Taipei, Taiwan, July 23, 2003 (PRIMEZONE) -- Finland's Terton, Singapore's Net2Room, America's nStreams, and Malaysia's eBuilding Corporation each made up a strong contingent of international companies purchasing and distributing City Network (OTCBB:CYNW) products in the year 2002. These companies are important sales partners for City Network and help to make it a truly global business.
"We are simply proud of our accomplishments in the area of the global marketplace," commented company spokesperson Alice Chen, "this way our company can accomplish several key tasks. City Network can expand growth, build an international presence and image, and sufficiently diversify our revenue stream protecting against a weak economy and recessionary environment."
In 2003, contracts signed with these four companies will likely result in revenues which will total between three to five million U.S. dollars. This is a significant addition to an aggressive growth strategy which coincided with the company's merger and public listing on the OTC Bulletin Board late last year.
City Network has made HomePNA a major part of its product offering which has historically represented approximately 20% of the company's total revenue. Essentially, HomePNA technology can provide between a 1 to 10MB connection without the need to upgrade or alter existing facilities. Due to the ease of installation and relatively low cost of HomePNA, many countries have favored this method of bringing internet to clients quickly and cheaply. In 2003 City Network hopes to realize net profit of several hundred thousand U.S. dollars in the HomePNA segment alone.
About City Network
City Network, Inc. designs, manufactures and markets a comprehensive line of broadband and wireless Internet access solutions. The Company is positioning to capitalize on what it believes to be vast underdeveloped and overlooked new and emerging growth Internet markets. The company's product line ranges from the City Network HPNA device for the blooming worldwide residential building and hospitality market to the simple DSL bridge/modem for the home and small business user. Currently, City Network Home PNA and xDSL broadband access equipment is widely deployed by major telecommunication carriers, ISPs, and System Integrators worldwide.