NewMarket Technology Inc. today announced an Asia Pacific Summit Meeting in Dallas, Texas, with Senior Management from their Singapore Subsidiary and their Chinese Business Development Office. Dr. Larry Wu from NewMarket's Beijing office will chair the meeting.
Dr. Wu joined NewMarket in February of this year after serving in the Chinese State Council Research Office as a Senior Advisor to the Premier of China, Mr. Wen Jiabao. Prior to his position at the State Council, Dr. Wu worked at the Chinese Embassy in Washington D.C. as a Secretary for Science and Technology. Dr. Wu is also a published author in his field of expertise with three books and numerous articles in U.S. publications such as Business Week and Red Herring.
"The Asia Pacific region will play a significant role in the future of the emerging information technology industry for two reasons," said Philip Verges, CEO of NewMarket. "First, Asia Pacific is more apt to purchase emerging technologies than the Western markets because Asia Pacific has less existing investment in these rapidly changing technology sectors. Second, the Asia Pacific Region, China in particular, has prepared itself to provide a competitive information technology labor force. The technology skills are there and organized to deliver to Western Software and System Standards. A long-term investment in English language skills has resulted in China having more English speakers than the United States. We believe differences in business cultures between the West and China is the only issue slowing a surge in Information Technology trade. Our Singapore subsidiary, Infotel, is the key to our strategy to bridge the business culture differences. We have already signed substantial business opportunities in China through our Singapore office. This Asia Pacific Summit will center on coordinating our efforts in China and Singapore and introducing our Asia Pacific Senior Management to business leads in North America."
Following the Summit Meeting in Dallas, Mr. Verges will travel with the NewMarket Asia Pacific Senior Management Group to Singapore and China on a 10 day follow up to the meeting to meet with potential clients and to continue to develop the business relationships necessary to compete successfully in Asia.
In 2002, NewMarket (currently undergoing a corporate name change from IPVoice Communications Inc.) launched a business plan to continuously introduce emerging communication technologies to market. The plan included a financing model for early technologies and an approach to creating economies of scale through a specialized service and support organization intended specifically for the emerging technology industry. The Company posted six consecutive profitable quarters through 2003 and established an annualized $15 million in revenue.
In 2003, NewMarket acquired Infotel Technologies in Singapore and IP Global Voice, led by CEO Peter Geddis, a former Executive Vice President and Chief Operating Officer of Qwest Communications. In 2004, the Company diversified its communications technology offering into the healthcare and homeland security industries with the respective acquisitions of Medical Office Software Inc. and Digital Computer Integration Corp. RKM IT Solutions of Caracas, Venezuela was also recently acquired as NewMarket's entry into the Latin American market.
