Approval of Cirmaker Technology Electronics by Mainland Chinese Government Paves Way for Entry Into 300 Million Set-Top Box Mark
September 14 2004 - 8:30AM
PR Newswire (US)
Approval of Cirmaker Technology Electronics by Mainland Chinese
Government Paves Way for Entry Into 300 Million Set-Top Box Market
for Mainland China - 66% Stake in Shaanxi New Century Shaanxi Firm
Currently Produces Set Top Boxes for the Mainland Market Under the
Popular Ruyi Brand Name NEW YORK, Sept. 14 /PRNewswire-FirstCall/
Cirmaker Technology Corp. (OTC:CRKT.OB) (BULLETIN BOARD: CRKT.OB) ,
which manufactures set top boxes for digital TV signal reception,
CPU coolers for computers and electronic components, today
announced that the mainland Chinese government has approved its
agreement with the Shaanxi Ruyi Electric Co., headquartered in Xian
Yang, Shaanxi Province, China, to acquire a 66% stake in Shaanxi
Ruyi Electric's subsidiary, Shaanxi New Century Electronics Co. The
company manufactures for the mainland China television market
set-top boxes (also known as digital receivers) that receive
signals from satellites and do not require cable connections.
Shaanxi New Century Electronics Co. is located in Xian Yang,
Shaanxi Province, mainland China. Under the terms of the agreement,
Cirmaker Technology has purchased 66% of Shaanxi New Century
Electronics and Shaanxi Ruyi Electric continues to own 34%. Shaanxi
New Century Electronics has the exclusive right to use Ruyi's
well-established brand name in its set top boxes. Shaanxi Ruyi
Electric, which ranks as one of the 500 largest Chinese companies,
is one of the largest manufacturers of TV sets in China. Shaanxi
New Century Electronics Co. produces a new generation satellite set
top box that converts digital television broadcast signals into
analog formats so that analog TV sets can receive digital
programming. This device meets all the required standards of
Chinese broadcasting authorities. Because the Chinese government
plans to change all TV broadcast signals from analog to digital,
there is a huge demand in mainland China for this product. About
Cirmaker Technology Corp. Headquartered in Taiwan with offices in
New York City, Beijing, and Guangdong province, Cirmaker Technology
manufactures cooling systems for laptop and personal computers,
electrical and electronic components and 3G MHP (3rd generation
multimedia home platform) digital set top boxes for television
sets. Cirmaker has developed set top boxes that convert digital
television broadcast signals into analog formats so that analog TV
sets can receive digital programming. The system also receives,
processes, stores and broadcasts analog, digital and streaming
media signals, and supports pay-per- view and video-on-demand
functions. Cirmaker believes it is the only 3G MHP STB manufacturer
operating in China able to produce in volume a device that meets
all the required standards of Chinese broadcasting authorities. It
also complies with all international HDTV standards for high
definition television. About Shaanxi Ruyi Electric Company Shaanxi
Ruyi Electric Company is one of the premiere national enterprises
engaged in manufacturing satellite digital receivers in the
northwest region in China. Its main business is the development,
manufacturing and marketing of digital broadcasting, digital TV and
related digital electronics products. Backed by its experience and
resources, the company is focused on the development and promotion
of high-tech digital electronics products. Shaanxi Ruyi Electric
Company website: http://www.ruyi-cn.com/. In Chinese, Ruyi means
"wishes come true." Forward Looking Statements The matters
discussed in this news release contain forward-looking statements,
including statements regarding the closing of the acquisition of
equity in Shaanxi New Century Electronics, the potential market for
satellite set top boxes, and the potential success of the strategic
alliance between Shaanxi Ruyi Electric Co. and Cirmaker. These
statements are subject to various risks, uncertainties and other
factors that could cause actual results to vary materially from the
results anticipated in such forward-looking statements. Such risks,
uncertainties and other factors include Cirmaker's potential
inability to raise additional capital, its potential inability to
compete with other companies that may be more experienced and
better capitalized than Cirmaker, changes in domestic and foreign
laws, regulations and taxes, changes in economic conditions,
uncertainties related to the legal systems in Cirmaker's target
markets, including, China's legal system and economic, political
and social events in China and other target markets, foreign
relations between Taiwan, China and Cirmaker's other potential
target markets, a general economic downturn, a downturn in the
securities markets, Securities and Exchange Commission regulations
which affect trading in the securities of "penny stocks," and other
risks and uncertainties detailed from time to time in Cirmaker's
filings with the Securities and Exchange Commission. These
forward-looking statements represent management's judgment as of
the date of this release. Cirmaker disclaims any intent or
obligation to update these forward-looking statements. For more
information, please contact: Company Contact: Public
Relations/Media Contact: Cirmaker Technology Corporation Stern
& Co. Charles R. Skeele Truc N. Nguyen General Manager VP
Telephone: 917-639-4098 Telephone: 212-888-0044 Email: Email:
Investor Relations Contact: ROI Group Associates, Inc. Robert
Giordano / Charles A. Nelson President / Senior Vice President
Telephone: 212-495-0200, ext. 10 / 15 Email: / DATASOURCE: Cirmaker
Technology Corp. CONTACT: Charles R. Skeele, General Manager of
Cirmaker Technology Corporation, +1-917-639-4098, or ; Public
Relations- Media: Truc N. Nguyen, VP of Stern & Co.,
+1-212-888-0044, or ; Investor Relations: Robert Giordano,
President, ext. 10, , or Charles A. Nelson, Senior Vice President,
ext. 15, , both of ROI Group Associates, Inc., +1-212-495-0200, for
Cirmaker Technology Corp. Web site: http://www.ruyi-cn.com/
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