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Telestone Technologies, provider of wireless communication coverage gear, acquires Shandong Guolian Communication Technology
July 10, 2007
BEIJING -- Telestone Technologies Corporation Ltd. ("Telestone") (Nasdaq: TSTC), a leading developer and provider of wireless communication coverage solutions based in the People's Republic of China, today announced that, through its variable interest entity, Beijing Telestone Wireless Telecommunication Company Ltd., the Company has entered into a Stock Transfer Agreement to acquire 100 percent of the equity in Shandong Guolian Communication Technology Co. Ltd. ("Guolian").
According to the agreement, on the closing date, Guolian will receive 800,000 shares of restricted common stock of Telestone and $500,000 in cash. One year following the agreement, Guolian is also eligible to receive an additional 100,000 shares of restricted common stock in Telestone subject to it meeting certain performance thresholds.
Guolian is a leading provider of wireless coverage integration services for carriers in Shandong Province, China. Guolian has strong ties with various wireless communications operators in Shandong Province and maintains a leading market share amongst wireless coverage integration solutions within the region.
"We are delighted to have reached this agreement with Telestone. As one of China's leading providers of wireless coverage solutions, we will benefit greatly from their technological leadership and the depth of the products and services that they offer. We look forward to passing on these benefits to our existing customer base and strengthening our position as a leading wireless coverage service provider in Shandong Province," commented Mr. Lian Renguang, General Manager of Guolian.
Mr. Han Daqing, CEO of Telestone, said: "Our acquisition of Guolian will give us greater access to the Shandong market through Guolian's strong customer relationships. Telestone will continue to seek to grow its market share in China through both organic expansion and acquisitions that we believe will be value enhancing to our shareholders."
Telestone Technologies Corp.
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