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HONG KONG - February
27, 2002 - CPCNet Hong Kong Limited, a CITIC
Pacific (SEHK: 0267) company, formerly known as PSINet
Hong Kong Limited, today unveiled its new corporate
name and identity. The new identity solidly aligns CPCNet
under its parent and completes the transformation of
the former PSINet Hong Kong into a wholly-owned subsidiary
of CITIC Pacific Communications Limited. The new brand
signifies a better alignment of CPCNet with CITIC Pacific's
telecom portfolio in delivering a host of IP-based services
connecting the world to China.
"For our customers, CPCNet represents an ideal
union of internet expertise with the financial strength
and complementary assets of CITIC Pacific. This integration
will bring us a number of exciting new developments
in expanding our product portfolio, along with further
increases in quality, reliability and service fulfillment
capabilities." said Mr. Stephen Ho, newly appointed
President & CEO of CPCNet. "This is a golden
opportunity for us as CPCNet is a solid addition to
CITIC Pacific's telecom portfolio in developing the
Greater China telecommunications market."
Progress to date since acquisition
Since the acquisition announcement in October 2001,
the former PSINet Hong Kong has achieved net profitability
since December 2001. Through partnership with other
CITIC Group companies, CPCNet has also started to provide
"value-added" IP solutions to customers in
major China cities including Guangzhou, Shenzhen, Beijing,
Shanghai, and Wuhan. Moreover, the company has fulfilled
on its promise and launched value-added connectivity
solutions such as AccessPlus and total email solution
MessagePlus for customers in China and Hong Kong. Further
product rollouts are planned in Q1 2002.
CPCNet's Greater China business strategy
CPCNet will continue to work very closely with other
CITIC Pacific's subsidiaries to extend its service fulfillment
capability in China and expand its IP network to improve
international bandwidth provision. Furthermore, CPCNet
will launch a new flagship advanced network solution
in the coming weeks.
"We regard this re-branding with great optimism.
CPCNet is now in a position to better serve our customers
because the new alignment will strengthen CPCNet's value-added
services rollout and provisioning capabilities in Greater
China. I'm confident that we will achieve bigger and
better results in the future," added Mr. Ho
Strong Management With New Leader
CPCNet also announced the appointment of Mr. Stephen
Ho as its President & CEO. Mr. Ho formerly served
as CITIC Pacific Communications' Executive Vice President
of Operations prior to this appointment. Since CITIC
Pacific's acquisition of PSINet Hong Kong in October
2001, Mr. Ho has been actively involved in the strategic
planning and development of the former PSINet Hong Kong.
"Mr. Ho has been instrumental to the business
development and strategy formulation for CPCNet as well
as CITIC Pacific Communications in Greater China. Stephen
has extensive knowledge of the business operations and
has ensured a smooth transition over the past six months."
commented Mr. Norman Yuen, Deputy Managing Director,
CITIC Pacific Limited. "Stephen will be a strong
addition to CPCNet, leading the company to fulfill its
vision to providing best-of-breed IP solutions to leading
enterprises in Greater China. And I would also like
to thank Mr. William Kwan for his contribution in making
the now CPCNet a successful business."
Media Contact:
Priscilla Wat
Phone: 852-2170-7536
Email: mediaenquiry@CPCNet.com
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