For Immediate Release
Hong Kong, October 30, 2001 - TOM.COM LIMITED (TOM, stock code: 8001) announced today that its broadband Internet value-added service subsidiary, Beijing GreaTom United Technology Company Limited (GreaTom), has formed a strategic alliance with KT Freetel Company Limited (KTF), a subsidiary of Korea Telecom. Under the framework agreement, GreaTom and KTF will jointly develop wireless Internet multimedia services in China.
GreaTom is owned 70% by TOM, 10% by Great Wall Technology Joint Stock Company Limited (GWT), and 20% by Great Wall Software & Systems Integration Co. Ltd. (GWSS).
Under the framework agreement, KTF will invest around US$5 million for a 17% stake of the enlarged share capital of GreaTom. On completion of the deal, TOM will own 58.1% of GreaTom. The GreaTom stakes held by GWT and GWSS will be diluted to 8.3% and 16.6% respectively. It is expected that the deal will be completed before year-end.
GreaTom is engaged in the development of broadband residential community service applications, sales of digital video and audio products, online games, online payment and telecom value-added services in China. It also successfully applied innovative broadband technology in the online broadcast of the 21st World Universities Games, held in Beijing, in September.
KTF is Korea's second largest wireless telecom operator and majority-owned by Korea Telecom.
The strategic alliance between GreaTom and KTF will signify further cooperation between broadband content providers and successful telecom operators in the provision of wireless Internet multimedia services in China.
For press enquiries:
Rachel Chan, TOM.COM LIMITED
Tel: (852) 2121 7810; Fax: (852) 2127 7576; e-mail: rachelc@hk.tom.com
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