GNCC raises $2.2 million as working capital (China)

Global National Communications Corporation (GNCC) announced recently that it has raised $2.2 million to be used for working capital. The company spent the last quarter preparing to expand its Personal Handyphone System (PHS) cellular business and upgrade its OEM facilities to handle larger orders. With the realisation of the funding, it expects revenue to increase next quarter. The minister of information industry estimates the use of PHS (cellphones) to increase from 65 million new users in 2004 to 82 million new users in 2005 and 91 million new users by 2006.