NEW YORK and HONG KONG, July 1, 2008 (PRIME NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE), a broadband and value added Internet services provider in China, affirmed its plan to be an early foreign investor in the booming China telco market.
The South China Morning Post reported on June 27, 2008 that the mainland's reorganization of its telecommunication industry is raising hopes that the door to the world's largest market will open to foreign companies. The shake-up has been termed 'the world's biggest industrial overhaul'. The restructuring announced last month by the Chinese government, is aimed at boosting competition. At present, the only foreign telcos that own stakes in China telcos are Vodaphone which owns 3% of China Mobile and SK Telecom who owns a 6.6% stake in China Unicom. "There's never been a better time for foreigners to get into the industry," said Daiwa Institute of Research's Marvin Lo. Daniel McKinney, Sino Fibre's CEO, commented: "this is the rare opportunity that we have been waiting for as we now have an agreement to acquire the fiber optic network as well as the majority shares of the telco subsidiary of Sino-Con Telecom Group. We have already paid a deposit towards this deal and hope to close this acquisition before the end of this year."
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is an open source company dedicated to provide international standard fiber optic backbone telecommunications transmission related sales and leasing services in China to all foreign telecommunications carriers and corporate users. For more information about Sino Fibre Communications, Inc., please visit www.sinofibre.com.
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This press release may contain, in addition, to historical information, forward-looking statements. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements include, among others, general economic conditions, adverse industry events, industry and government regulation, inability to implement business strategies, competition, currency fluctuations and doing business in China (including risks relating to state ownership, government intervention, foreign investment, repatriation of profits, currency conversion, shareholders' rights, enforcement of judgments, legal system developments, protection of intellectual property rights, permits and business licenses, appropriation, tax, infrastructure and interest rate fluctuations). Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.