China Crescent (CCTR) and Fonix (FNXC) Announce Chinese Telecom Software Management Agreement
26 Marzo 2010 - 1:30PM
Marketwired
China Crescent Enterprises, Inc. (OTCBB: CCTR) and Fonix
Corporation (OTCBB: FNXC) today announced that they have agreed to
the terms of a management agreement whereby China Crescent will
assist in the management of the Fonix telecom industry-related
software operations in China currently conducted by Fonix's
subsidiary, Shanghai Gaozhi Software Systems Limited. The
management agreement is part of a contemplated strategic business
transaction between Fonix and China Crescent currently under
development.
The two Companies currently have complementary business concerns
in China, and the contemplated strategic business transaction would
include China Crescent acquiring telecom industry-related software
operations in China currently owned by Fonix. Management of both
Companies considers the strategic business transaction mutually
beneficial. The Companies have been exploring a mutually beneficial
opportunity for over a year and anticipate that this first
contemplated step could lead to a long-term cooperation between the
Companies that enhances shareholder value for both Companies.
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About Fonix:
Fonix Corporation (OTCBB: FNXC), based in Salt Lake City, Utah,
currently operates through its wholly owned subsidiaries, Fonix
Speech, Inc., and Shanghai Gaozhi Software Systems Limited.
About Fonix Speech, Inc. Fonix Speech is an innovative speech
recognition and text-to-speech technology company providing voice
solutions for mobile/wireless devices, interactive video games,
toys and appliances, computer telephony systems, the assistive
market, and automotive telematics. Fonix Speech also provides
developers and manufacturers with cost-effective speech solutions
to enhance devices and systems.
About Shanghai Gaozhi Software Systems Limited
Shanghai Gaozhi Software Systems Limited ("GaozhiSoft"), based
in Shanghai, China, is a leading provider of OSS (Operation Support
System) and related software solutions to Chinese mobile network
service providers. Founded in 2003, GaozhiSoft software is
integrated and widely used in 2G and fixed line networks. In 2008,
GaozhiSoft expanded its strategy to include operations as a
value-added service provider in the 3G mobile network in China and
throughout the Asia Pacific region.
To learn more about Fonix Corporation, visit www.fonix.com;
additional information about Fonix Speech can be found at
www.fonixspeech.com or by calling (801) 553-6600 and saying
"Sales." Go to www.gaozhisoft.com for more information about
GaozhiSoft.
INVESTOR INFORMATION: Michelle Aamodt (801) 553-6736
investorrelations@fonix.com
About China Crescent Enterprises, Inc.
(www.chinacrescent.com)
China Crescent is a systems integration service provider that
markets technology outsourcing services in China including the sale
and service of brand name technologies such as Microsoft, Oracle,
Cisco, IBM, HP and Dell. Following a recent strategic acquisition,
the Company has expanded its business line to include original
design manufacturing (ODM). China Crescent reported over $40
million in profitable revenue in 2008. The Company has reported
record profits through the first 9 months of 2009 and anticipates
reporting record profit in the 2009 annual report. Management has
set a goal of reaching $100 million in revenue in 2010.
Headquartered in Dallas with operations in Shanghai, Shenzhen,
Dalian and Beijing, China Crescent bridges the gap between global
business cultures to assist clients worldwide realize the
advantages of the high quality, low cost technology products and
services available from China. China Crescent also assists clients
in localizing products and services to realize the tremendous
growth potential available by expanding into the Chinese
Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 This press release contains forward-looking
statements that involve risks and uncertainties. The statements in
this release are forward-looking statements that are made pursuant
to safe harbor provision of the Private Securities Litigation
Reform Act of 1995. Actual results, events and performance could
vary materially from those contemplated by these forward-looking
statements. These statements involve known and unknown risks and
uncertainties, which may cause China Crescent's or Fonix's actual
results in future periods to differ materially from results
expressed or implied by forward-looking statements. These risks and
uncertainties include, among other things, product demand and
market competition. You should independently investigate and fully
understand all risks before making investment decisions.
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Contact: China Crescent Enterprises, Inc. ir@chinacrescent.com
214-722-3060
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