Business Editors/High-Tech Writers
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 3, 2004
Yangtze Telecom Corp. (TSX VENTURE:SMS) is pleased to announce that its wholly owned Chinese subsidiary has been notified by China Mobile Communications Corporation (China Mobile) that effective immediately, it is authorized to offer its SMS (Short Messaging) services nationwide to all of China Mobile's subscribers. China Mobile is China's largest mobile network carrier with a rapidly growing subscriber base that currently numbers approximately 180 million customers.
Yangtze Telecom already holds a similar national services agreement with China United Telecommunications Corporation (China Unicom), the other nationwide mobile network carrier in China. With China Unicom having approximately 90 million subscribers, the Company is now able to offer its SMS services to approximately 270 million mobile phone subscribers and all future subscribers of China Mobile and China Unicom in China. According to official figures recently released by China's Ministry of Information Industry, China is experiencing explosive growth in mobile phone usage as the two network carriers added 62.7 million mobile phone subscribers in 2003, a 30% increase over 2002.
"This authorization represents a significant achievement for our Company," said President Emily Chen. "Many steps had to be executed in order to obtain authorization from China Mobile. These included securing a national SMS access number from China Mobile, successfully completing a significant equity financing in North America to meet capitalization requirements, opening two branch offices in Beijing and Shanghai, and completion of comprehensive technical testing of our network with each of China Mobile's provincial and regional operators. We look forward to offering our existing and future SMS services to China Mobile's customers on its national network."
Yangtze Telecom is committed to satisfying the growing demand of China's mobile subscribers for a wide variety of SMS services. The Company continues to enhance its suite of services through in-house development, exclusive licenses and joint ventures with content providers worldwide. The Company is also investigating potential strategic alliances with industry leaders and is exploring acquisition targets that will strengthen its presence in important provincial and regional markets.
About China Mobile
China Mobile is directly under the central government of China, is a key state-owned enterprise based on the mobile business, and operates nationwide in 31 provinces (autonomous regions and municipalities). China Mobile has wholly owned subsidiaries in 10 provinces and owns 100% of China Mobile (HK) Group Limited, which is the major shareholder (approx. 75%) of China Mobile (HK) Limited (NYSE:CHL). China Mobile (HK) Limited has wholly owned subsidiaries in the other 21 provinces and went public in October 1997 on the New York Stock Exchange and the Stock Exchange of Hong Kong.
About Yangtze Telecom Corp.
Yangtze Telecom Corp. is a comprehensive provider of SMS (Short Messaging - text messaging) services for mobile phone customers and voice information services for fixed phone and mobile customers in China. The Company is focused on the rapidly growing mobile phone market and offers a diverse menu of SMS services including domain name registration, information services, fulfillment services, games and interactive events. For further information on Yangtze Telecom Corp., please visit the Company's web site at www.yangtzetelecom.com.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, the contents of this press release.
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