BEIJING, April 9 /Xinhua-PRNewswire-FirstCall/ -- Telecom Communications, Inc. (OTC Bulletin Board: TCOM), the Total Solutions Provider, announced today that its majority owned subsidiary, Subaye.com, Inc. (formerly HRDQ Group, Inc.) the services provider of corporate video web page developing, hosting and marketing, today executed a letter of intent (LOI) agreement to acquire a 100% interest in Free Stage Studios Limited in China.
Free Stage Studios Limited ("FSS") is a foreign investment enterprise established in 1994. Headquartered in Guangzhou, it's the leading producer of stage lighting, sound and video in China. FSS is currently running its business through 21 local offices across China, and has 322 designers and consulting engineers to provide one stop corporate video production, promotion and delivery services. FSS will be extremely helpful in the development and growth of Subaye.com ‘s corporate video online business.
Subaye's attorneys and accountants will be completing further due diligence prior to the closing date. The acquisition is also subject to approval by the board of directors of both companies, the shareholders of the target company, and a completion of audited financial statements in accordance to GAAP as required by the SEC.
About Telecom Communications, Inc.
Telecom Communications, Inc. (TCOM) is a Total Solutions Provider that offers Integrated Communications Network Solutions and Internet Content Service in universal voice, video, data web and mobile communications for interactive media applications, technology and content leaders in interactive multimedia communications. It develops, markets and sells a universal media software solution for enterprise-wide deployment of integrated voice, video, data web and mobile communications and media applications. Telecom Communications, Inc. does business in Asia via its wholly owned subsidiaries, Alpha Century Holdings Ltd., IC Star MMS, Ltd. ( http://www.skyestar.com ), Guangzhou TCOM Computer Technology Limited ( http://www.mystaru.com ) and majority owned subsidiary Subaye.com, Inc. ( http://www.subaye.com ).
Safe Harbor
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward- looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
