China VoIP & Digital Telecom Inc. Subsidiary Consummated Geely Project
Jinan Yinquan Technology Co., Ltd successfully completed the first-stage VoIP network construction for Geely Group
Jinan, China- (Market wire) –December 4, 2007- Jinan Yinquan Technology Co.,Ltd,, the wholly subsidiary of China VoIP & Digital Telecom Inc. (OTCBB:CVDT), today announced that it has successfully completed the first-stage VoIP project for Zhejiang Geely Group, a Hangzhou-China-based auto manufacturer. The project agreement was signed by both parties on September 11 for Yinquan to build Geely’s own VoIP communication networks covering various regions in China..
The newly built Geely VoIP network is currently under trial operations.
Both parties are negotiating about the second-stage project to expand Geely’s VoIP communication networks now.
Geely project’s success will have significant financial and social impacts on the Company.
About Zhejiang Geely Group Ltd.
Zhejiang Geely Group Ltd. is the only private enterprise among the top ten auto makers in China. Headquartered in provincial capital Hangzhou of Zhejiang Province, it has four specialized production and manufacturing bases for complete auto production and power assemblies, three in Zhejiang Province (Linhai, Ningbo and Luqiao), and one in Shanghai. It currently has an annual output of 200,000 vehicles, 200,000 engines and 200,000 transmissions. Zhejiang Geely Group Ltd. also has nine major bases, three universities, nearly 400 4S shops and 600 service stations. The company employs more than 8,000 people in China, with more than 200 service sales sites abroad. Its has approximately RMB 10.5 billion in total assets.
More information can be found atwww.geely.com
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as 'believe,' 'expect,' 'may,' 'will,' 'should,' 'project,' 'plan,' 'seek,' 'intend,' or 'anticipate' or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
Contact:
Great Wall Research LLC.
Sheena Shen, CPA, CFA
Tel: 203-252-7266 (U.S.)
138 0210 9863 (China)
sshen@greatwallresearch.com