VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2008) - Yangtze Telecom Corp. ("Yangtze") (TSX VENTURE:SMS) today announces that a Tentative Agreement has been signed on December 8, 2008, between Yangtze and Vision Eastern (Beijing) Investment Co., Ltd. (the "IDBC Purchaser"), subject to TSX Venture Exchange acceptance.
Under the Agreement, Yangtze is intending to simplify its corporate structure by disposing of Yangtze's 100% equity interest in International Digital Broadcasting Company ("IDBC"), which owns 75% equity interest in NBC Co. Ltd. ("NBC"). The initial negotiation price is CAD 3.5 million. It will increase up to CAD 5 million in the Final Agreement if the total number of customers, using NBC's digital TV services, keeps increasing and reach to a satisfactory result within 12 months started from the date of the Tentative Agreement.
About Yangtze Telecom Corp.
Yangtze Telecom Corp. is in two businesses - operation of a wireless digital TV services in Mongolia and commercializing unique patented technologies, currently in Push-to-Talk software and Biometric Car Security System. For further information on Yangtze Telecom Corp., please visit the Company's web site at www.yangtzetelecom.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Yangtze Telecom Corp. Kevin He CEO (604) 688-7038 (604) 688-7805 (FAX) Email: info@yangtzetelecom.com Website: www.yangtzetelecom.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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