SHENZHEN, China, Aug. 8, 2011 /PRNewswire-Asia-FirstCall/ -- China
GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech", or "the
Company"), a leading China-based
provider of radio frequency ("RF") and wireless coverage products
and services, today announced that the Company has successfully won
bids of WLAN equipment from China Unicom in its centralized bidding
process for WLAN equipment.
GrenTech successfully completed the submission and testing of
its WLAN access equipment in China
Unicom's centralized bidding process and was selected as the
provider for ten individual provinces through its superior product
quality, competitive pricing and its excellent market
reputation.
"Following our success in winning centralized bids for WLAN
equipment from China Unicom, we have recently established business
partnership with ten individual provinces in China," said Mr. Yingjie Gao, GrenTech's Chairman and Chief
Executive Officer. "The build out of WLAN coverage is accelerating
at a very fast pace, benefiting from increased investment in WLAN
coverage by telecommunication operators in China. These recent wins speak to our
important position in the market and further support our steady
growth and increasing earnings in this business segment."
About China GrenTech
China GrenTech is a leading developer of radio frequency ("RF")
technology in China and a leading
provider of wireless coverage products and services in China. The Company uses RF technology to
design and manufacture wireless coverage products, which enables
telecommunications operators to expand the reach of their wireless
communication networks to indoor and outdoor areas such as
buildings, highways, subways, tunnels and remote regions. China
GrenTech's wireless coverage services include design, installation
and project warranty services. The Company also tailors the design
and configuration of its wireless coverage products to the specific
requirements of its customers.
Based on its in-house RF technology platform, the Company also
develops and produces base station RF parts and components sold to
base station manufacturers. GrenTech is a qualified supplier of RF
parts and components to major global and domestic base station
manufacturers. For more information, please visit
www.GrenTech.com.cn.
Safe Harbor Statement
Statements contained in this press release that are not
historical facts are forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, including financial projections and
forecasts, involve risks and uncertainties that could cause the
Company's actual results to differ materially from its current
expectations. Factors that could cause the Company's results to
differ materially from those set forth in these forward-looking
statements include: the Company's reliance on business
relationships with the Chinese telecommunications operators and
base station equipment manufacturers; the risk that the Company
will continue to experience downward pressure on the pricing of its
products and services due to the telecommunications operators'
bidding policies or other factors, which could adversely affect the
Company's business and margins; the risk that the
telecommunications operators in China will not expand or maintain their
spending on 2G, 3G, WLAN or other network projects or that the
Company will not be successful in future bids for tenders held by
the operators (including the Company's bids for the CMMB project);
uncertainty as to the future demand for base station RF products by
domestic or international base station equipment manufacturers,
including the risk that demand in China or elsewhere for base stations may not
grow as the Company's management anticipates due to factors beyond
the Company's control; risks associated with large accounts
receivable, long collection periods and accounts receivable cycles
and the Company's ability to maintain or improve its recently
decreasing collection periods; fierce competition in the wireless
communication industry; growth of, and risks inherent in, the
wireless communication industry in China, including uncertainty regarding the
planned integration of telecom, broadcast TV and Internet networks
in China and how such convergence,
if it happens, may affect the Company's business; uncertainty as to
future profitability and the Company's ability to obtain adequate
financing for its planned capital expenditure requirements;
uncertainty as to its ability to continuously develop and
manufacture new RF technologies and keep up with changes in RF
technologies or to develop new markets for wireless coverage
products and services such as industrial users; risks associated
with possible defects and errors in its wireless coverage products
or base station RF products; uncertainty as to the Company's
ability to protect and enforce its intellectual property rights;
and uncertainty as to the Company's ability to attract and retain
qualified executives and personnel, particularly in its research
and development department. Other factors that may causes the
Company's actual results to differ from those set forth in the
forward-looking statements contained in this press release and that
may affect its prospects in general are described in the Company's
filings with the Securities and Exchange Commission, including its
Registration Statement on Form F-1 related to its initial public
offering and its annual reports on Form 20-F. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect subsequent events or changed assumptions or
circumstances.
Company
Contact:
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Investor Relations
Contact:
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Xin Lian, Senior
Manager
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David Rudnick, Account
Manager
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China GrenTech Corp.
Ltd.
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CCG Investor
Relations
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Tel: +86-755-2650-3007
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Tel: +1-646-626-4172
(New York)
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E-mail:
investor@powercn.com
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Email: david.rudnick@ccgir.com
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SOURCE China Grentech Corporation Limited