Telestone Technologies (NASDAQ:TSTC)

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Monday, June 13, 2011

BEIJING, June 13, 2011 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation (NASDAQ: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local access networks in China, today announced that it has signed a letter of intent (the "LOI") to acquire 100% of Sichuan Ruideng Telecom Corporation ("Sichuan Ruideng" or "SR"). The LOI was signed on May 12, 2011.

Under the term of LOI, Telestone will use a combination of cash and Telestone common stock to fund the acquisition, whose terms are still being finalized. Telestone expects to sign a definitive acquisition agreement with Sichuan Ruideng soon.

Located in Chengdu in Sichuan province, Sichuan Ruideng specializes in telecom network construction and system-integration services. SR was founded in 1993 with registered capital of RMB 32.0 million (approximately $4.9 million). Today, Sichuan Ruideng is one of the largest provides of telecom network engineering services in Sichuan province and southwestern China, which has over 300 employees and about $20 million of average annual revenue in the past several years. Its business mainly covers regions of Sichuan, Yunnan, Guizhou, Hubei, and Qinghai provinces.

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