China Surpasses the United States as the World's Top Exporter of High-Tech Communications and Information Products
U.S. Imports of Chinese Advanced Technology Products Exceeds $40 billion Through the First Nine Months of 2005
NEW YORK, NY -- (MARKET WIRE) -- 12/19/05 -- T-Bay Holdings, Inc. (OTC BB: TBYH) announced today that in a report recently published by The Organization for Economic Cooperation and Development (OECD), China surpassed the U.S. as the world's top exporter of high-tech communications and information products. The OECD consists of 30 member countries sharing a commitment to democratic government and the market economy. The United States, Canada, Mexico, Japan, Korea, United Kingdom, France and Germany are all members of the OECD.
China exported $180 billion of global information and communications technology products while the United States exported $149 billion during the same period. For the first 9 months of 2005, there was a 30 percent increase in Chinese imports of such products as compared to the first 9 months of 2004. Some economists and market experts expect these trends to continue for the foreseeable future.
Mr. Xiaofeng Li, Chief Executive Officer of T-Bay Holdings, commented, "Although we are seeing increased demand for our line of products, this report confirms our confidence in the future success of our company. The economic opportunity for our company is not limited to China. We are seeing an increased demand for Chinese high-tech products worldwide."
Mr. Li concluded by saying, "We are witnessing a growing trend of U.S. companies setting up operations in China as China moves from simple textile manufacturing operations to some of the world's most sophisticated high-end electronics."
About T-Bay Holdings, Inc.
T-Bay conducts its mobile phone design business through its 95% owned subsidiary, Shanghai Sunplus Communication Technology Co., Ltd. ("Sunplus"). Established in October 2002, Sunplus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that Sunplus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 160, comprised mostly of engineers and software programmers.
Sunplus develops its mobile phone modules based mainly on the chipset platform provided by Skyworks. Currently, major customers of Sunplus include CECT, Panda Electronics and Siemens Mobile.
Sunplus was jointly formed by Wise Target International Limited, Amber Link International Limited and Shanghai Fanna Industrial Product Design Co., Ltd. Wise Target and Amber Link are 100% subsidiaries of T-Bay Holdings, Inc. and they altogether hold 95% shareholding in Sunplus.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
