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Local Governments Strengthen Supports for Shenzhen International Hi-Tech Property Right Exchange Center

2007-03-07 18:30 1115

SHENZHEN, China, March 7 /Xinhua-PRNewswire/ -- The Intermost Corporation (OTC Bulletin Board: IMOT), a leading electronic online equity exchange service provider in China, announced that its associate company and close equity exchange partner, Shenzhen International Hi-Tech Property Right Exchange Center ("Shenzhen Exchange"), has received further generous support from Guangdong provincial and Shenzhen Municipal governments.

To foster growth of hi-tech companies, Chinese governmental authorities initiated a "Growth Road Map of Innovative Enterprises Program" on the Shenzhen Exchange. The Shenzhen Exchange is allowed to expand its business to cover the whole South China area in the co-name of China Property and Share Rights Exchange ("CPSE"). A budget of RMB 15 million has been granted to CPSE as well as a free office space of 3,000 square meters and a site of 10,000 square meters for CPSE to build an equity exchange building. As an important shareholder and close partner, Intermost will fully collaborate with the Shenzhen Exchange.

The "Growth Road Map of Innovative Enterprises Program" is a Green Financing Channel for small and medium enterprises from the Multi-Layer Capital Market. It is committed to solve their financing needs during growth and development stages. Shenzhen local governments allocate capitals and build up such a channel on the Shenzhen Exchange.

Mr. Jin-yong Chang, CEO of the Shenzhen Exchange said, "The Growth Road Map Program is the first Private Equity Placement in China based on the qualified investor registration system." The newly revised Company Law, Security Act and Partnership Law of PRC have eliminated all juristic obstacles in private equity placement. It is reported that individuals and institutions, who have seasoned professionalism or have met certain capital requirement, can register as a qualified investor on the Shenzhen Exchange and take part in private equity placement in the Growth Road Map Program.

The prosperous hi-tech industry in Shenzhen City, pearl river delta and South China has resulted in high demands for technologic equity transfers. Along with expansion of equity market, the Shenzhen Exchange will developed into China's top equity exchange together with those in Tianjin and Shanghai.

The Intermost Corporation owns a 15% share in the Shenzhen Exchange. Its acting CEO Mr. Xiang-xiong Deng is also the Vice-Chairman of the Shenzhen Exchange.

About the Intermost Corporation

Founded in the USA in September 1998, the Intermost Corporation was the first Chinese Internet company listed on the US OTC Bulletin Board (stock symbol: IMOT) in December 1998. The Intermost Corporation has focused its services on the booming Equity Exchange Market in China, including equity- related solution development, equity quotes and information provision, electronic online equity exchange services, direct investment in regional equity exchanges, business incubation services for well-performing innovative enterprises, investment consulting services for overseas listings, the equity portal website -- China Equity Exchange Platform ( http://www.chinae.com ), and otherwise.

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:

Mr. Chris Liu / Ms. Carmen Liu

Intermost Corporation

Tel: +86-755-8221-0238

Email: ir@intermost.com

Source: Intermost Corporation
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