Sydney, Jan 18, 2008 (ABN Newswire) - m2m Corporation Limited ("m2m" or "the Company") (ASX: MCL) advises that through its Hong Kong subsidiary, Starband Communications Ltd ("Starband"), it has formally settled a joint venture with Baipin Technology Co., Limited ("Baipin") to increase sales and distribution of internet related services in China.
Baipin, a newly formed company, is a spin-off from an existing marketer of internet related services in Beijing. Baipin, which is based in Beijing, will market exclusively a range of products and services for Starband under a generic brand for the Chinese market.
Michael So, CEO of m2m, said "We are very pleased with the launch of this joint venture. Our strong portfolio of internet products suites will leverage off our joint venture for expansion into China and will help us attain an economically significant share of this expanding market."
The joint venture is a profit sharing arrangement in which Baipin will receive 10% of the net profits while Starband will retain 90% of the net profits with the option to acquire Baipin at a later date once predefined milestones have been achieved.
Baipin is planning to launch the internet-based services in February 2008 once completion of the Chinese eCommerce portal is reached.
Baipin, a newly formed company, is a spin-off from an existing marketer of internet related services in Beijing. Baipin, which is based in Beijing, will market exclusively a range of products and services for Starband under a generic brand for the Chinese market.
Michael So, CEO of m2m, said "We are very pleased with the launch of this joint venture. Our strong portfolio of internet products suites will leverage off our joint venture for expansion into China and will help us attain an economically significant share of this expanding market."
The joint venture is a profit sharing arrangement in which Baipin will receive 10% of the net profits while Starband will retain 90% of the net profits with the option to acquire Baipin at a later date once predefined milestones have been achieved.
Baipin is planning to launch the internet-based services in February 2008 once completion of the Chinese eCommerce portal is reached.
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About M2M Corporation Limited
m2m Corporation Limited (ASX: MCL) ("m2m" or "the Company") is an ASX listed technology investment company. The Company has active investments in Telecommunications and Broadband Telephony, Digital Video and Online Learning.
Its major investments in Telecommunications through its subsidiary "Whizfone Group of companies" has significant telecommunications infrastructure across the restrictive and high growth Pan Asian region, delivering carrier grade wholesale call termination services to Tier-1 Telecommunication carriers throughout the world. Whizfone also markets broadband telephony either wholly or through its joint venture partners that utilises its wholesale backbone to deliver quality and cost effective VoIP products and services to its customers in Asia.
Other investments include "Bluefish" which is the professional's choice, market leader in the development and supply of high definition and standard definition video cards to film and broadcasting specialists worldwide. Its cutting edge products are highly regarded in the industry and use by major film studios and broadcasters like Sony PCL and Channel 7. For more information, please visit: www.m2mcorp.com.au | www.whizfone.com | www.sipme.com.au | www.bluefish444.com | www.digitalvoodoo.net | www.todaycorp.com.au | www.xigital.com
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