HONG KONG--(BUSINESS WIRE)--China Teletech Holding, Inc. (OTCBB: CNCT) (the “Company”, “CNCT”) announced today that it has signed a new distribution agreement with one of the three biggest mobile telecommunication operators in China on September 24, 2012. According to the agreement, CNCT will distribute pre-paid calling cards through magazine stalls in Guangzhou City of China since September 24 onwards. The magazine stalls are owned by Guangzhou BaoKanTing Limited Company, a stated-owned enterprise with which CNCT also entered into an agreement. The Company started this new sales channel with 107 magazine stalls and will increase the total number to 300 in the Mid-2013. The Company projects the new channel will generate sales of about USD14m and USD17m in 2013 and 2014 respectively. The Company is identifying and evaluating cross-selling opportunities through this new channel.
On the other hand, CNCT is working on more cross-selling cooperation opportunities with other two China mobile telecommunication operators.
About China Teletech Holding, Inc.
The primary business of China Teletech is the sale of pre-paid calling cards and integrated mobile phone handsets and the provision for mobile handset value-added services mainly in Guangzhou City of the People's Republic of China. The Company, while being committed to mobile communications services, is also involved in other sectors such as the mobile telecommunications business cards marketing, research and development of telecommunications software technology and investment projects. Major partners of the Company include China Mobile, China Telecom and China Unicom.
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.