Intermost Corporation today announced that on Jan 2, 2004 it signed an agreement with Mr. XIE Wei, the major shareholder of Zenith Technology Ltd. (Zenith), to acquire from Mr. XIE a 25% interest in Zenith.
The consideration for the acquisition consists of CNY 1 million (approximately US$120,000) and 300,000 shares of IMOT restricted common stock. Prior to IMOT's acquisition, Mr. XIE owned a 70% interest in Zenith.
Zenith, which was established in 2001 and is located in Shenzhen, China, is principally engaged in providing value-added banking services to its subscribers through mobile phone short messages. Its subscribers can pay bills (e.g. for water, electricity, telephone, mobile phone, fixed penalty, etc.), make lottery purchases, receive confirmations of credit card payments and engage in other financial, brokerage and banking related services via their mobile phones. Zenith has received very favorable response since it launching its service.