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Edited by Christopher Simmons, senior news editor
CITY NETWORK ANNOUNCES THE SIGNING OF COOPERATION AGREEMENT WITH CHINA'S PUTIAN
TAIPEI, Taiwan - (Send2Press Newswire) - Oct. 16, 2003 -- City Network,
Inc. (OTC BB: CYNW) is proud to announce the signing of an exciting new
cooperation and sales contract with the Beijing subsidiary of the firm
China Putian, one of the largest corporations in Mainland China
(www.china-putian.com.cn). Together with China Putian, City Network will
utilize over 600 retail sales centers already established across China
to promote and distribute its ADSL, VDSL and wireless Internet equipment
Recently, City Network sent Ms. Alice Chen, one of the company's
directors and top managers, to Beijing to direct the new joint effort
with China Putian.
City Network plans to focus much of its development effort and product
offerings on Beijing and the entire greater China market. In an effort
to rapidly facilitate the start of this cooperation, City Network has
already received orders for large quantities of ADSL equipment as well
as begun shipping other items to China's capital city Beijing. The two
companies estimate that in the year 2003, the join venture could reach a
goal of as much as ten million U.S. dollars in total sales.
"It is a remarkable step in our effort to expand sales and raise company
profit," said project manager and company representative Alice Chen, "we
see the chance to cooperate with such a well-known and established firm
as China Putian as substantial progress in our company's own sales
China Putian was one of the top ten corporations in all of China in
sales volume and managed over sixty-four billion RMB in total revenue (8
billion U.S. dollars). With this caliber of joint venture partner City
Network feels that its move into China will allow it to achieve greater
stability and will doubtless provide tremendous business opportunity in
the world's largest consumer market.
"With this type of partnership, we feel that City Network could easily
become China Putian's primary supplier of Internet hardware and
networking components," commented the company's spokesperson, "if
things progress as planned, we possibly could see considerable monthly
revenues from this cooperation alone."
About China Putian
CHINA PUTIAN CORPORATION is an IT products and service provider in the
telecommunication industry. The company was founded in 1980, originally
called China Posts and Telecommunications Industry Corporation, and
successively affiliated to the Ministry of Posts and Telecommunications
and the Ministry of Information Industry. At the end of 1998 it became a
large enterprise directly under the leadership of the central
government. The company owns over 50 companies directly invested by the
headquarters, which include 5 listed companies. There are over 54,000
employees. It was No. 1 of the top 100 Chinese Electronic & Information
Enterprises in 2001 and 2002. It ranks 10th overall among the list of
China's largest enterprise groups.
About City Network
City Network, Inc. designs, manufactures and markets a comprehensive
line of broadband and wireless Internet access solutions. The Company is
positioning to capitalize on what it believes to be vast underdeveloped
and overlooked new and emerging growth Internet markets. The company's
product line ranges from the City Network HPNA device for the blooming
worldwide residential building and hospitality market to the simple DSL
bridge/modem for the home and small business user. Currently, City
Network Home PNA and xDSL broadband access equipment is widely deployed
by major telecommunication carriers, ISPs, and System Integrators
Organization Website: www.citynetwork.com.tw
Source of News:
City Network, Inc.
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