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Tengtu Completes the Installation of Three Education Portals
Monday, January 26, 2004
Business Editors
TORONTO & BEIJING--(BUSINESS WIRE)--Jan. 26, 2004--
Tengtu International Corp. ("Tengtu" or "the Company") (OTCBB:TNTU) announced today that its joint venture in China, Tengtu United, has completed the installation of three education portals for Chinese education bureaus in southern China. The total value of the three contracts is 1.17 million renminbi.
The three portals are respectively for Changsha County in Hunan province, Siming District of Xiamen City in Fujian province and Wuzhou City in Guanxi province.
The Changsha education portal in Hunan province is a resource data repository to be shared by schools within the county boundary. This is a pilot project that will be used as an example for other county level education bureaus in the province. It also sets a precedent as the first project that Tengtu has completed under the bundled marketing agreement it entered into with China Hewlett-Packard in November 2003.
"Marketing and installing district level portals is proving to be an effective way to rapidly expand Tengtu's network toward our objective of connecting 100,000 schools by the end of next year," noted John Watt, Tengtu's President. "These contracts also illustrate the efficiency of Tengtu's business model where the variable upfront capital costs associated with building out our revenue platform are directly recovered in the installation fees we earn from our customers."
Established in 1996, Tengtu International Corp. is a developer, marketer, distributor, and integrator of distance learning solutions and e-education software. Tengtu International Corp. controls 57 percent of the joint venture that has been chosen by China's Ministry of Education to be the operating partner in the deployment of China's national education portal and distance learning network (CBERC). The objective of this system is to make computerized education available to 250 million students in China's approximately 800,000 primary and secondary schools over the next 10 years. Tengtu International Corp. and its joint venture partner, Tengtu China, employ more than 400 people in offices in Asia and North America.
Tengtu has more than 35,000 schools and 17.5 million students connected to its information network in China.
For more information please visit www.tengtu.com. To be added to Tengtu's email list for Company news, please send your email address to info@tengtu.com.
Portions of this document include "forward-looking statements", which may be understood as any statement other than a statement of historical fact. Forward-looking statements contained in this document are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report on Form 10-KSB and other reports filed with the Securities and Exchange Commission.
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