LOS ANGELES, Dec. 12, 2002 (PRIMEZONE) -- Q-Net Technologies, Inc. (OTCBB:QNTI) (Frankfurt:QNO) reports that the Directors of the company have approved, on December 10, 2002, the issuance on a private placement basis, of up to 10 million restricted common shares of the company at a price of $0.10 cents per share. This placement would eliminate $500,000 of existing company debt and provide an additional $500,000 towards its business plan in China, to move forward with manufacturing of its Q-Readers and its Thin Client Server systems.
The company also granted stock options to purchase a total of 1.1 million common shares at $0.10 cents on December 6, 2002 to qualified Directors, Officers, Employees and Consultants under its 2001 Stock Option Plan.
Q-Net Technologies, Inc. is a California-based publicly traded holding company with a focus on the introduction of consumer technology and value added Internet services into the Chinese market.
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Certain matters discussed in this Press Release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.