SOURCE: Alpha Spacecom, Inc.

May 23, 2005 10:17 ET

Alpha Spacecom, Inc. Files Form 10K-SB With Securities and Exchange Commission in Washington D.C. and Notifies OTCBB

ASPC Files Form 10KSB for the Year Ending 31 December 2004 With SEC to Protect Alpha Spacecom Shareholder Interest, Cites no Cooperation, Continuing Deception and Illegal Practices by Xuedong Hu and His Counsel

HONG KONG -- (MARKET WIRE) -- May 23, 2005 -- (SAR) Alpha Spacecom, Inc. (OTC BB: ASPC), a China-based Company in the process of converting state owned movie theaters and multi-cinema complexes to digital projection, announced today was forced to file its 10KSB directly with the SEC in Washington, D.C. Alpha Spacecom management has taken matters directly to SEC Enforcement and NASDAQ to address Xuedong Hu's and his counsels' deception of our shareholders and abuse of process.

"Xuedong Hu's lawyer, Andrew Telsey, is the holder of our Edgar Electronic filing codes and refuses to allow me to file the reporting forms required by the SEC," explained Terence Sien, Chairman and CEO of Alpha Spacecom. Terence Sien continued, "It has been established that Xuedong Hu has no place of business, no company phone numbers or contact address, and has published false and misleading forms with the SEC that appear to attest to non-existent board and corporate actions, for example: our independent auditors have not been dismissed and there is no disagreement with them to warrant a dismissal and new auditors have not been engaged by Our Corporation. While Xuedong Hu and his attorneys, Andrew Telsey and Ronald Taylor and others have been intentionally abusing process by their improper use of an order of a Colorado court to the potential damage to our business and to our shareholders, we have been working legally and diligently to resolve any matter before the Corporation, not for personal benefit, but for the benefit of all shareholders, as is the first duty of Our Corporation's officers and directors. I applaud Tridon Trust on its efforts in the US Federal District Court to help us clear the obstacles Xuedong Hu has placed in our path. We are disciplined and determined to end this travesty."

Our shareholders are reminded that only official news and notices bearing the @alphaspacecom.com extension should be accepted and verified against news appearing on our www.alphaspacecom.com web site or by contacting the Alpha Spacecom Corporate Communications Office at info@alphaspacecom.com.

Safe Harbor Statement:

This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Information with respect to important factors that should be considered is contained in the Company's Annual Report on Form 10-KSB as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information

  • Contact:
    John M. Santoyo
    VP Corporate Communications
    (213) 620-6906
    (213) 622-6960 facsimile
    info@alphaspacecom.com