Forum Archive Index - June 2000

[Chris <cd@ak.planet.gen.nz>]

Well I'm still not an ITC holder but I guess this is the news that 
spurred the price on today.  Appears some knew about things before 
others.  To be brutally honest, I'm starting to take ITC more seriously.  
I like their safe spread of operations especially.  Of course nothings 
safe but get my gist if you can. 

Read on.

Chris D
cd@pl.net 


REL: 1448 HRS IT Capital Limited

ASSET: ITC: IT CAPITAL TO FORM US$20m VENTURE CAPITAL COMPANY IN CHINA

Extract from announcement received:
IT Capital has reached agreement with the Tianjin Venture Capital 
Preparatory
Group (TVCPG) to form the first venture capital investment company in the
Tianjin region of the People's Republic of China to invest in information
technology enterprises.  IT Capital was chosen as the investment company
manager of the US$20m VC firm by 4 Chinese investment companies, which
collectively committed US$9.8m in initial capital.      An IT Capital-led
syndicate will contribute US$10.2m of capital and own 51% of the venture.
The VC investment company was developed in collaboration with Science 
Center
International and its PRC partner, InterTech Corp.      IT Capital 
recently
formed a strategic alliance with SCI, an international market consulting
firm, to develop the investment company and to expand its portfolio 
companies
into the PRC and Japan, and bring best of breed US technologies into NZ 
and
Australia.      "We believe that now is a strategically important time 
for us
position ourselves in this enormous market of the future.  Our plan is to
start operations in the last quarter of this year at virtually the same 
time
that China gains official WTO membership", says Jeff Dittus, ITC's CEO.  
"We
expect to generate significant investment returns by being early 
investors in
China's rapidly developing Internet and telecommunications infrastructure,
and by relying on our local partners to identify Chinese entrepreneurs who
can operate as leaders in this fast changing environment", he said.  "The 
VC
investment company will provide equity growth capital to Chinese companies
and IT Capital will leverage its global network to help these companies
expand abroad", Mr Dittus said.
End

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