Orient Venture Capital II Inc.
TSX VENTURE : OVV.P

November 09, 2009 13:50 ET

Orient Venture Capital II Inc. Enters Into Letter of Intent With Suzhou Industrial Park

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Orient Venture Capital II Inc. (the "Company") (TSX VENTURE:OVV.P) is pleased to announce that it has entered into a letter of intent dated November 4, 2009 with China-Singapore Suzhou Industrial Park Development Group Co., Ltd. ("CSSD") pursuant to which CSSD agrees to provide the Company with necessary assistance and guidance to set up a venture investment company in Suzhou Industrial Park. Furthermore, CSSD also agrees to provide incentives and support to the Company's venture investment company upon its establishment.

China-Singapore Suzhou Industrial Park Development Group Co., Ltd. is a cooperative project between Chinese and Singaporean governments and was established by a decree of the State Council of People's Republic of China in February of 1994. Since its debut in 1994, Suzhou Industrial Park has maintained a sustainable annual average economic growth of 30%. With around only 4% of the total land and population of the City of Suzhou, Suzhou Industrial Park contributes about 15% of Suzhou's overall GDP, local general budgeted revenue and fixed asset investment, approximately 25% of the total registered and paid up foreign capital and about 30% of the gross import and export volume. Suzhou Industrial Park enjoys all of the preferential policies accorded to national economic and technological zones and national hi-tech industrial zones in China and has full authority to administer its foreign affairs.

In addition to the letter of intent with Suzhou Industrial Park, the Company also wishes to announce that the following individuals have agreed to become advisors to the Company:

Mr. Terry Yongmin Hu will become an advisor to the Company. Mr. Hu is a co-founder of FountainVest Partners ("FountainVest"), one of the largest private equity funds dedicated to the Chinese market. Prior to FountainVest, Mr. Hu was a Managing Director at Temasek Holdings. He was a member of Temasek's global investment committee, and head of its real estate investment. Prior to his tenure at Temasek, he was an investment banker and served as a Director and Head of China Telecom, Media and Technology Investment Banking for Credit Suisse and as the Shanghai Chief Representative for Bear Stearns. Mr. Hu graduated from Fudan University in People's Republic of China.

Mr. Liqun Wang will also become an advisor to the Company. Mr. Wang is currently the Chairman of Shanghai Stonecapital Co., Ltd. in China ("Stonecapital"). Mr. Wang has an extensive network in the Chinese financial services industry. Prior to founding Stonecapital, Mr. Wang has worked as the general manager of Shanghai City Construction and Investment Development Company, which had assets over RMB 170 Billion. Mr. Wang has also received the Shanghai Top 10 Outstanding Young Entrepreneurs award.

Mr. Xin Hua will also become an advisor to the Company. Mr. Hua is the Chairman of MaiPu Communication Technology Co, Ltd., which is a supplier of IP network equipment and application solutions with products ranging from routers, switches, VoIP communications, security and integrated access equipment. He is also the Executive Director of the China Software Industry Association and a professor at Beijing University of Post and Telecommunications. Mr. Hua was a deputy at the 11th National People's Congress of People's Republic of China.

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the completion of debt funding, marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Information regarding, China-Singapore Suzhou Industrial Park Development Group Co., Ltd., Mr. Terry Yongmin Hu, Mr. Liqun Wang, and Mr. Xin Hua has been obtained from public information which the Company expects to be reliable, however the Company has not independently verified such information, and disclaims any liability arising therefrom.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Orient Venture Capital II Inc.
    Mr. Ian MacDougall
    Director and Chief Executive Officer
    (604) 689-0618
    (604) 689-0628 (FAX)