.
"We are pleased that the local Beijing authorities have certified our company as a New and High Technology Enterprise," began Mr. Han Daqing, Chairman and CEO of Telestone. "We believe that this certification reaffirms our position in the market as a valued supplier of telecommunication technologies and services for China's access network market and will have a very positive impact on our future marketing and business expansion efforts. We are equally proud of our team's efforts to develop technologies to meet the demand of China's mobile subscribers, the largest base of subscribers in the world, and the requirements of the telecommunication carriers who rely on companies like Telestone to keep pace with ever-changing communication networks and the products."
About Telestone Technologies Corporation
Telestone provides Local Access Network Solutions, products and engineering integration to telecom carriers. In terms of 2G technologies, Telestone is a main supplier in wireless access coverage infrastructure building for the GSM and CDMA network base on its RFPA technologies primarily in the PRC. The products; repeaters, line-amplifiers, antennas and radio accessories are all based on RFPA technologies. After intensive research on the demands of carriers in 3G technologies, based on its R&D capabilities in both wireless and Fiber-Optics, Telestone has invented its WFDS unification local access network solution and products. Telestone also provides services that include project design, project manufacturing, installation, maintenance and after-sales services. Telestone currently has approximately 1,200 employees.
For further information, contact:
Company:
Ren Hu, Board Secretary
Tel: +1-201-877-0415
Email: arenhu@gmail.com
Investor Relations:
John Mattio
HC International Inc.
Tel: +1-203-616-5144
Email: john.mattio@hcinternational.net
