DRGV Dragon Capital Group Corp (PK)

Dragon Venture (Pink Sheets: DRGV) a holding company of high-tech companies in China, reports that Shanghai Yazheng Information Technology Company, Limited, a subsidiary of DRGV, has completed the acquisition of 51% ownership of Shanghai Cnnest Technology Development Company, Ltd, a leader in wireless 3G-based solutions and applications, located in Shanghai, China. The Shanghai Cnnest Technology Development Co., Ltd. ("Cnnest") was established in 2002. Cnnest is dedicated to commercial Third-Generation (3G) wireless applications and mobile business solutions. Based on wireless 3G platforms, Cnnest's objective is to take advantage of a host of new mobile internet applications. Cnnest intends to become one of the leading companies in the field of mobile Internet solutions and applications. According to 3GMPS.com, 3G Mobile-Services and the Mobile Internet bring people's life into a brand new era. Mobile Internet phones or 3G Smart Phones in use are expected to reach one billion worldwide in 2005. Global mobile data market revenues should reach $450 billion by 2010. As early as in 2002, the founders of Cnnest started their 3G-application research and development based on wireless Internet. At the present stage, Cnnest has already finished a real estate application in the Chinese market, which currently has 800,000 registered users. The Company is currently developing applications for the human resources, mobile banking, as well as the Food, Beverage, and Entertainment industries. Since 2004, Cnnest became a national partner of Tencent, Inc (Hong Kong stock exchange: 700) to offer 3G online products for China Mobile (NYSE: CHL) and China Unicom (NYSE: CHU). This year, Cnnest will seek to cooperate with several of the top cell phone manufacturers such as Motorola and Nokia for imbedding their software applications. Cnnest operates one website (http://www.cnnest.com) and wireless 3 G-based platform that offers real estate services through the mobile Internet. Lawrence Wang, CEO and President of Dragon Venture, comments, "We are very excited about this new acquisition; this is the first step in our aggressive acquisition plan. Cnnet has developed some outstanding excellent applications that are on the cutting edge of the industry. We believe the combination of this acquisition with our own SMS division will enhance our leading position in Wireless 3G-based applications. We will combine both technical forces to create more mobile Internet applications in the near future." About Dragon Venture Dragon Venture ("Dragon") is doing business in China through its subsidiaries. Dragon was established to serves as a conduit between Chinese high-growth companies and Western investors. The current focus of Dragon is on the development of wireless 3G-based applications and business solutions. Two companies that Dragon has acquired are among the leading providers of mobile Internet applications and business solutions in China. As China emerges as a growing force on the global stage, Dragon's professionals will provide invaluable services for Western investors seeking to gain access to the Chinese high-tech economy. In addition, Dragon functions as an incubator of high-tech companies in China, offering support in the critical functions of general business consulting, formation of joint ventures, access of capital, merger & acquisition, business valuation, and revenue growth strategies. Dragon will develop a portfolio of high-tech companies operating in China. Our focus will be on innovative technological applications, which are poised to alter the competitive landscape of the industry. In addition, the company acquires and invests in innovative technology companies in China or forms joint ventures with both American and Chinese companies, focusing on emerging technology industries including Telecommunication, Information Technology, Wireless applications, and other high-tech industries. For more information about Dragon Venture, please visit http://www.dragonventure.net Safe Harbor Statement Certain statements set forth in this press release constitute "forward-looking statements". Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets.