Orbit E-Commerce and PureNet.TV are pleased to announce the completion of a definitive joint venture partnership agreement bringing IPTV services to China. Previously, OECI announced the signing of an agreement with United Wireless to form a Joint Venture for the purpose of delivering IPTV products and services to United Wireless' 15 million subscribers in major cities across the Peoples Republic of China. During the course of their due diligence, management of both companies made the decision that a Joint Venture Partnership with HangZhou ZhengYuan Software Technology, the major shareholder and an affiliated company of United Wireless, would be in the best interest of the parties.
Under the agreement, the Joint Venture Company will have immediate access to ZhengYuan's debit and smart card technology and their affiliated companies' customer base consisting of 15 million subscribers and 3,000 corporate and institutional clients in China.
In March 2008, the company shipped equipment to China to conduct testing of its IPTV technology. The Company demonstrated a successful test of the IPTV technology throughout the Grand Hyatt Hotel located in Beijing China. Demonstrations of the IPTV technology were made to Government officials, Telecom companies and ZhengYuan, the Company's joint venture partner.