BEIJING, Feb. 21 /Xinhua-PRNewswire-FirstCall/ -- The Smooth Global (China) Holdings, Inc. (OTC Bulletin Board: SMGH - News; "SMGH" or "Company") a leading provider of value-added telecommunication services in China, announced today that the Company's operating subsidiary, Beijing Global Ring Telecom Information Services Co. Ltd. ("Beijing GRT") has signed an agreement with Beijing Shunyi Investment Promotion Bureau for the launching of "VoIP Network Construction" service in the Shunyi District of Beijing, which offers the construction of VoIP Network for brand named companies in the district of Shunyi in Beijing, targeting for $1.2 million gross margin annually.
According to the general plan of Beijing Municipality, Shunyi is located in the middle segment of the East Development Band with the concept of "2 axles -- 2 bands -- multi-centers." With this plan, Shunyi District will be awarded with four functions: modern manufacturing, a logistics hub, an international exchange and holiday relaxation. Shunyi District has attracted over 300 large and medium foreign enterprises from over 18 countries including some famous brands such as Ericsson, SONY, JVC, AIRBUS, Panasonic and Citizen. More than 20 factories and R&D companies, which are listed in the World's Top 500 Companies, established their business in Shunyi District based on its predominant investing environment, excellent office settings and well-served daily assistance.
According to this agreement, Beijing Shunyi Investment Promotion Bureau will partner with Beijing GRT to start its "Intragroup Call" service and "VoIP Network Construction" service promotion, providing the chance of annual gross margin of approximately $1.2 million.
Ms. Zheng Shuying, President of SMGH, commented, "We are pleased to partner with the Municipal organization, Shunyi Investment Promotion Bureau which will help us to expand our VoIP Network Construction business in Shunyi. We will continue our good relationship with government bodies which will introduce us in Network Construction. We will look forward to partner with other municipal districts of Beijing in China. "
About Smooth Global (China) Holdings, Inc.
Smooth Global (China) Holdings, Inc. was organized under the name Bralone Mining Company (the "Company") under the laws of the State of Nevada on December 2, 1998. On November 2, 2006, The Company acquired all of the outstanding capital stock of Gold Profit (Asia) Group Limited ("Gold Profit"), which owns 100% of the registered capital of Beijing Quan Tong Chang Information Service Limited ("Beijing QTC"). Beijing QTC is a telecommunications service provider to deliver economical voice and data services domestically and internationally throughout China. It engaged in the business of distributing telephone services through public pay phones and is also in the business of developing Internet phone solutions for commercial customers, focusing on a convenient local, domestic and international long distance call service with competitive price. On July 31, 2007, it changed its name to Smooth Global (China) Holdings, Inc. The Company contracted with the subsidiaries of China Netcom Group Corporation (Hong Kong) Limited (NYSE:CN - News), namely China Netcom (Shaoxing) Corporation Limited and China Netcom (Guangdong) Corporation Limited to distribute their VoIP call time in China. On October 24, 2007, the Company acquired 100% equity interest on Smooth Global Services Limited, which holds Beijing GRT Information Services Limited ("Beijing GRT"), a company providing International Call Forwarding Service ("ICFS"). Beijing GRT entered into the international call forwarding business by obtaining a license from China Netcom (Group) Company Ltd. Shanghai Branch and a license from China Netcom (Group) Company Ltd. Shaoxing Branch. The licenses were acquired in connection with the purchase by Beijing GRT of 2000 local telephone numbers. The licenses provide that the carriers will facilitate the international call forwarding business of Beijing GRT by (1) waiving all monthly fees for the company's local numbers, (2) guaranteeing Beijing GRT its lowest per-unit fee, and (3) assuring Beijing GRT that it will retain the local numbers for at least three years. The Company will focus international call forwarding to its lines of business.
Forward-looking statements
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. All statements other than statements of historical facts included in this report 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; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.
The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
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