SINGAPORE, March 11 /Xinhua-PRNewswire/ -- Huantong Singapore Telecom Company Pte Ltd, subsidiary of Guangzhou Global Telecom Inc. (OTC Bulletin Board: GZGT), a mobile phone handset and pre-paid calling card distributor and mobile handset value-added services provider in the PRC, announced that it has signed an agreement with TCAM Technology Pte Ltd for the intention of
co-operation and expansion of GZGT’s global presence. The co-operation incorporates R&D and the manufacturing of telecommunications related products. Pursuant to the agreement, GZGT is acquiring 30% of TCAM in the form of issuing 3,500,000 shares and SGD200,000 as operating cash.
TCAM Technology Pte Ltd is a leading innovative solutions provider of telecommunications related products based in Singapore. Founded in May 2001, TCAM Technology Pte Ltd was set up to develop the TMASTM series of wireless telemetry and GSM/GPRS modem products catered for international system integrators and service providers.
Currently, it has expanded its solutions to include meter reading and network computing applications. To date, TCAM Technology Pte Ltd has been exporting their GSM/GPRS products to over 55 countries worldwide with some upcoming volume projects in some European countries, etc. TCAM Technology Pte Ltd is also one of the few Asian companies to be qualified as Siemens AG (Germany) Machine to Machine (M2M) One Solution Partner in March 2007 ( http://www.tcam.com.sg/news.html ).
TCAM Technology Pte Ltd’s new business direction is to engage in volume metering projects to capture the increasing opportunities coming from the utilities markets around the world. TCAM Technology Pte Ltd intends to expand its coverage and seek new potential collaborations with meter manufacturers and system integrators.
Currently, TCAM is projecting a more than 100% increase in sales revenue for the present financial year as compared to the corresponding period last financial year. The unaudited half-yearly sales figures for the six months ended 31 December 2007 have already reached SGD1.5 million compared to SGD400,000 for the corresponding period in 2006. The unaudited net profit figures for this period amounted to SGD145,000 and the projected full-year net profit is poised to hit SGD300,000.
For more information, please visit http://www.guangzhouglobaltelecom.com and http://www.tcam.com.sg .
Ms. Li Yankuan, Chairman of the Board and CEO of Guangzhou Global Telecom states, "The co-operation between GZGT and TCAM will further enhance our special emphasis on seeking strategic partner relationships and our vision of business globalization. The co-operation will greatly compliment each other’s business directions and resources, as well as expand the area of our business."
About Guangzhou Global Telecom
Guangzhou Global Telecom, Inc. is a national mobile phone handset and pre-paid calling card distributor and provider of mobile handset value-added services. Maintaining cooperative relationships with China Telecom, China Mobile and China Unicom, the Company seeks to become the largest sales and distribution center of mobile phones, mobile phone parts and prepaid mobile phone cards in China. GTL plans to introduce new software and services through an expanded network of regional and neighborhood service centers, shops and virtual stores. For details, please visit our website at http://www.guangzhouglobaltelecom.com .
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Glenn Yang
Huantong Singapore Telecom Company Pte Ltd
Tel: +65-98474716
+86-139-2224-7039
Email: glennyang@guangzhouglobaltelecom.com
