SAN JOSE, Calif., May 18 /PRNewswire/ -- American Champion Entertainment (Nasdaq: ACEI - news) announced today that they have received the completed Independent Auditors' Report and Financial Statements of B.A. Network for the year ended December 31, 1999, from the Beijing Branch of the firm Deloitte Touche Tohmatsu Shanghai CPA. With the audited financials in hand, ACE is now ready to move forward in the acquisition process to acquire 80% of Beijing Wisdom Net Technology Co., LTD. (B.A. Network).
B.A. Network is a leading high speed cable wiring company, that provides design and installs optical fiber cable lines in buildings throughout China and is focused on continuing to build their business to business client base. China's population and its projected 100 million cable subscribers by the end of the year 2001, offer great growth opportunities for those companies in a position to capitalize on it.
Some of the audited figures under GAAP basis from BA Network's financials for year ended December 31, 1999 include: Revenues: RMB 10,093,410 (US$1.22 mil); Gross Profit: RMB 3,311,312 (US$399k); Net Income: RMB 1,420,341 (US$171k); Total Assets: RMB 5,464,714 (US$658k) and Total Current Liabilities RMB 3,349,179 (US$404k).
B.A. Network provides a vital part in the modernization of China's technical infrastructure, providing the newest large bandwidth optical fiber technology to equip users with high capacity voice and data lines, and faster access to the Internet. Their prominent list of clientele includes the Beijing International Airport, Motorola, Helongjiang Province Postal Service, and more. IBM, Lucent, and Johnson Controls are major equipment providers. The company is a limited company established on June 10, 1997.
The remaining steps in the acquisition process include incorporating the audited results into a proxy statement to be filed with the SEC for review and then seek stockholders' approval at the coming Annual Meeting of stockholders tentatively scheduled for August 2000. Upon completion of the acquisition process, B.A. Network's financial results will be combined with ACEI's under consolidated reporting.
American Champion Entertainment is a holding company with subsidiaries specializing in the development and acquisition of quality family and sports programming, as well as development of multi-media consumer products. Visit our website at www.americanchamp.com for more information about our company.