NewMarket Technology, Inc. announced today that it would be entering into a definitive letter of agreement to acquire Gaozhi Communications in Shanghai, China.
Gaozhi Communications is currently operated by Gaozhi Science and Technology Development. NewMarket will acquire a majority interest in Gaozhi Communications for cash and Gaozhi Science and Technology will remain as the second largest shareholder.
Gaozhi Science and Technology Development is a privately-run enterprise, specializing in the research and development of computerized satellite communication products as well as application services. Some of the company's notable achievements include developing a satellite transmission system for news agencies in Shanghai in 1994; and, in 1995, creating an instant response service system, raising the level of service offered to its users, and eventually cooperating with satellite companies in the U.S. to set up a satellite communication technique service center there.
NewMarket Technology has previously announced an upcoming Asia Pacific Information Technology Trade Mission for technology professionals and investors. The Trade Mission is scheduled for departure on Oct. 10, 2004. Professionals and investors will have the opportunity to visit Gaozhi Science and Technology Development and Gaozhi Communications. Trade Mission participants will be briefed in detail on the Gaozhi Communications Business Plans for 2005. The 2005 Business Plans will be published in a news release and SEC form 8K Information Filing in conjunction with the briefing in Shanghai.