Ten & 10, Inc. Signs Letter of Agreement With FSP Holdings - a Wireless Broadband Access & VoIP Service Provider in China24 October 2006
Ten & 10, Inc. (PINKSHEETS: TTEN) announced today its wholly owned subsidiary, Tech 10, Inc., signed a letter of agreement to enter into a Strategic Joint Venture Agreement ("SJV") with FSP Holdings, Limited ("FSP").
FSP Holdings Limited (FSP) wholly owns Zhejiang Fibersense Communication Technology Company Limited which is headquartered in Hangzhou City, Zhejiang, China. FSP is a company registered in the British Virgin Islands. Through its ownership of Zhejiang Fibersense Communication, FSP is a Wireless Broadband Access (WBA) and VoIP solution and service provider with branches in the People's Republic of China (PRC). FSP has sales and engineering offices in Hangzhou, Beijing, and Chengdu. FSP is committed to providing cost-effective integrated WBA and VoIP systems solutions conforming to Chinese and international standards. FSP's primary target consumers are both public and private networks with substantial existing infrastructures such as telecommunication providers, government offices, enterprise networks, public utilities, oil and mining industries, and provincial forest services. For more information, see www.fsp.com.cn.
Under the terms of the agreement, both parties intend to execute a full SJV agreement. As a condition of the SJV, FSP will assign specific current and future customer service contracts to the joint venture, entitling Ten and 10, Inc. to fifty-one (51%) of the net proceeds derived from those service contracts. In consideration of FSP assignment of the customer service contracts, Ten & 10 agrees to invest working capital into the SJV. Ten & 10 also agrees to negotiate a representation agreement that allows Ten & 10 to market and sell WIFI and WiMax products in the United States.
Ten & 10's President, Curtis Pree, stated, "We are excited to have established this relationship with FSP. We are hopeful that this will be a long and profitable relationship with FSP."
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings.
Contact: Jack Eversull Investor Relations The Eversull Group, Inc. Email Contact 972-991-1672 (office) 972-991-7359 (fax)
Barbara Manui Investor Relations Blue Future P.O. Box 286392 New York, NY 10128 Email Contact 212.423.0407
SOURCE: Ten and 10, Inc.
Source: marketwire
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