VANCOUVER, British Columbia, Aug. 5 - China Mobility Solutions (OTC Bulletin Board: CHMS) is pleased to announce that it has exercised its option to purchase the remaining 49% of Quicknet Telecommunications Corp. (Quicknet) of Beijing, China for US $4 million dollars.
The purchase will be made in two cash installments, with US $2 million to be paid by the end of September 2005 and the remaining US $2 million by the end of December 2005. CHMS initially controlled 51% of Quicknet in 2004 as a vehicle to rapidly expand its growing SMS business in China. With its national presence, extensive client list, and large proprietary database, Quicknet is a leading provider of mobile business solutions for corporations across China. Using a highly advanced technology platform, its enterprise services include advanced database management, CRM and message auditing functionality.
"We are extremely pleased to have exercised our purchase option on the remaining 49% of Quicknet Telecommunications Corp.," said Angela Du, President of China Mobility Solutions. "With the closing of this option agreement by July 29th we have been able to negotiate the complete acquisition of Quicknet at a very fair price, save US $1 million dollars, and we are able to make the payment over the next several months. This will ensure that our cash position remains strong as the Company moves forward."
About China Mobility Solutions Inc.
China Mobility Solutions (OTC Bulletin Board: CHMS) is a leading provider of mobile business solutions to many diverse corporations across China. With its rapidly growing client base of more than 20,000 Chinese companies and access to a further 500,000 companies through its proprietary database, China Mobility Solutions is well positioned to become one of the largest providers of mobile business solutions in China. The Company has proprietary profit-sharing contracts with China's largest telecommunications companies -- China Mobile, China Unicom and China Telecom. Analysts predict that by 2007, China will have more than 500 million mobile phones in operation. In 2003, more than 200 billion text messages were sent through mobile phones in China.
Forward looking statement
This report contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subjected to the safe harbors created thereby. All statements other than historical facts included in this report, including, without limitation, the statements regarding our cash position remaining strong as the Company moves forward and the Company being well positioned to be one of the largest providers of mobile solutions in China are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors, developments of the Chinese and North American markets and changes in regulatory matters. The Company cautioned that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated from the forward-looking statements due to several important factors. The Company disclaims any obligation to update any such factors or to publicly announce results of any revision to the forward-looking statements contained herein to reflect future events or developments.
Contact:
Angela Du, President
China Mobility Solutions Inc.
900-789 W. Pender Street
Vancouver, B.C.
Contact Number: 604-632-9638
Email: investors@chinamobilitysolutions.com
Website: http://www.chinamobilitysolutions.com
