Cirmaker Technology (PK) (USOTC:CRKT)
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Approval of Cirmaker Technology Electronics by Mainland Chinese
Government Paves Way for Entry Into 300 Million Set-Top Box Market for Mainland
China - 66% Stake in Shaanxi New Century
Shaanxi Firm Currently Produces Set Top Boxes for the Mainland Market
Under the Popular Ruyi Brand Name
NEW YORK, Sept. 14 /PRNewswire-FirstCall/ Cirmaker Technology Corp.
(OTC:CRKT.OB) (BULLETIN BOARD: CRKT.OB) , which manufactures set top boxes for
digital TV signal reception, CPU coolers for computers and electronic
components, today announced that the mainland Chinese government has approved
its agreement with the Shaanxi Ruyi Electric Co., headquartered in Xian Yang,
Shaanxi Province, China, to acquire a 66% stake in Shaanxi Ruyi Electric's
subsidiary, Shaanxi New Century Electronics Co. The company manufactures for
the mainland China television market set-top boxes (also known as digital
receivers) that receive signals from satellites and do not require cable
connections.
Shaanxi New Century Electronics Co. is located in Xian Yang, Shaanxi Province,
mainland China. Under the terms of the agreement, Cirmaker Technology has
purchased 66% of Shaanxi New Century Electronics and Shaanxi Ruyi Electric
continues to own 34%.
Shaanxi New Century Electronics has the exclusive right to use Ruyi's
well-established brand name in its set top boxes. Shaanxi Ruyi Electric, which
ranks as one of the 500 largest Chinese companies, is one of the largest
manufacturers of TV sets in China.
Shaanxi New Century Electronics Co. produces a new generation satellite set top
box that converts digital television broadcast signals into analog formats so
that analog TV sets can receive digital programming. This device meets all the
required standards of Chinese broadcasting authorities. Because the Chinese
government plans to change all TV broadcast signals from analog to digital,
there is a huge demand in mainland China for this product.
About Cirmaker Technology Corp.
Headquartered in Taiwan with offices in New York City, Beijing, and Guangdong
province, Cirmaker Technology manufactures cooling systems for laptop and
personal computers, electrical and electronic components and 3G MHP (3rd
generation multimedia home platform) digital set top boxes for television sets.
Cirmaker has developed set top boxes that convert digital television broadcast
signals into analog formats so that analog TV sets can receive digital
programming. The system also receives, processes, stores and broadcasts analog,
digital and streaming media signals, and supports pay-per- view and
video-on-demand functions. Cirmaker believes it is the only 3G MHP STB
manufacturer operating in China able to produce in volume a device that meets
all the required standards of Chinese broadcasting authorities. It also
complies with all international HDTV standards for high definition television.
About Shaanxi Ruyi Electric Company
Shaanxi Ruyi Electric Company is one of the premiere national enterprises
engaged in manufacturing satellite digital receivers in the northwest region in
China. Its main business is the development, manufacturing and marketing of
digital broadcasting, digital TV and related digital electronics products.
Backed by its experience and resources, the company is focused on the
development and promotion of high-tech digital electronics products. Shaanxi
Ruyi Electric Company website: http://www.ruyi-cn.com/. In Chinese, Ruyi means
"wishes come true."
Forward Looking Statements The matters discussed in this news release contain
forward-looking statements, including statements regarding the closing of the
acquisition of equity in Shaanxi New Century Electronics, the potential market
for satellite set top boxes, and the potential success of the strategic
alliance between Shaanxi Ruyi Electric Co. and Cirmaker. These statements are
subject to various risks, uncertainties and other factors that could cause
actual results to vary materially from the results anticipated in such
forward-looking statements. Such risks, uncertainties and other factors
include Cirmaker's potential inability to raise additional capital, its
potential inability to compete with other companies that may be more
experienced and better capitalized than Cirmaker, changes in domestic and
foreign laws, regulations and taxes, changes in economic conditions,
uncertainties related to the legal systems in Cirmaker's target markets,
including, China's legal system and economic, political and social events in
China and other target markets, foreign relations between Taiwan, China and
Cirmaker's other potential target markets, a general economic downturn, a
downturn in the securities markets, Securities and Exchange Commission
regulations which affect trading in the securities of "penny stocks," and other
risks and uncertainties detailed from time to time in Cirmaker's filings with
the Securities and Exchange Commission. These forward-looking statements
represent management's judgment as of the date of this release. Cirmaker
disclaims any intent or obligation to update these forward-looking statements.
For more information, please contact:
Company Contact: Public Relations/Media Contact:
Cirmaker Technology Corporation Stern & Co.
Charles R. Skeele Truc N. Nguyen
General Manager VP
Telephone: 917-639-4098 Telephone: 212-888-0044
Email: Email:
Investor Relations Contact:
ROI Group Associates, Inc.
Robert Giordano / Charles A. Nelson
President / Senior Vice President
Telephone: 212-495-0200, ext. 10 / 15
Email: /
DATASOURCE: Cirmaker Technology Corp.
CONTACT: Charles R. Skeele, General Manager of Cirmaker Technology
Corporation, +1-917-639-4098, or ; Public Relations-
Media: Truc N. Nguyen, VP of Stern & Co., +1-212-888-0044, or
; Investor Relations: Robert Giordano, President, ext. 10,
, or Charles A. Nelson, Senior Vice President, ext. 15,
, both of ROI Group Associates, Inc., +1-212-495-0200, for
Cirmaker Technology Corp.
Web site: http://www.ruyi-cn.com/