SHENZHEN, China, Feb. 28 /Xinhua-PRNewswire/ -- The Intermost Corporation (OTC Bulletin Board: IMOT), a leading electronic online equity exchange service provider in China, announces news from the Shenzhen International Hi-Tech Property Rights Exchange Center ("Shenzhen Exchange") that the "Nanhai District Enterprise Growth Investment Trust Fund" will be established in the first quarter of 2007. The fund caters to local innovative enterprises that cannot meet with the listing requirements on the Small and Medium Enterprise Board. As an important shareholder of the Shenzhen Exchange, the Intermost Corporation will closely collaborate with the new establishment.
It is reported that the Shenzhen Exchange has entered into agreements with several trust companies in Shenzhen on establishing the "Nanhai District Enterprise Growth Investment Trust Fund". The fund plans to last for three to four years, with governmental subsidies of approximately 50 million RMB to 100 million RMB. It prioritizes companies that have entered the program of "Growth Road Map of Innovative Enterprises".
According to the stipulations of this program, each innovative enterprise will be subsidized with 100,000 RMB to 1,000,000 RMB in the process of shareholding reform, depository, pre-listing consultancy, and listing. Companies that go public receive subsidies as high as 3.1 million RMB. In 2006, fifty-eight enterprises entered the program, of which thirty-eight gained subsidies of 20.5 million RMB.
Both industrial investment funds and venture investment funds are private equity funds targeting non-listed equities. Hi-tech venture investment funds target industries like IT, biochemistry, communications, and medical care. The China economy is calling for more venture investment funds.
The Shenzhen Exchange is the only hi-tech equity exchange in China authorized a name of "China" and "International". It is also one of the best performing exchanges. In 2006, its total trading volume achieved RMB 45.8 billion, increased by 40% compared to the previous year. Both revenue and profit renewed the records. The Intermost Corporation owns a 15% share in the Shenzhen Exchange. Its acting CEO Mr. Xiangxiong 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.
