Crawford Lake Mining announced it has purchased 100% ownership of Jinan Yinquan Technology Co. Ltd, (‘Jinan”), a telecommunications technology company located in the Shandong Province of the People’s Republic of China, in exchange for 40,000,000 restricted shares of Crawford Lake common stock.
“This acquisition and expansion into the technology industry signifies our first effort in developing an international, high-tech business strategy for our Company,” said Li Kunwu, President and CEO of Crawford Lake. “Jinan Yinquan is a very aggressive company that now offers Voice over the Internet Protocol (“VoIP”) services to 17 cities in the Shandong Province. The current population in China is estimated at 1.3 billion people. The market potential for their state of the art NP Soft Switch System made this acquisition a very promising venture for us and our shareholders.”
Jinan is a company registered in the People’s Republic of China. Since its inception in 2001, the Company has been developing state of the art telecommunications technology to take full advantage of the strength of the Chinese economy. As the Chinese economy continues its strong and remarkable growth, the need for access to low-cost, reliable telecommunication systems is increasing dramatically. With its proprietary NP Soft Switch System, Jinan is already well positioned to take full advantage of this tremendous opportunity.
The NP Soft Switch System allows customers to convert their cable/dsl router into a VoIP device allowing customers to use the system to make telephone calls to anyone in the world at a much lower cost than standard telephone rates. This product is already being marketed in the Shandong Province with customers in 17 cities already. Plans are ongoing to develop other markets in China.
Jinan is also developing other telecommunications technology, some of which is already in the testing phase, that it intends to roll-out in the coming months.
According to the terms of the deal, Jinan will become a wholly-owned subsidiary of Crawford Lake Mining. The Company (Crawford Lake) will also be changing its name to China VoIP & Digital Telecom Inc. to better reflect its new business strategy.