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iPackets Announces the Signing of Its Chinese Joint Venture Agreement Jan 16, 2007 9:45:00 AM VANCOUVER, BC -- (MARKET WIRE) -- 01/16/07 -- iPackets International, Inc. ("iPackets") (PINKSHEETS: IPKL), a developer and provider of wireless communications software and equipment for the mining industry, announced today the signing and completion of its Chinese Joint Venture ("JV") agreement with Henan YongAn Investment Guarantee Co., Ltd. ("YongAn"), and China Coal Information Institute ("CCII"). The JV will operate under the name GuoAn Mine Safety Communication System, Inc. ("GuoAn").
GuoAn will be responsible for the manufacturing, distribution, sales, marketing, installation, deployment, and support of iPackets' iPMine solution to the mining industry in China. The operation will be based in the Province of Henan, China's second largest coal producing province.
GuoAn's initial registered capital will be $12 million with an option to be increased to up to $30 million. YongAn will contribute $7.2 million for 60% of GuoAn, CCII will contribute $1.2 million for 10% of GuoAn, and iPackets will contribute its iPMine intellectual property, technology, and know how for 30% of GuoAn valued at $3.6 million. GuoAn will be fully supported by the government of the Province of Henan through its contribution of over two acres (10,000 square meters) of land to build and outfit a world-class manufacturing facility in Jiaozuo City, Henan, China.
iPackets' President and CEO, Mr. Naiel Kanno, commented: "This is a major accomplishment for iPackets. China is one of our most important international markets, and the creation of GuoAn is crucial to our growth strategy. We will move forward quickly with sales and marketing activities to capture a significant share of the mine-safety market in China."
YongAn's Chairman, Mr. Sun Yulin, commented: "The JV agreement represents a significant milestone for YongAn's strategy of focusing on the mine-safety industry in China. After considerable research of mine-safety technologies, we are pleased to have selected iPackets as a partner with their true 2-way wireless mine-safety monitoring and tracking system."
CCII's President, Dr. Shengchu Huang, commented: "In February 2006, we established our working relationship with iPackets and we've always believed that their mine-safety technology is superior. We are pleased to have contributed by introducing YongAn to iPackets. We are confident that the new JV will expedite the entry of the iPMine technology into the mine safety in China."
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I liked the news also and the volume is huge 249M so far 3pm est. Looks like accumulation going on now . Would be nice to see some upward movement.
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Very good...nice chart IMO MACD is coasting along the breakout and with this news it could be a nice pop. Look at the last hard run it reached up to a penny. I just picked up a load, nice to be on board. GLTA
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IPKL news and lod . Looks like .0008 is a nice entry here. Watching closely as macd is begining to turn up.iPackets Appoints Two Directors to the Board of Its Chinese Joint Venture GuoAn Mine Safety Communication System Jan 17, 2007 9:45:00 AM VANCOUVER, BC -- (MARKET WIRE) -- 01/17/07 -- iPackets International, Inc. ("iPackets") (PINKSHEETS: IPKL), a developer and provider of wireless communications software and equipment for the mining industry, announced today the appointment of two directors to GuoAn Mine Safety Communication System's board of directors.
The two directors representing iPackets on GuoAn's board of directors are Mr. Naiel Kanno and Mr. Kouros Goodarzi, iPackets' President and Vice President of Engineering, respectively. Mr. Kanno will also serve as GuoAn's Vice-Chairman.
Under the terms of the recently announced joint venture agreement, GuoAn's board of directors will be comprised of seven members: iPackets has two seats, YongAn has four seats including the Chairmanship, and CCII has one seat.
Mr. Kanno commented: "We look forward to working with our partners and board members. Our first goal will be to establish the management of GuoAn and ensure the initial tasks defined are followed through." Mr. Goodarzi added, "This is a great opportunity for us to steer the efforts of GuoAn towards minimizing the time to market and eventually maximize the profits of the stakeholders
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