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China TechFaith Wireless and Arasor Enter Into a Joint Venture Targeting Wireless Handset Emerging Market |
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China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) and Arasor International Group (ASX: ARR) today announced entering into a joint venture to expand the wireless handset opportunities in the world's emerging markets. In addition to contributing sales and marketing resources, Arasor will provide the joint venture with funding for operations in exchange for a majority ownership interest in the joint venture. China TechFaith, which will own a minority interest in the joint venture, will provide product development engineers, working facilities, testing equipment, and intellectual property. The two parties will jointly develop handsets with specific functions and features to meet both cost and performance requirements for the world's emerging wireless handset markets such as India, Southeast Asia and the Middle East.
Mr. Defu Dong, CEO of China TechFaith, said, "We see great opportunities in the emerging market. India, for example, is one of the world's largest, promising and tech-savvy wireless communications markets. Partnering with Arasor will enable TechFaith and Arasor to develop a strong business platform in India. I am confident that with our complementary skills, the JV will penetrate the market quickly and attain significant market share."
Dr. Simon Cao, CEO of Arasor, said, "We are delighted to expand the portfolio of our wireless solutions business. The world emerging wireless communication market has been witnessing robust growth and we see tremendous opportunity in the terminal segment. We believe that a joint partnership with China TechFaith, a leader in the development and design of wireless products, will allow Arasor to become a leader in those wireless communications market over the next several years."
About Arasor International Limited
Arasor International Limited develops and markets telecommunications and consumer optoelectronic solutions. Under the leadership of one of the strongest management and engineering teams in the optoelectronics industry today, Arasor aims to establish itself as a leading solutions company serving global systems vendors in the network transport, wireless communications and the emerging laser-based display industries. Arasor's worldwide headquarters are located in Mountain View, California, USA with operations in Guangzhou, China; Shanghai, China and Yokohama, Japan. For additional information: www.arasor.net.
About China TechFaith
TechFaith (NASDAQ: CNTF) is one of the largest handset application software and handset solution providers based in China. The Company employs approximately 1,400 professionals, of whom 90% are engineers. TechFaith's business includes handset design, feature phone solution, wireless module and data card, application software, and Smartphone and Pocket PC. With the capability of developing MMI / UI software on GSM/GPRS, CDMA1X, EVDO, WCDMA/UMTS, HSDPA and TD-SCDMA communication technologies, TechFaith is able to provide MMI/UI software packages that fulfill the specifications of handset brand owners and major global operators. TechFaith's smartphone software is based on open operating systems including Linux and Windows Mobile.
Safe Harbor Statement for China TechFaith
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as TechFaith's strategic and operational plans, contain forward-looking statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, TechFaith's limited operating history, mobile handset brand owners' discontinuation or reduction of the use of independent design houses, TechFaith's ability to retain existing or attract additional international customers, TechFaith's earnings or margin declines, failure to compete against new and existing competitors, and other risks outlined in TechFaith's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Submitted Date: Jul 21, 2007
Source: Earthtimes.org
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