BEIJING, Aug. 26, 2004 (PRIMEZONE) -- Telestone Technologies Corporation (Pink Sheets:TESN): On August 23, 2004, Telestone Technologies Corporation, a Delaware corporation, formerly known as Milestone Capital, Inc., a Colorado corporation (the "Company"), completed a stock exchange transaction with the stockholders of Success Million International Limited, a company incorporated under the laws of Hong Kong ("SMI"). The exchange was consummated pursuant to the terms of a Securities Exchange Agreement dated effective as of August 23, 2004 (the "Exchange Agreement") and the Company's Plan of Bankruptcy as confirmed by the US Court for the District of New Jersey.
Pursuant to the Exchange Agreement, the Company issued 4.1 million shares of its common stock, $.001 par value, to the stockholders of SMI in exchange for 100% of the outstanding capital stock of SMI. Pursuant to the exchange, SMI became a wholly-owned subsidiary of the Company. For further information on this transaction and SMI please review the Company's Current Report on Form 8-K filing with the Securities and Exchange Commission.
Effective today the Company completed a 1 for 822 reverse stock split of its common stock and changed its symbol for trading from MLST to TESN.
About Telestone Technologies Corporation
The Company through its direct and indirect subsidiaries is a provider of high-tech, wireless communications coverage solutions in the People's Republic of China. The Company principally provides integrated wireless coverage solutions through their national sales and services network to customers in the PRC. The Company's wireless coverage solutions business is comprised of research, development and application of wireless communications technology used in a variety of indoor and outdoor environments such as hotels, residential estates, office buildings, airports, exhibition centers, underground stations, highways and tunnels. The Company currently has approximately 290 employees.
The Company has relocated its executive offices to those of its Beijing operations at Floor 6, Saiou Plaza, No. 5 Haiyang Road, Fengtai Technology Park, Beijing China 100070 and its telephone number is 86-10-83670505.
SAFE HARBOR Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Telestone Technologies Corporation ("Telestone") that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Telestone cautions you that any forward-looking information provided by or on behalf of Telestone is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website. Telestone's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Telestone's control, in addition to those discussed in Telestone's press releases, public filings, and statements by Telestone's management, including, but not limited to, Telestone's estimate of the sufficiency of its existing capital resources, Telestone's ability to raise additional capital to fund future operations, Telestone's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Telestone's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Telestone does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.