Alpha Spacecom Inc. Chairman Issues Letter to the Shareholders
04 Février 2005 - 3:25PM
PR Newswire (US)
Alpha Spacecom Inc. Chairman Issues Letter to the Shareholders HONG
KONG and BEVERLY HILLS, Calif., Feb. 4 /PRNewswire-FirstCall/ --
Alpha Spacecom, Inc. (OTC:ASPC) (BULLETIN BOARD: ASPC) , a
China-based entertainment Company converting movie theaters and
multi-cinema complexes to digital projection, and distributing
entertainment in China via satellite, including film, theater, live
music and sporting events, today released the following: Alpha
Spacecom Inc. (our Company) is now positioned to become a leader in
the rapidly expanding leisure entertainment economy of China. Over
the past several months, since I became Chairman of the Board of
Directors and Chief Executive Officer of our Company, I have
overseen the reorganization of our corporate structure and
financial operations in order to be fully transparent under
Sarbanes-Oxley and organized the strategic partnerships necessary
to effectively operate our business in the Peoples Republic of
China. Thus, any questions about our being able to execute our
business plan is now resolved. The Cooperation Agreement with China
Film Group, effective July 29, 2004, (the Project) calls for the
Joint Foundation of the Digital Cinema Reconstruction Corporation
and Satellite Digital Cinema Distribution, giving our Company the
exclusive license for all media entertainment transmission to all
digital cinemas in China for the next thirty years. The government
of China has mandated that cinemas be converted to digital
projection format and be completed China-wide by the year 2015.
This is very important business and is related to China's entry
into the World Trade Organization. It is my understanding that
there are about 100,000 screens in China. The immediate mission of
our Project is to convert movie theaters and cinema complexes in
China's major cities to Digital Projection Format and to digitize
and later transmit domestic and Western film, theater, live music
and sporting events via satellite to those venues. The China
International Engineering Consulting Corporation (CIECC) has
approved our recently completed comprehensive engineering study and
business model. This is ready to be submitted to the State
Administration of Radio, Film and Television (SARFT) for approval
prior to our beginning operations. We expect approval without any
changes timely. The Chinese government has invested approximately
$25,000,000 US, and to date, 56 cinemas have been converted and
upgraded to digital projection format using the latest equipment
from the worlds leading manufacturers. From these installations it
will be determined which manufacturer will be chosen for the next
100 to 400 conversions planned over the next two years. I have
personally spoken to several international satellite operating
companies eager to associate with us on our Project. I have been
assured that the transponder space we will require is available for
our long-term needs. Further, I am confident that I can negotiate
affordable and favorable long-term leases for these facilities,
thus removing the necessity and the considerable expenses of
launching and maintaining our own communications satellite. Our
Project is on a fast track for introduction to China's growing
leisure entertainment experience economy. My mission, along with
that of our management team, is to maximize our opportunities,
succeed in our business, keep you informed regularly of our
progress, and deliver the value to you we believe, as our
shareholders, you deserve. Sincerely, Fung T. (Terence) Sien Safe
Harbor Statement: This press release contains forward-looking
statements involving risks and uncertainties including statements
regarding the Company's future performance. Such statements are
based on management's current expectations and are subject to
certain factors, risks and uncertainties that may cause actual
results, events and performance to differ materially from those
referred to or implied by such statements. In addition, actual
future results may differ materially from those anticipated,
depending on a variety of factors which include, but are not
limited to, our ability to leverage our technology, manage our
growth, protect our intellectual property rights, attract new
customers and general economic conditions affecting consumer
spending, including uncertainties relating to global political
conditions, such as terrorism and the conflict with Iraq.
Information with respect to important factors that should be
considered is contained in the Company's Annual Report on Form
10-KSB as filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company does not intend to update any of the forward-looking
statements after the date of this release to conform these
statements to actual results or to changes in its expectations,
except as may be required by law. Contact: John Santoyo Public
Communications 213-426-3206 213-426-3207 Los Angeles, California,
USA DATASOURCE: Alpha Spacecom Inc. CONTACT: John Santoyo, Public
Communications, +1-213-426-3206, or +1-213-426-3207, , for Alpha
Spacecom Inc.
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