Telestone Receives RMB 15 Million Investment from Zhongguancun Development Group
BEIJING, June 20, 2012 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation (NASDAQ: TSTC) (the "Company"), a leading supplier of local access network solutions for communications networks in China, today announced that they recently received RMB 15 million investment from Zhongguancun Development Group (the "Group") for the research, development and commercialization of Telestone Intelligent Premise System (TIPS) technology.
"We are pleased to have gained this important support from the Beijing municipal government. We believe it is a strong validation of our TIPS technology," said Daqing Han, Chairman and Chief Executive Officer of Telestone. "The investment will be primarily oriented towards facilitating research and development and marketing of our TIPS platform. We expect that this additional financial support will help TIPS to gain further momentum this year."
TIPS is a groundbreaking technology based on Telestone's Wireless Fiber-Optic Distribution System (WFDS) technology. The technology unifies telecom, data, Internet, radio and broadcasting, and the Internet of Things using a basic fiber-optic network. The technology has been recognized as a key element of the government's Smart City Initiative because, among other things, it allows domestic telecom operators to share cooperatively deployed infrastructure and facilitates the integration of the three types of networks (voice, data, and video).
About Zhongguancun Development Group
Zhongguancun Development Group is acting on behalf of the Beijing municipal government to make equity investments in major projects to support the commercialization of key technologies. Over the next few years, the Group plans to invest in up to 500 high-growth companies.
About Telestone Technologies Corporation
Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than 10 years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for its leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, Wireless Fiber-optic Distribution System (WFDS), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,400 employees.
SOURCE Telestone Technologies Corporation