SHENZHEN, China, March 16 /Xinhua-PRNewswire/ -- The Intermost Corporation (OTC Bulletin Board: IMOT), a leading online electronic equity exchange service provider in China, today announced its development objective -- to form an OTC Bulletin Board in China.
Commenting on investors' questions about the Company's positioning and development strategy, Xiangxiong Deng, acting CEO of Intermost said, "Intermost has targeted the OTC Bulletin Board in China as its objective." The Chinese Capital Market has learned a lot from the US in its development. With only seventeen years of history, the Chinese Capital Market is filled with young blood.
This year the China Multi-Layer Capital Market welcomed historical opportunities. During the National People's Congress, Chinese Premier Wen Jiabao placed on the agenda for the first time construction of the China Multi-Layer Capital Market. Obviously, the Chinese government is in full swing, forging ahead with its development of the market. As the basis of the Multi-Layer Capital Market, the Equity Exchange Market looks very promising.
However, exchange efficiency and participation are highly restricted due to geographical isolation of regional equity exchanges. Mr. Deng said, "Intermost endeavors to break boundary limitations and form a nation-wide exchange platform for cross-boundary equity exchanges. We're seeking to construct an over-the-counter market in China."
The Intermost Corporation distinguishes itself with competitive edges. Its major shareholders have profound knowledge and understanding of the Chinese and overseas capital markets. They are leading the Company to a new horizon. Additionally, Intermost owns a stake in leading regional equity exchanges, including the Shenzhen International Hi-Tech Property Right Exchange Center and the Hainan Special Economic Zone Property Rights Exchange Center. It has also entered into cooperative agreements with thirty-two equity exchanges in China. With such extended relations, Intermost is able to integrate regional exchange systems, thus forming an electronic exchange platform for cross-boundary equities.
Thus far, Intermost has developed a series of mature equity solutions, which specialize in quotations, registration and depository, as well as equity online trading. It has become the leading equity solution supplier in China. The Equity Registration and Depository System developed by the Chinae.com Technology (Shenzhen) Co., Ltd. is now running smoothly and has conveyed a substantial amount of business value to the Shenzhen International Hi-Tech Property Rights Exchange Center ("Shenzhen Exchange").
Since the Company made a direct investment into the Shenzhen Exchange in 2004, the exchange is distributing dividends for the first time this year. It is clear that the China Equity Exchange Market has started to produce results. It is reported that the Intermost Corporation is planning to increase holdings in the Shenzhen Exchange, as well as add new exchanges to its holdings.
Intermost's Enterprise Incubation Business, as part of the essential components in the Equity Industry Chain, has also made great progress. After two years of incubation, the Shenzhen Golden Anke Technology Ltd. in which Intermost had a 51% share, has soundly developed and started its listing procedures. Once it successfully goes public, Intermost will benefit from Golden Anke's increasing market capitalization. Leader Palace International, Limited, another company in which Intermost owns a 100% stake, entered into Intermost's incubation process in October 2006. Leader Palace's VoIP (Voice over Internet Protocol) business brought revenue of over USD $450,000 to the Intermost Corporation in the previous quarter.
Another value-added service in the Equity Industry Chain -- Investment Consultancy -- has entered into nationwide resource allocation. The Chinae.com Investment Consultant (Shenzhen) Co., Ltd. plans to set up branch offices in its cooperative equity exchanges to provide services in close proximity to equity investors around China.
Mr. Deng emphasized in closing, "Experience indicates that the China economic markets will always come up with miracles once we target the correct goal. We believe in the great potential of the Multi-Layer Capital Market in China. Intermost is growing with this market and is endeavoring to bring superior returns to our shareholders."
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