| To: Business Editor | For immediate release |
HONG KONG, 5 January 2000 - The formation of a joint-venture partnership for the development of business with United States, Canadian and South American companies in Mainland China was announced today by Bill Fields, Chairman and Chief Executive Officer of APEC Ltd., Hong Kong, and Ronald J. Floto, Chief Executive of the Dairy Farm Group.
The partnership establishes APEC, with offices in the U.S., as exclusive agent for Sims Trading Company Ltd., the distribution and marketing subsidiary of Dairy Farm in Hong Kong, Macau and Mainland China.
APEC was established by Mr. Fields after a 22-year retail career with Wal-Mart Stores, Inc. where he was President and Chief Operating Officer.
"In addition to his established reputation in retail and consumer goods in the United States," said Mr. Floto, "Bill Fields has many years of business experience in China. This experience and the relationships he has developed provide him with a knowledge, understanding and respect for the culture and unique insight into the China market.
"With China entering the World Trade Organization, the time is ripe for more North and South American companies to enter the China market," continued Mr. Floto. "But these companies need the help of experienced and established China business partners. With Sims' proven track record and Bill Field's knowledge and experience, we are confident this partnership will successfully open up the vast opportunities now available to these businesses."
Sims distributes and markets food and household products in Hong Kong, Macau and Mainland China and has been active in consumer brand development in these markets for more than 15 years. Mr. Fields noted that Sims' expertise coupled with a highly skilled work force and excellent logistic management capabilities put it at the forefront of effective marketing and distribution in these markets.
"Sims Trading Company brings great strength to the partnership through their established and respected expertise in distribution and marketing of consumer goods in China," said Mr. Fields. "Together, we will provide tremendous and combined experience, an established infrastructure and a proven history of success in China.
"Our mission is to work with North and South American companies to provide them efficient and effective ease of entry into the China marketplace of billions of consumers. APEC is where east meets west."
With China and the U.S. reaching agreement on the conditions of China's entry into the World Trade Organization (WTO), Mr. Fields said, China's markets will be more open to foreign products and competition. He noted that import tariffs are expected to decrease and previously protected industry sectors, such as distribution and wholesaling, will be opened to foreign participation. Consumer markets in China are expected to be stimulated by these reforms, he concluded.
Issued by Sims Trading Company Limited through Forrest International.
For more information, please contact:
| Sims Trading Company Limited | |
| Glenn Smith | Tel: (852) 2694-6603 |
| APEC | |
| Tony Mau | Tel: (852) 2899-2906 |
| Forrest International | |
| Bob Fienberg | Tel: (852) 2501-7908 |
| Emily Chen | Tel: (852) 2501-7927 |
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