GLOBAL TECH<0143> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility
for the contents of this announcement, makes no representation
as to its accuracy or completeness and expressly disclaims any
liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this
announcement.
GLOBAL TECH (HOLDINGS) LIMITED
(Incorporated in the Cayman Islands with limited liability)
ANNOUNCEMENT
Further to the announcement made by the Company dated 27th
January, 2000, the board of directors of the Company wishes to
clarify the contents of various newspaper articles published
today.
Further to the announcement dated 27th January, 2000, the board
of directors of Global Tech (Holdings) Limited (the "Company")
wishes to clarify the contents of various newspaper articles
published on 1st February, 2000 in relation to the proposed
acquisition by the Company of all the equity interest in
Freespeech Technology Limited ("Freespeech") a company
incorporated in the British Virgin Islands. Terms used herein
shall have the same meaning as defined in the announcement dated
27th January, 2000.
Freespeech currently holds 51 per cent. equity interest in China
Sports Programme Syndicating Company Limited ("CSS") a company
incorporated in Hong Kong. CSS has entered into an eight-year
agreement, from 1st January, 2000, in respect of a television
programme series known as China Sports Broadcasting Network (the
"CSBN") which to be broadcasted via the television channel CETV-
1, a channel owned and operated by China Education Television of
the People Republic of China. CSS is entitled to the revenue
from the sales of the airtime of advertisement to be broadcasted
during the broadcasting of CSBN. In addition, the CSS will post
real time sports news on its own web site chinasportsnet.com.
Holders of the securities of the Company and investors are advised
to exercise extreme caution in dealing with the securities of the
Company as the proposed transaction may or may not proceed.
There is no further progress save and except the letter of
intent entered into. The Company will make further announcements
as and when appropriate to advise holders of securities of the
Company of any further developments.
Made by the order of the board of directors of the Company, the
directors of which individually and jointly accept responsibility
for the accuracy of this statement.
By Order of the Board of
Global Tech (Holdings) Limited
Sze Tsang Fai
Chairman
Hong Kong, 1st February, 2000
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