Jite signs agreement to open Kunshan Plant

    Symbol: JTI

    TORONTO, Aug. 14 /CNW/ - Jite Technologies Inc. (the "Company", "Jite")
is pleased to announce that it has signed a purchase agreement to acquire 56
acres of land with 17,642 square meters of existing buildings in Kunshan
Economic and Technological Development Zone, Jiangsu Province, China. The new
plant is purchased from Kunshan Jicheng Precision Components Co., Ltd. for a
total consideration of RMB 28 million (approximately $ 4.7 million CAD) in
cash. Jite intends to use the purchased land to relocate its existing
manufacturing plant in Shenzhen. The present Jite Shenzhen plant was rented in
    Kunshan Economic and Technological Development Zone, located to the
Northwest of Shanghai City, was approved as a state-level economic development
zone in August 1992. It is one of the largest electronic manufacturing bases
in China.
    "There were several considerations for Jite's intention to move its
present Shenzhen plant to Kunshan," said Mr. Kevin Ming Zhang, CFO of Jite,
"Kunshan is close to most of our suppliers in the Yangtze Delta area and it is
also close to the representative offices of a large number of Jite's existing
and future international customers. The new plant would be a good fit to
Jite's current manufacturing capacity, and provide a large portion of land for
potential expansion in the future."

    About JITE

    JITE designs and manufactures electronic and electrical connection
devices for security, industrial control, automation, telecommunication, and
power supply industries. JITE is headquartered in Toronto, Canada and carries
out research and manufacturing operations in Shenzhen China at its ISO 9001
certified facility.

    This press release contains forward-looking statements which reflect the
Corporation's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual results
could differ materially from those projected herein. Although we believe that
our expectations are based on reasonable assumptions, we can give no assurance
that our expectations will materialize. The TSX Venture Exchange Inc. has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.

For further information:

For further information: Mr. Kevin Ming Zhang, Chief Financial Officer,
Tel: (416) 366-7420, www.jite.com

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890