GLOBAL INDUSTRIAL SUPPLY CO., LTD.

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北京京城工业物流有限公司

GIS -Global Industrial Supply is the new Beijing based Sino-Swiss Joint Venture, focusing on logistics, procurement services for both Chinese and European customers from machinery manufacturing sector. On December 11, 2003, Beijing Jingcheng Mechanical & Electrical Holding Co., Ltd. (JCH), BeiRen Group Corp. (The biggest Chinese printing machinery manufacturer), Beijing No.1 Machine Tool Plant and LB Logistikbetriebe AG, Baden Switzerland (LB), conclude their JV contract on the establishment of the joint venture GIS-Beijing Jingcheng Industrial Logistics Co., Ltd. in the People,s Republic of China, Beijing, in the way of LB Logistikbetriebe AG buying the joint venture coupons of added share-hold. Beijing Jingcheng Mechanical & Electrical Holding Co., Ltd. (JCH) is a state-owned company, who has a total number of 61 business enterprises including 47 industrial manufacturing enterprises, 3 research institutes, 6 trading companies, 1 real estate company, and 2 educational institutes. JCH has total registered capital of 1.36 billion CNY with total number of employee over 45000. JCH achieved revenue over 7 billion CNY in the fiscal year 2003 and an average revenue growth rate of 10%. The new logistic JV company operates under the Business Logo "GIS- Global Industrial Supply" acting as a pioneer with focus on providing professional industrial logistic services for both Chinese and European customers from machinery manufacturing sector. The total settled investment for the JV company GIS is 150 million CNY with the registered capital being 61.5 million CNY, among them: LB holds 25.2 percent of the shares of the joint venture and the other three Chinese parties the remainder 74.8 percent stake. Various logistic facilities including a new IT/ERP system, 2 stocks in Beijing will be formed in a number of stages as dictated by growth and trends in the Chinese industrial logistics market for supply chain and control. At the beginning of business operation starting in the first Quarter of 2004, the GIS employs over 50 people for targeting an annual turnover of 2 billion CNY within 4-5 years.