TIANHE, Guangzhou, March 10, 2004 (PRIMEZONE) -- China World Trade Corp (OTCBB:CWTD) is pleased to announce that it has signed an exclusive letter of intent with Guangdong Huahao Industries Holdings Limited ("Huahao"). Under the terms of this letter of intent, CWTD has the exclusive right to structure the acquisition of a majority stake of Huahao by CWTD or by any of its subsidiaries.
The transaction is subject to completion of due diligence, execution of a definitive agreement and any regulatory approvals. Both companies intend to close the transaction by the end of May 2004.
Mr. John Hui, CEO of China World Trade Corp, commented that, "we are positive that the outcome of this LOI will dovetail perfectly with our marketing strategies and will allow both companies access to a larger customer base. The joining of the efforts of both companies will result in increase flight travel services, that will be faster and more versatile than previously envisioned."
About Huahao:
Established in October 1997, Huahao is the pioneer and one of the market leaders in the travel agency businesses through the operations of its 10 subsidiaries in Southern China in ticketing sales for international and domestic flights as well as inbound business travel. The turnover of Huahao was approximately US$180 million in 2003 and is expected to reach US$250 million in 2004. Huahao has already acquired the necessary licenses to operate as a ticketing and travel agent in the PRC. These licenses include 26 licenses as a ticketing agent for international and domestic flights for both cargo and passengers issued by the Civil Aviation Administration of China ("CAAC") and the International Air Transport Association ("IATA"); and 3 licenses as a domestic and international travel agent issued by the Administrative Bureau of Tourism of China. Huahao has registered the trademark Network Travel Service (NTS) (or in Chinese "Zhong Heng Tian Di" meaning "travel around the world") for its brand name and logo in 36 out of 43 recognized industries in China. In addition, Huahao has set up a call center to handle nationwide reservations. Customers are able to make reservations of hotel and air ticket simply by dialing 4008168168 anywhere in the nation.
About China World Trade Corp.
China World Trade Corp. is devoted to the building of World Trade brand in China. China World Trade Corp. a listed company on the OTC BB: CWTD in the United States. CWTC business objective is to open and operate business clubs in the major cities of China in association with the World Trade Center Association in order to position us as the platform to facilitate trade between China and the world market. We currently operate the Guangzhou World Trade Center Club consisting of over 4000 square meters. The Beijing World Trade Center Club, which is located at 2nd Floor, Office Tower II, Landmark Towers Beijing, 8 North Dongsanhuan Road, Beijing PRC, and consisting of 730 square meters.
The China World Trade Corp executive office is located at 4th Floor, Goldlion Digital Network Center, 138 Tiyu Road East, Tianhe, Guangzhou, and the PRC 510620.
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