Chinese Household Appliance Magnates Create Internet Joint

  Venture   Business Editors/High Tech Writers   BEIJING, China--(BUSINESS WIRE)--June 14, 2000--Intermost  Corporation (OTCBB: IMOT). In the middle of May, 2000 an e-commerce  based alliance was formed between Guangdong Midea Group, Sun Hung Kai  Properties Ltd, Shenzhen HuaQiang Group, Intermost Corporation Ltd.  and two of other Chinese large appliance manufacturers. The joint  venture is Shenzhen E-commerce Ltd, a company that will soon  have an annual turnover above 100,000,000,000 RMB, and will engage in  the establishment of Chinese first household appliance manufacturer's  B2B procurement platform.   According to's CEO, Mr. Jun Liang, "As a joint exchange  platform, will have more competitive advantages than  separately launched platform by individual manufacturer." Mr. Liang  cited the alliance of the American "Big Three" automobile magnates to  support the idea that an individual manufacture cannot stand alone to  monopolize the Internet-based procurement market by itself. He  believes that due to large industry scale, the presence of only a few,  highly concentrated brand names, Chinese household appliance  manufacturers are ready to conduct its e-commercialization, much more  so than other Chinese industries. Additionally, the home appliance  industry is achieving maturity in market operation, and is playing a  more and more important role in international markets. Being supported  by such a powerful industrial alliance, will be well  positioned in terms of mutual compatibility among the players.   Mr. Liang also points out that the value of e-commerce is evident.  This initiative benefits manufactures, suppliers, and the industry as  a whole. In the case of manufactures, by conducting on-line purchasing  through the exchange platform provided by, the increased  efficiency of large scale purchasing, will result in a 5-10%  procurement cost savings within two years. For suppliers,'s  exchange platform will provide an equal opportunity for competition  and eliminate under-table deals. For the whole industry, the exchange  platform will enhance its competitiveness in international markets.   Mr. Liang believes the combination of's operating  mechanism characterized by buyer dominance, and its strategy of  capital linkage are key to the success of the alliance. Under the  operating mechanism, allied manufacturers will achieve the full  benefits of scale with large on-line purchasing. thus makes  itself an attractive business partner to suppliers and manufacturers.  And to establish Capital linkage, will act as an independent  third party whose equity and partnership will be equally and widely  open to Chinese household appliance manufactures. Through this capital  linkage, all the allied manufacturers will create a sense of  belonging, and jointly build up a truly beneficial exchange community.   Source:  Nanfang Daily   Note: translated from Chinese text from an article originally  published May 24, 2000   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 home 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:     
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