VANCOUVER, June 5 /PRNewswire-FirstCall/ - ChineseWorldNet.com Inc. (OTCBB: CWNOF) is proud to announce a major business milestone with the successful formation of the Chinese-Foreign Joint Venture ChineseWorldNet.com (Shanghai) Limited ("Chinese JV") resulting from the signing of a Definitive Joint-Venture Agreement between its subsidiary, ChineseWorldNet (Hong Kong) Ltd. ("ChineseWorldNet") and Shanghai Compass Venture Capital Investment Limited Company. The Chinese JV had successfully obtained its business license in April 2008 with a physical office located at Eton Place, Pudong Avenue, 555 Suite 1003, Pudong District, Shanghai, P.R. China. The initial capitalization of Chinese JV was set at RMB 5,000,000.
Shanghai Compass Venture Capital Investments is the subsidiary of Compass Technology Development Co., Ltd. who is one of the largest stock data and financial tools providers in China. It was the first licensed data provider in the Chinese Mainland to simultaneously acquire two data entitlements (i.e. Level-2 and Topview) from the Shanghai Stock Exchange.
This new Chinese-Foreign Joint Venture allows ChineseWorldNet.com, Inc. to penetrate the market in China and it serves three main objectives. Firstly, it helps build channels to capture the financial information business. Secondly, it assists in organizing and coordinating regional marketing activities, such as our Global Chinese Financial Forum (GCFF). The 2008 GCFF has been scheduled to be held in Dalian China from October 30th 2008 to November 1st 2008. Thirdly, this joint-venture will seek other business opportunities including the development of investor relations/public relations business and to create a basis for potential acquisition opportunities and to further the digital financial media business in the Greater China region.
As stated by Joe Tai, CEO and President of ChineseWorldNet.com Inc., "due to the compatibility and synergy that exists between the companies, this joint venture is clearly a win-win situation for both parties. This new joint-venture represents a milestone for ChineseWorldNet by placing the company at a strategic angle to expand into China. Furthermore, this joint-venture will open doors to the Greater China market allowing ChineseWorldNet.com, Inc. to create a solid foundation for future capital-market related projects and opportunities and also serves as a bridge to move the existing business success outside the North America region".
About ChineseWorldNet.com Inc.
Established in Year 2000 and listed on the OTCBB, CWN is a knowledge-based platform, which has become the leading provider of diverse Chinese financial services to individual investors and financial professionals worldwide, with a concentrated customer base in North America. The company serves as a bridge between public companies, financial institutions, financial professionals, and investors, allowing them to develop working relationships and functional networks using our platform. In addition, CWN is an effective connection and communication route between the North American and Greater China markets.
Website: http://corp.chineseworldnet.com
CONTACT: Investor Contact: Mr. Gilbert Chan., Senior Vice President of Marketing & Investor Relations, ChineseWorldNet.com, Inc., Tel (604) 488-8878, gilbert@chineseworldnet.com
SOURCE ChineseWorldNet.com Inc.
International News / Press Release source: PR Newswire
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