SINGAPORE, 7 June 2000 - ei-Nets.com Ltd has signed a Memorandum of Cooperation (MOC) with China State Construction Engineering Corporation to form joint venture companies in providing e-commerce portals in the building, and mechanical and electrical engineering industries.
The MOC was signed by ei-Nets.com's president Liau Beng Chye and Chen Guo Cai, acting general manager, China State Construction Engineering Corporation.
The first joint venture company will be incorporated in Beijing as a private company limited by shares under the name of China Construction ei-Nets.com.
Both parties will jointly create various construction industry-related Internet portals in the regions and territories of China, namely the Building I-Nets and M&E I-Nets. These e-commerce portals are aimed at increasing the productivity of the whole industry in terms of process, communication, machinery and payment mechanism.
China Construction is mainly engaged in construction industry, property development and trading with a paid-up capital of RMB 1 trillion.
This MOC agreement comes after the first MOC which was signed with China State Construction's subsidiary China Construction (South Pacific) Development in Silicon Valley, California during Singapore Deputy Prime Minister Tony Tan's visit under Techventure 2000.
Under the first MOC, China Construction (South Pacific) has committed to migrate
their suppliers and sub-contractors to process e-commerce transactions estimated at S$150 million via ei-Nets.com.
"This MOC is a testimony of the success of our scalable business model with an open and expandable platform. This flexibility allows us to replicate our technology and portals across the globe, whilst providing country and regional specific business models," Liau Beng Chye, president of ei-Nets.com Ltd said.
A key component of the ei-Nets.com business model is the I-Nets™ technology. It allows speedy I-Nets video downloading
on the Internet using normal telephone lines. This can be used to view high-resolution product videos, CADD (computer-aided
design and drafting) as well as synchronized pre-taped demonstrations. The viewing of video files can be enlarged
"We believe this feature will be very useful in minimizing field trips to various sites in China. Using I-Nets, all work-in-progress and material inspection in China can be transmitted across the Internet to anyone in the world and vice versa," said Winston Wei, executive director and chief technology advisor of ei-Nets.com. "This MOC is a great example of click and mortar."
About China State Construction Engineering Corporation
China State Construction Engineering Corporation is an international building contractor engaging in feasibility studies, design, consultance, installation, real estate, decoration, sculpture and mural art, industry and trade, in addition to the building construction and civil engineering works.
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