Intermost Creates Joint Venture in Partnership with SUNeVision

Business Editors & High-Tech Writers   NEW YORK--(BUSINESS WIRE)--May 26, 2000--Intermost Corporation  (OTCBB:IMOT), at a press conference held May 23rd in Beijing,  announced that it has signed a contract with SUNeVision to create a  holding company for the purpose of developing Internet-based  procurement platforms for major Chinese industries, initially focusing  on the giant Chinese textile industry.   The new holding company is a major strategic alliance with one of  the largest brand name Internet technology firms in Hong Kong. Backed  by its own $200 million USD investment fund, SUNeVision  ( is the B2B Internet technology arm of Sun Hung  Kai Properties (, itself one of the largest blue chip  firms in Hong Kong. Intermost will take a 35% ownership position in  the joint venture, SUNeVision a 50% stake, and a 15% stake.  SUNeVision brings to the joint venture tremendous brand name power,  managerial and technical expertise, and financial strength. Intermost  brings its nationwide network of business relationships established  during its two years as a premier provider in China of e-commerce  solutions, systems integration, web design services and its B2B  Internet portal, Intermost also brings the strength of its  proprietary electronic payments platform, and its technical savvy.   The Intermost/SUNeVision holding company will make its first  procurement system investment in the Chinese home appliance industry.  Earlier this week in Beijing, Intermost announced the creation of, a company that will build an Internet-based procurement  platform for this industry. is an industrywide collaboration  led by one of the largest Chinese home appliance manufacturers, Midea  ( Midea had revenues in 1999 of $1.55 billion USD.  The Intermost/SUNeVision holding company will own 40% of   Internet-based procurement systems accommodate a manufacturer's  different divisions, plants, locations, and projects. Procurement  systems are internal, not available to the public. Suppliers can  streamline selling and order entry processes while providing access to  the tremendous buying power of the trading community the system  naturally attracts. Operational efficiencies increase while costs  decrease for all trading partners. All participants will realize  significant cost savings, not merely through automation of routine  ordering tasks, but also through the improved responsiveness of their  supply chain. The opportunity to eliminate the vast inefficiencies  found in the Chinese textile production and distribution procurement  systems provides considerable profit potential. The actual procurement  platform technology to be used by the SUNeVision/Intermost holding  company is to come from a major well-known supplier.   By conservative measures, Intermost/SUNeVision holding company   revenues should reach tens of millions of US dollars within 12-18  months. Intermost will garner revenue from the sale of the procurement  system development contracts in two separate ways. First, Intermost  will generate revenue directly from a variety of sub-contractor work.  Such work should generate revenue for Intermost within the coming six  months. Secondly, Intermost will collect a proportional share of all  revenue generated from the holding company. The opportunity for  savings due to increased efficiency in the U.S. are typically much  smaller than in China, meaning that operational cost savings could be  much larger.   "To understand the significance to Intermost of this alliance, one  must consider whom SUNeVision / Sun Hung Kai Properties is. They are  an aggressive, very large (multi-billion USD), wildly profitable Hong  Kong company, well known throughout Asia. They know how to make money  in the IT industry. They make no allusions about the requirement of  having a solid business plan, financial backing, talented executive  management, and proper Chinese connections in order to make this  venture a moneymaker. In our opinion, there can be no strategic   partnership more valuable than SUNeVision," commented Mark P.  Williamson, Intermost's Vice President of Business Development.   "SUNeVision management will not place their own name or money at risk  without first establishing enormous confidence in Intermost, a  confidence that has resulted from their own thorough due diligence."   About Intermost   Intermost is a China-based Internet technology company, focused on  the development and delivery of scalable business-to-business  e-commerce solutions. The Company promotes its name and products via  its B2B portal, The Company also develops and markets an  electronic payment system that allows for both telephone and online   payment of consumer-oriented monthly bills, and markets broad-based   procurement platforms for the Chinese electrical appliance industry.   The Private Securities Litigation Reform Act of 1995 provides a  "safe harbor" for forward-looking statements. Certain information  included in this press release (as well as information included in  oral statements and other written statements made or to be made by  Intermost) contains statements that are forward-looking, such as  statements relating to the consummation of transactions, anticipated  future revenues of the companies and success of current product  offerings. Such forward-looking information involves important risks  and uncertainties that could significantly affect anticipated results  in the future, and accordingly, such results may differ materially  from those expressed in any forward-looking statements made by or on  behalf of Intermost.   Investor information can be found on the web at:     
Press spacebar to pause and continue. Press esc to stop.