SOURCE: Telestone Technologies Corporation

August 02, 2006 08:00 ET

Telestone Technologies Corporation Secures Loan From Xing Ye Bank

NEW YORK, NY -- (MARKET WIRE) -- August 2, 2006 -- Telestone Technologies Corporation (AMEX: TST), a leading provider of wireless communication coverage solutions primarily in China, announced the completion of a loan agreement from Xing Ye Bank of China, dated June 16, 2006. The loan is for approximately $1.2 million (USD) and will be used for working capital. The loan is for one year, with a floating interest rate at 7.60%, which can be adjusted monthly by the Central Bank of China.

"As we continue to grow, we are glad to receive from Xing Ye Bank this working capital loan. We hope this first time loan will grow into a much larger relationship with the Xing Ye Bank," stated Dongping Liu, CFO of Telestone Technologies Corporation.

About Telestone Technologies Corporation

The Company and its subsidiaries provide wireless communications coverage solutions primarily in the People's Republic of China. These solutions include products such as repeaters, antennas and radio accessories. In addition, the Company provides services that include project design, project management, installation, maintenance and other after-sales services. Telestone Technologies currently has approximately 414 employees. Additional information on the Company can be found at www.telestonecorp.com.

SAFE HARBOR: Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Telestone Technologies Corporation ("Telestone") that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Telestone cautions you that any forward-looking information provided by or on behalf of Telestone is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website. Telestone's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Telestone's control, in addition to those discussed in Telestone's press releases, public filings, and statements by Telestone's management, including, but not limited to, Telestone's estimate of the sufficiency of its existing capital resources, Telestone's ability to raise additional capital to fund future operations, Telestone's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Telestone's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Telestone does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

Contact Information

  • For additional information please contact:
    Telestone Technologies Corporation
    Mark Miller
    Corporate Communications
    275 Madison Avenue, 6th Floor
    New York, NY 10016
    Tel: (212) 880-3794
    Fax: (212) 880-4241
    mmeastwest@hotmail.com