China Convergent Receives Listing Notification from Nasdaq
Apr 24, 2001, 01:00 ET from China Convergent Corporation Limited
HONG KONG and LOS ANGELES, April 24 /PRNewswire Interactive News Release/
-- China Convergent Corporation Limited (Nasdaq: CVNG; ASX: CVNG; FSX: OLSA)
today announced it has received notification from Nasdaq regarding the
potential delisting of the company's American Depositary Receipts (ADRs) due
to a failure to maintain a minimum bid price of $1.00 for a thirty-day trading
period.
According to Marketplace Rules, the company must regain a minimum bid
price of $1.00 per ADR for a period of 10 consecutive trading days before June
6, 2001, or it will become subject to a formal delisting of its ADRs.
The company indicated there can be no assurance that the minimum bid price
for its ADRs will reach the required minimum bid level of $1.00 for
10 consecutive trading days before June 6, 2001. If the company's ADRs are
delisted from the Nasdaq National Market, China Convergent plans to have its
securities quoted on the OTC Bulletin Board.
About the CVN Project
CVN is a development stage company whose goals are to build and manage a
national interactive broadband network; create and source complementary
domestic and international broadband products and services; and deliver
broadband content and commercial services in China.
According to the State Administration of Radio, Film and Television
(SARFT) which is under the State Council and is the administrative body in
charge of China's radio, film and television, cable passes 90% of China's
1.25 billion population. To date CVN has announced nine joint ventures with
provincial and local cable broadcasting bureaus, eight of which are
subsidiaries of SARFT. Management's strategy is to build CVN using SARFT's
national fiber optic network, and benefit from its existing broadband
capabilities and unique "last mile" connections.
The joint ventures will upgrade the existing cable systems to two-way
interactive, and market broadband cable to their combined 26 million of
China's 80 million cable subscribers, the world's largest market. Because of
China's 90% penetration rate for household TVs, management intends to connect
its national network to subscribers using its third generation set-top box
technology. In addition to customers having access to broadband content,
communications and e-commerce, this proprietary technology provides TV sets
with personal computing functionality, which presents a lower cost method of
satisfying the natural demands within a country with penetration rates for PCs
and Internet usage of 4% and 1% respectively.
The security of CVN's network is expected to facilitate the importation of
Western intellectual property and expand China's offering of movies,
television programs, and video-on-demand programming. CVN will also offer
domestic and foreign merchandisers and advertisers access to its subscriber
network, and provide IT expertise and database management outsourcing to
commercial users. The network will utilize existing technologies from Nortel,
nCube and other vendors, as well as its proprietary set-top boxes.
About China Convergent Corporation Limited
China Convergent is a Hong Kong based holding company engaged in the
development of interactive broadband cable television operations in the
People's Republic of China through its wholly owned subsidiary, CVN Group Inc.
The shares of China Convergent are traded on the Australian Stock Exchange
(ASX: CVG), Frankfurt Stock Exchange and NASDAQ Stock Market (Nasdaq: CVNG).
In addition to managing broadband assets in China, China Convergent
provides CVN with technology, develops broadband Chinese content, manufactures
its own set-top boxes and develops Asian interactive broadband cable networks
outside of China through its Hong Kong-listed subsidiary, Prosper eVision
Limited (Hong Kong stock code: 979).
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not guarantees of China Convergent Corporation Limited's future
operational or financial performance and are subject to risks and
uncertainties that might adversely affect the operating results of the company
in a material way. Such risks and uncertainties include, without limitation,
ability to obtain financing, technological changes, and competition, as well
as other risks and uncertainties detailed in filings with the Securities and
Exchange Commission.
For further information please contact P.T. Kwok, Corporate Secretary of
China Broadband Corp., 011-852-2821-4688; Dennis Yu, Executive Director of
China Broadband Corp., Chief Executive Officer of Century Vision Network,
011-852-2918-9988, dennis.yu@chinabroadband.com; George T. Raney, Jr., Vice
President Strategic Partnerships of Dragon Broadband, U.S. Affiliate,
310-247-0056; or Gary S. Maier or Michael Pollock of Pondel/Wilkinson Group,
310-207-9300, investor@pondel.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X12424661
SOURCE China Convergent Corporation Limited
HONG KONG and LOS ANGELES, April 24 /PRNewswire Interactive News Release/
-- China Convergent Corporation Limited (Nasdaq: CVNG; ASX: CVNG; FSX: OLSA)
today announced it has received notification from Nasdaq regarding the
potential delisting of the company's American Depositary Receipts (ADRs) due
to a failure to maintain a minimum bid price of $1.00 for a thirty-day trading
period.
According to Marketplace Rules, the company must regain a minimum bid
price of $1.00 per ADR for a period of 10 consecutive trading days before June
6, 2001, or it will become subject to a formal delisting of its ADRs.
The company indicated there can be no assurance that the minimum bid price
for its ADRs will reach the required minimum bid level of $1.00 for
10 consecutive trading days before June 6, 2001. If the company's ADRs are
delisted from the Nasdaq National Market, China Convergent plans to have its
securities quoted on the OTC Bulletin Board.
About the CVN Project
CVN is a development stage company whose goals are to build and manage a
national interactive broadband network; create and source complementary
domestic and international broadband products and services; and deliver
broadband content and commercial services in China.
According to the State Administration of Radio, Film and Television
(SARFT) which is under the State Council and is the administrative body in
charge of China's radio, film and television, cable passes 90% of China's
1.25 billion population. To date CVN has announced nine joint ventures with
provincial and local cable broadcasting bureaus, eight of which are
subsidiaries of SARFT. Management's strategy is to build CVN using SARFT's
national fiber optic network, and benefit from its existing broadband
capabilities and unique "last mile" connections.
The joint ventures will upgrade the existing cable systems to two-way
interactive, and market broadband cable to their combined 26 million of
China's 80 million cable subscribers, the world's largest market. Because of
China's 90% penetration rate for household TVs, management intends to connect
its national network to subscribers using its third generation set-top box
technology. In addition to customers having access to broadband content,
communications and e-commerce, this proprietary technology provides TV sets
with personal computing functionality, which presents a lower cost method of
satisfying the natural demands within a country with penetration rates for PCs
and Internet usage of 4% and 1% respectively.
The security of CVN's network is expected to facilitate the importation of
Western intellectual property and expand China's offering of movies,
television programs, and video-on-demand programming. CVN will also offer
domestic and foreign merchandisers and advertisers access to its subscriber
network, and provide IT expertise and database management outsourcing to
commercial users. The network will utilize existing technologies from Nortel,
nCube and other vendors, as well as its proprietary set-top boxes.
About China Convergent Corporation Limited
China Convergent is a Hong Kong based holding company engaged in the
development of interactive broadband cable television operations in the
People's Republic of China through its wholly owned subsidiary, CVN Group Inc.
The shares of China Convergent are traded on the Australian Stock Exchange
(ASX: CVG), Frankfurt Stock Exchange and NASDAQ Stock Market (Nasdaq: CVNG).
In addition to managing broadband assets in China, China Convergent
provides CVN with technology, develops broadband Chinese content, manufactures
its own set-top boxes and develops Asian interactive broadband cable networks
outside of China through its Hong Kong-listed subsidiary, Prosper eVision
Limited (Hong Kong stock code: 979).
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not guarantees of China Convergent Corporation Limited's future
operational or financial performance and are subject to risks and
uncertainties that might adversely affect the operating results of the company
in a material way. Such risks and uncertainties include, without limitation,
ability to obtain financing, technological changes, and competition, as well
as other risks and uncertainties detailed in filings with the Securities and
Exchange Commission.
For further information please contact P.T. Kwok, Corporate Secretary of
China Broadband Corp., 011-852-2821-4688; Dennis Yu, Executive Director of
China Broadband Corp., Chief Executive Officer of Century Vision Network,
011-852-2918-9988, dennis.yu@chinabroadband.com; George T. Raney, Jr., Vice
President Strategic Partnerships of Dragon Broadband, U.S. Affiliate,
310-247-0056; or Gary S. Maier or Michael Pollock of Pondel/Wilkinson Group,
310-207-9300, investor@pondel.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X12424661
SOURCE China Convergent Corporation Limited
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