SOURCE: Asiamart, Inc.

March 15, 2007 10:34 ET

Asiamart Will Open Luxury Store in 2007

Asiamart Launches Vokey, a New Line of Mobile Phones

HONG KONG -- (MARKET WIRE) -- March 15, 2007 -- Asiamart, Inc. (OTCBB: AAMA) today announced that it will open a high-end retail store to offer luxury products aimed at more affluent tourists later this year. In line with one of the three Hong Kong Tourism Board's 2007 initiatives promoting the "Honest & Quality Hong Kong Tour Programme," Asiamart's main focus will be on offering genuine luxury consumer goods of the highest quality, including watches and jewelry, aimed at Chinese tourists with higher disposable income. As a part of its plans for converting one of its locations into a high-end retail store, Asiamart will begin consolidating its three outlet stores into two locations beginning on March 15, 2007.

"The new store presents an outstanding opportunity to reach out to more well-off tourists, which we believe will increase our average sales per tourist," said Alex Yue, Chairman and CEO of Asiamart. "We are undergoing an intensive redesign of our new store which will give our valued tourists a fabulous high-end shopping experience."

Asiamart also announced the addition of Vokey mobile phones, a new collection of sophisticated, edgy hand-held phones. In Hong Kong and China, unlike in the U.S., mobile phone users have the option of purchasing minutes on prepaid SIM cards that can be easily plugged into the user's phone, instead of long term service contracts with carriers. This feature permits mobile phone makers to sell their phones to Chinese customers, who can use them in China with local SIM cards. Vokey, with its unique flashing message feature, has been well received by Chinese tourists -- Asiamart has sold over 1,000 units per month through its stores since the product's launch in early 2007. Vokey has already become one of the best selling brands among Asiamart's products, and has a higher-than-average profit margin.

About Asiamart, Inc.

Asiamart, Inc., a Delaware corporation, is a retail and trading company based in Hong Kong focused on the outbound China tourist retail market. Asiamart operates a chain of outlets and discount shopping centers catering principally to tourists brought to its stores through a large network of travel companies and tour operators. Asiamart offers its customers selected international brands in a wide range of merchandise categories including consumer electronics, cosmetics and skin care, dietary supplements, health care and optical products. For more details, see the company's current report on Form 10-Q filed with the SEC on November 14, 2006.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking information about Asiamart that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and Asiamart's future performance, operations and products.

This forward-looking information should be considered only in connection with "Risk Factors" in Asiamart's quarterly report on Form 10-Q filed with the SEC on November 14, 2006, and its other current and periodic reports filed with the SEC. Asiamart assumes no obligations to update any forward-looking statements or information set forth in this press release.

Contact Information

  • Contact:
    Asiamart, Inc.
    Noelle Hon
    Chief Investor Relations Officer
    (852) 3580-8800
    Hong Kong SAR

    Adam Friedman Associates, LLC
    Adam Friedman
    (212) 981-2529 Ext. 18
    New York, New York