BEIJING, Jan. 29 /Xinhua-PRNewswire-FirstCall/ -- Telestone Technologies Corporation Ltd. ("Telestone" or the "Company") (Nasdaq: TSTC), a leading developer and provider of wireless communication coverage solutions based in the People's Republic of China, today announced it had won license approvals and signed initial sales agreements (the "Agreements") in Russia.
As part of the Agreements, which to date have a total value of approximately US$150,000, Telestone will supply RF equipment to several Russian partners on a trial basis. Should these initial sales be successful, the Company expects to receive further orders from customers in Russia during 2008.
Mr. Han Daqing, Chairman and CEO of Telestone, commented: "Russia is a new and exciting market for us and I am confident that these initial agreements will help pave the way for future sales. The fact that our RF products have met with some of the industry's most exacting global standards assured our Russian clients that Telestone would be able to deliver the products they were looking for. Going forward we will continue to expand overseas sales by enhancing our geographical footprint and further solidifying our position in markets such as Brazil, Mexico and Russia."
In addition, the Company has been granted GOST R certification, the highly recognized Russian certification standard which verifies the quality and production management standards of tested products. Six series of the Company's RF products have passed GOST R certification tests and have been granted license approval to enter the Russian market.
About Telestone
Telestone provides wireless communications coverage solutions primarily in the PRC. These solutions include products such as repeaters, antennas and radio accessories. Telestone also provides services that include project design, project management, installation, maintenance and other after-sales services. Telestone currently has approximately 800 employees. For more information please visit http://www.telestone.com/english/index.asp .
Safe Harbor Statement
Statements about the Company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The Company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the Company undertakes no obligation to update forward-looking statements.
For further information please contact:
Fang Cui
Telestone Technologies Corporation Ltd.
Tel: +86-10-8367-0088 x1203
Email: cuifang@telestone.com
Julian Wilson
FD Beijing
Tel: +86-10-8591-1951
Email: Julian.Wilson@fd.com
