VelaTel Global Communications (otcqb:VELA) (pinksheets:VELA), a US-based leader in deploying and operating wireless broadband and telecommunication networks worldwide, today announced it has appointed Luo Hongye as Chairman, Legal Representative and a Director of Beijing Yunji Communications Technical Service Co. Ltd., VelaTel's operating subsidiary in the People's Republic of China (PRC). VelaTel formed Yunji in April 2011 to qualify as a wholly owned foreign enterprise (WFOE) under PRC law, an important requirement for the ability of VelaTel to conduct business requiring capital investment in the PRC. Yunji will be the contracting party for the Exclusive Services Agreement that is currently being negotiated as contemplated under VelaTel's recently announced Business Agreement with Aerostrong Company Limited to deliver wireless broadband access (WBA) and related telecommunications services to Aerostrong's parent company, PRC state-owned China Aerospace Science and Technology Group (CASC) and CASC's other affiliated companies. As Executive Director, Mr. Luo will lead the negotiations between Yunji and other strategic partners who may play a role in the services Yunji will deliver to CASC.
Mr. Luo has extensive background in the telecommunications industry, most notably his role as a Co-Founder and past Director of International Marketing for ZTE Corporation. Although Mr. Luo has retired from ZTE, he was instrumental in assisting VelaTel to secure a global strategic Memorandum of Understanding with ZTE. Through his industry contacts, Mr. Luo has also made VelaTel aware of opportunities that have led to several of VelaTel's other contracts and partnerships in the PRC, including CASC and another PRC state-owned company with whom VelaTel has recently contracted, New Generation Special Network Communication Technology Co., Ltd. Mr. Luo is also the Founder and CEO of Shenzhen VN Technologies Co., Ltd. (VN Tech), a manufacturer and patent holder for hydrogen fuel cell technologies serving the telecommunications industry. VelaTel has a joint venture relationship with VN Tech.
VelaTel's President Colin Tay stated: "We are very pleased that Mr. Luo has accepted our appointment as Chairman and Executive Director of Yunji. His experience in the telecommunications industry, and his ongoing contacts and relationships with other industry leaders in China, are invaluable to VelaTel."
About Luo Hongye From 1981 to 1984, Luo Hongye worked in Shanxi National Defense Industry Office. In 1984, he participated in the establishment of Zhongxing Semiconductor Corporation (the predecessor company to ZTE Corporation). He was one of the founders of ZTE Corporation and served as the director of ZTE's Department of International Market, where he made an outstanding contribution to ZTE's growth and development. Luo Hongye has retired from ZTE, and his current interests include the application of green energy in telecommunication industry. He founded Shenzhen VN Technologies Co. Ltd., a company in the R&D and production of hydrogen fuel cells, and acts as the Chairman and CEO. He is one the draftsmen of the Industry Standard for Hydrogen Fuel Cells of Chinese Ministry of Industry and Information Technology, and elected as the general secretary of the Hydrogen Fuel Cell Industry Alliance. Luo Hongye graduated from the PLA Xi'an Institute of Radio Communications Engineering (now the University of Electronic Science and Technology) in 1984.
About VelaTel Global Communications, Inc. VelaTel acquires spectrum assets through acquisition or joint venture relationships, and provides capital, engineering, architectural and construction services related to the build-out of wireless broadband telecommunications networks, which it then operates by offering services attractive to residential, enterprise and government subscribers. VelaTel currently focuses on emerging markets where internet penetration rate is low relative to the capacity of incumbent operators to provide comparable cutting edge services, and/or where the entry cost to acquire spectrum is low relative to projected subscribers. VelaTel currently has project operations in People's Republic of China and Peru. Additional target markets include countries in Latin America, the Caribbean, Southeast Asia and Eastern Europe. VelaTel's administrative headquarters are in San Diego, California. For more information, please visit www.velatel.com .
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