EXHIBIT 99.2
COMPANY PRESS RELEASE
JOINT-VENTURE CONTRACT WITH QF DIGITAL
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 12, 2000-- Further to the
press release dated May 8, 2000 under the company's previous name Vancouver's
Finest Coffee Co. (old symbol "VCFN"), China NetTV Holdings (OTCBB:CNHD - news)
is pleased to announce that its wholly owned subsidiary China NetTV Inc. has
signed a joint-venture contract with Sichuan Qianfeng Digital Audio/Video
Equipment Co. Ltd. ("QF Digital").
QF Digital will inject all its assets into the joint-venture including
production facilities and equipment, technology, as well as all contracts. China
NetTV Holdings will initially invest U.S. $1.5 million to finance the initial
production of set-top boxes to meet expected contract orders. Future investments
will be made contingent upon progress of the set-top box market.
Under the terms of the contract, China NetTV Holdings will control 51 percent of
the joint-venture. The joint-venture is being registered awaiting all necessary
government approvals.
Based in Sichuan Province (population 90+ million), QF Digital is a pioneer and
leader in China in Proprietary Digital Data Transmission Technology and
Solutions for the Television Broadcasting and Cable industries. It has
proprietary technology based on the patented ASIC "L64769QAM'", offering
complete turnkey Digital TV Broadcasting solutions consisting of:
1. Headend Systems - Front-end systems residing at the TV or Cable
operator that originates the Digital signal.
2. Design and Engineering - Capabilities to be designer and builder of
turnkey Digital TV Broadcasting systems.
3. Set-Top Boxes - User Interface boxes that convert Digital Broadcasts
into Analog Signals.
QF Digital occupies a prominent position in Sichuan Province and is a nationally
recognized brand name. Several contracts are currently under advanced
negotiations both inside and outside Sichuan Province. QF Digital also plans to
incorporate Smart Card and WebTV capabilities into their Set-Top Boxes.
Any forward-looking statement in this press release is made pursuant to the
"safe harbor'" provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that actual results may differ substantially from
such forward-looking statements.
Forward-looking statements involve risks and uncertainties including, but not
limited to, economical and political factors, technological developments and
changes in international and local markets, as well as the inherent risks of the
technology related business.
On Behalf of the Board of Directors of China NetTV Holdings Inc.
/s/ Ernest Cheung, President
----------------------------
Ernest Cheung, President
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