City Network Ships 65000 GPS Modules and Bluetooth Receivers to Korean IT Companies9 December 2004
City Network, Inc. (AMEX: CSN), a company that designs, manufactures and markets a comprehensive line of broadband and wireless Internet access solutions and consumer electronic products, announced today the completion of the shipment of 65,000 advanced, high-performance GPS modules and wireless bluetooth receiver units to long-time customer JuYoung Electronics of Korea (www.juyoung.co.kr). The ongoing development of the cooperative venture between City Network and JuYoung Electronics over the past two years has primarily involved a host of Global Positioning Satellite products and accessories which are subsequently marketed and sold to numerous large manufacturers and IT companies across Korea. In the calendar year 2004, business revenues with JuYoung totaled nearly $US 2,000,000.
"We are honored to have such a great partner in Korea," remarked Chairman Andy Lai. "We believe that the GPS business will be a top technology performer in the near future especially as the market increases its growth rate and becomes more stable. In the hugely competitive and remarkably fast-paced Korean electronics market, JuYoung brings us a wonderful opportunity due to a vast number of great connections with top Korean businesses across numerous industries."
The GPS modules City Network has provided to JuYoung are used in a wide variety of Car Navigation Systems, GPS detectors as well as Taxi Mobile Data Terminals. City Network and JuYoung research and development teams have teamed up to provide the Korean market with custom products and tailored solutions to meet GPS industry consumer needs. JuYoung has contracts to provide various GPS products to some of the largest companies in Korea.
In the past, City Network has been a very close partner with many Korean companies, successfully providing a host of IT and internet networking and wireless products to many large business including Korea Telecom and Korea Life Insurance.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission. Nothing in this press release shall be construed as an offer to buy or sell any securities.
Contact:
Monica Cheng
0-82265566 Ext. 22
monicacheng@citynetwork.com.tw
Source: Market Wire
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