Chinese Government Approves iPackets International, Inc.’s Joint Venture Registration
VANCOUVER, BC -- iPackets International, Inc. (“iPackets”) (PINKSHEETS: IPKL), a developer and provider of wireless communications software and equipment for the mine-safety industry, announced today that its Chinese Joint Venture, GuoAn Mine Safety Communication System, Inc. (“GuoAn”), has received approvals from various central government agencies, including the Foreign Joint Venture Office located in Beijing.
Originally announced in October, the Joint Venture will include manufacturing, distribution, sales, marketing, installation, deployment, and support of iPackets’ iPMine solution to the untapped multi-billion dollar mining industry in China as well as other foreign markets.
GuoAn has also received approval from the local municipality of Jiaozuo (Jiaozuo Commerce Bureau and Quality Supervision Administration) where its manufacturing facility will be located. GuoAn will receive a temporary business license in the next 15 days and the permanent business license should be issued within 8 weeks.
iPackets would also like to make a correction to previously released figures on the size of the land that’s being provided to GuoAn by the province of Henan in support of this project. The raw land that’s being given to GuoAn is over 43 acres (over 170,000 squared meters), with a world-class manufacturing facility of over 10 acres (over 50,000 squared meters), not over two acres (over 10,000 squared meters) as previously indicated. The facility will house all manufacturing equipment, research and development, lab facilities, quality testing, and assembly.
About the Mining and Mine Safety Industries in China
There are more than 280,000 mining enterprises in China, 80,000 of which are state owned. Of the state owned mines, more than 700 are classified as large mines, which will soon face Chinese government mine safety regulations. Mine safety has been a major issue with more than 6,000 miners killed in China last year, although, according to independent estimates, the real figure could be as high as 20,000 miners killed. According to Chinese government statistics, more than 12.2 million people were employed as miners in 2005, and approximately 7.0 million of these were coal miners.
About GuoAn Mine Safety Communication System, Inc.
GuoAn, with a registered capital of $12 million, is a Chinese Joint Venture between iPackets International, Henan YongAn Investment Guarantee Co., and China Coal Information Institute. GuoAn is responsible for the manufacturing, distribution, sales, marketing, installation, deployment, and support of iPackets’ iPMine solution to the mining industry in China. The operation is based in the Province of Henan, China’s second largest coal producing province.
About iPackets International, Inc. and iPMine
iPackets International is a developer and provider of wireless communications software and equipment for the global mine-safety industry. iPMine, the company’s flagship product designed to significantly improve the safety of miners and equipment, is a real-time two-way wireless communications solution that tracks, monitors, and communicates with miners and equipment underground and above ground. For more information, visit www.ipackets.com.
Certain statements included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words “plan,” “expect,” “believe,” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations.
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