TORONTO, Sept. 18 /PRNewswire-FirstCall/ -- Orbit E-Commerce Inc. (OTC Bulletin Board: OECI), an Internet Protocol Television (IPTV) Development Company focusing on the Chinese IPTV market, has agreed in principle to acquire all outstanding stock of NexTube Broadcasting Inc. (NBI), a private Toronto company.
NexTube recently entered into a $5 million private placement with D&D Securities Company of Toronto, http://www.dominick.ca. D&D Securities Company is an independent, management-owned investment dealer focused on serving corporate, institutional and retail investors.
The proceeds of the $5 million financing will be used to initiate the roll out of a High Speed Internet Video Services network to Universities in China through NexTube China Joint Venture ("JV"). NexTube China JV is now ready for immediate deployment of it's IPTV network at Hangzhou University Park with a projected subscriber base of 30,000 in the first 12 months of operations. Hangzhou University will be the first of 11 major universities targeted in the next 36 months within a market of over 2000 universities in China.
The first installation will be completed through the previously announced China Joint Venture with Hangzhou Zheng Yuan Software Technology Limited ("HZST") http://www.hzsun.com and will be marketed to HZST's current subscriber base using smart cards at the universities targeted in China.
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Contact Information
Contact Mr. John Neufeld, (jn.nextube@gmail.com), 905-751-1499 for information regarding this press release.
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SOURCE Orbit E-Commerce Inc.
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