Orbit E-Commerce Inc. Subsidiary, PureNet.TV Hong Kong, Signs Joint Venture Agreement for China
Simon Mou, President of PureNet.TV Hong Kong Limited stated, "With the Joint Venture now in place, the Company with its IPTV system..."
(EMAILWIRE.COM, July 10, 2008 ) TORONTO - Orbit E-Commerce Inc. (OTC Bulletin Board: OECI) (the "company") and PureNet.TV Hong Kong Limited ("PureNet"), a wholly owned OECI company, are pleased to announce the completion of a definitive Joint Venture Partnership Agreement ("the agreement") bringing IPTV services to China.
Previously, OECI announced the signing of an agreement with United Wireless to form a Joint Venture for the purpose of delivering Internet Protocol Television ("IPTV") products and services to United Wireless' 15 million subscribers in major cities across the Peoples Republic of China ("PRC"). During the course of their due diligence, management of both companies made the decision that a Joint Venture Partnership with HangZhou ZhengYuan Software Technology Limited, ("ZhengYuan") the major shareholder and an affiliated company of United Wireless, would be in the best interest of the parties.
Under the agreement, the Joint Venture Company will have immediate access to ZhengYuan's debit and smart card technology and their affiliated companies' customer base consisting of 15 million subscribers and 3,000 corporate and institutional clients in China.
In March 2008, the company shipped equipment to China to conduct testing of its IPTV technology. The Company demonstrated a successful test of the IPTV technology throughout the Grand Hyatt Hotel located in Beijing China. Demonstrations of the IPTV technology were made to Government officials, Telecom companies and ZhengYuan, the Company's joint venture partner.
Douglas C. Lloyd, President and CEO of OECI said today that, "We are pleased to have finally completed the signing of the Agreement with ZhengYuan, a well known and highly respected company in the Information Technology industry in China for the past 24 years. This partnership now gives PureNet an opportunity to bring IPTV products and services to the universities in China using ZhengYuan's integrated debit and smart card technology as the primary billing format and marketing services to ZhengYuan's customer base. The Company spent several years researching its IPTV system to create this opportunity and is now in the right place at the right time and plans to aggressively move forward with its partner to bring these services to the universities throughout China. Management has spent a great amount of time and resources in the past several years in research and development of this technology and this is a major step in rebuilding the organization and creating value for its shareholders."
Mr. Chen Jian, Chairman of ZhengYuan stated, "We are very pleased to have finally, after two years of research and due diligence, reached an agreement with PureNet and look forward to a long and rewarding relationship that will bring the first of many IPTV systems in major universities throughout China utilizing our integrated technologies and substantial debit and smart card customer base. It is ZhengYuan's intention to quickly establish itself as the leading provider of high definition IPTV products and services beginning with the educational institutions in China. The joint venture company will have the expertise, technology and human resources to bring high definition digital IPTV services to China."
Simon Mou, President of PureNet.TV Hong Kong Limited stated, "With the Joint Venture now in place, the Company with its IPTV system and ZhengYuan's proprietary debit and smart card technology and large loyal customer base, is well positioned to have an immediate impact in bringing high definition television, high-speed Internet and other IPTV products and services to China. We will begin with marketing to students at China's universities and then expand to other market areas currently utilizing ZhengYuan's patented products. I look forward to this very exciting opportunity and working with ZhengYuan to quickly build an IPTV network in China.
About HangZhou ZhengYuan Software Technology Limited
HangZhou ZhengYuan Software Technology Limited is the holding company of several companies in the information technology industry in China. It is the major shareholder of United Wireless and Zhejiang Zhengyuan Zhihui Science & Technology CO. LTD. Zhejiang Zhengyuan Zhihui Science & Technology CO. LTD. (http://www.hzsun.com) (translation by Google) is a registered company with the Administration for Industry and Commerce of Shenzhen Municipality. Zhejiang is a twenty-four year-old ISO9001 certified manufacturer of
award-winning high-tech products and is recognized by the Ministry of Information Industry software enterprises and by the Science and Technology Department of Zhejiang Province for outstanding products. Zhejiang has over 30 software and hardware patented products in the information and high-tech industry. The company is the developer of smart card (Bank debit card) technology and is the leading domestic product, over 70% market share, in the province of Zhejiang, China. The card is used in most educational institutions as well as the armed forces of China. The company has received a triple AAA credit rating award from the People's Bank of China.
About OECI
Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet Protocol (IP)-based communications systems, products, and services. OECI is dedicated to extending its communications vision and expertise into the market for IPTV video/Internet services, which is poised to experience rapid growth.
For more information about OECI, see the Company's web site:
http://www.orbitecommerce.com
SAFE HARBOR
This document contains forward-looking statements as defined by the federal securities laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may discuss our future expectations, contain projections of our future results of operations or of our financial position, or state other forward-looking information. However, there may be events in the future that we are not able to accurately predict or control. Forward-looking statements are only predictions that relate to future events or our future performance and are subject to substantial known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, outcomes, levels of activity, performance, developments, or achievements to be materially different from any future results, outcomes, levels of activity, performance, developments, or achievements expressed, anticipated, or implied by these forward-looking statements. As a result, we cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished. In summary, you should not place undue reliance on any forward-looking statements.
Contact Information
Contact Mr. John Neufeld, jneufeld@purenet.tv, 905-751-1499 for information regarding this press release.
This release was issued through GroupWeb EmailWire.com. For more information, visit http://www.emailwire.com.
SOURCE Orbit E-Commerce Inc.
Previously, OECI announced the signing of an agreement with United Wireless to form a Joint Venture for the purpose of delivering Internet Protocol Television ("IPTV") products and services to United Wireless' 15 million subscribers in major cities across the Peoples Republic of China ("PRC"). During the course of their due diligence, management of both companies made the decision that a Joint Venture Partnership with HangZhou ZhengYuan Software Technology Limited, ("ZhengYuan") the major shareholder and an affiliated company of United Wireless, would be in the best interest of the parties.
Under the agreement, the Joint Venture Company will have immediate access to ZhengYuan's debit and smart card technology and their affiliated companies' customer base consisting of 15 million subscribers and 3,000 corporate and institutional clients in China.
In March 2008, the company shipped equipment to China to conduct testing of its IPTV technology. The Company demonstrated a successful test of the IPTV technology throughout the Grand Hyatt Hotel located in Beijing China. Demonstrations of the IPTV technology were made to Government officials, Telecom companies and ZhengYuan, the Company's joint venture partner.
Douglas C. Lloyd, President and CEO of OECI said today that, "We are pleased to have finally completed the signing of the Agreement with ZhengYuan, a well known and highly respected company in the Information Technology industry in China for the past 24 years. This partnership now gives PureNet an opportunity to bring IPTV products and services to the universities in China using ZhengYuan's integrated debit and smart card technology as the primary billing format and marketing services to ZhengYuan's customer base. The Company spent several years researching its IPTV system to create this opportunity and is now in the right place at the right time and plans to aggressively move forward with its partner to bring these services to the universities throughout China. Management has spent a great amount of time and resources in the past several years in research and development of this technology and this is a major step in rebuilding the organization and creating value for its shareholders."
Mr. Chen Jian, Chairman of ZhengYuan stated, "We are very pleased to have finally, after two years of research and due diligence, reached an agreement with PureNet and look forward to a long and rewarding relationship that will bring the first of many IPTV systems in major universities throughout China utilizing our integrated technologies and substantial debit and smart card customer base. It is ZhengYuan's intention to quickly establish itself as the leading provider of high definition IPTV products and services beginning with the educational institutions in China. The joint venture company will have the expertise, technology and human resources to bring high definition digital IPTV services to China."
Simon Mou, President of PureNet.TV Hong Kong Limited stated, "With the Joint Venture now in place, the Company with its IPTV system and ZhengYuan's proprietary debit and smart card technology and large loyal customer base, is well positioned to have an immediate impact in bringing high definition television, high-speed Internet and other IPTV products and services to China. We will begin with marketing to students at China's universities and then expand to other market areas currently utilizing ZhengYuan's patented products. I look forward to this very exciting opportunity and working with ZhengYuan to quickly build an IPTV network in China.
About HangZhou ZhengYuan Software Technology Limited
HangZhou ZhengYuan Software Technology Limited is the holding company of several companies in the information technology industry in China. It is the major shareholder of United Wireless and Zhejiang Zhengyuan Zhihui Science & Technology CO. LTD. Zhejiang Zhengyuan Zhihui Science & Technology CO. LTD. (http://www.hzsun.com) (translation by Google) is a registered company with the Administration for Industry and Commerce of Shenzhen Municipality. Zhejiang is a twenty-four year-old ISO9001 certified manufacturer of
award-winning high-tech products and is recognized by the Ministry of Information Industry software enterprises and by the Science and Technology Department of Zhejiang Province for outstanding products. Zhejiang has over 30 software and hardware patented products in the information and high-tech industry. The company is the developer of smart card (Bank debit card) technology and is the leading domestic product, over 70% market share, in the province of Zhejiang, China. The card is used in most educational institutions as well as the armed forces of China. The company has received a triple AAA credit rating award from the People's Bank of China.
About OECI
Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet Protocol (IP)-based communications systems, products, and services. OECI is dedicated to extending its communications vision and expertise into the market for IPTV video/Internet services, which is poised to experience rapid growth.
For more information about OECI, see the Company's web site:
http://www.orbitecommerce.com
SAFE HARBOR
This document contains forward-looking statements as defined by the federal securities laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may discuss our future expectations, contain projections of our future results of operations or of our financial position, or state other forward-looking information. However, there may be events in the future that we are not able to accurately predict or control. Forward-looking statements are only predictions that relate to future events or our future performance and are subject to substantial known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, outcomes, levels of activity, performance, developments, or achievements to be materially different from any future results, outcomes, levels of activity, performance, developments, or achievements expressed, anticipated, or implied by these forward-looking statements. As a result, we cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished. In summary, you should not place undue reliance on any forward-looking statements.
Contact Information
Contact Mr. John Neufeld, jneufeld@purenet.tv, 905-751-1499 for information regarding this press release.
This release was issued through GroupWeb EmailWire.com. For more information, visit http://www.emailwire.com.
SOURCE Orbit E-Commerce Inc.
|
How to buy Penny Stocks
Learn the Skills, Make the Trades, Earn a Fortune! 100% Free to try. Chartpoppers.com.com Stop Being Fooled By "Penny Stock Picks" Subscribe To The #1 Rated MicroCap Stock Newsletter. MicroCapster.com Analyst Penny Stock Picks Visit StockSource.us for explosive stock picks, free stock research and trading tools www.StockSource.us Your text Ads here! Ads are only $575 per month. Ads are placed same day. Contac Us Emailwire.com/contact.php |