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<DIV><FONT face=Arial size=2>I had posted this issue (glxof) a while back.
Stock has had a significant run (triple) up but has pulled back the
last two days. Moneyflow has also turn negative. However the issue had some
<STRONG>very positive news </STRONG>today on Bloomberg but has not hit any major
newswire as of yet. Maybe worth revisiting? See below :</FONT></DIV>
<DIV><FONT face=Arial size=2>
<P align=center>GALAXY
ONLINE SIGNS AGREEMENT TO PROVIDE INTERNET AND WIRELESS SERVICE TO CHINA</P><FONT
face=Arial size=1>
<P align=center></P>
<DIR></FONT><B><FONT face=Arial size=4>
<P align=center>Companies enter into exclusive strategic alliance for providing
Filtered Internet via satellite and wireless by GOLI</P></FONT><FONT face=Arial
size=1>
<P align=center></P></FONT><FONT face=Arial size=4>
<P align=center>GOLI's first China based office established February 28, 2000 in
Hong Kong in affiliation with "mwired", a Montgomery-Watson Company, to install
and support initial Internet "Points of Presence"</P></B></FONT>
<P align=center></P></DIR><B><FONT face=Arial size=2>
<P align=justify>INDIANAPOLIS, IN (March 16, 2000) </B><B>Galaxy OnLine Inc.
(CDN: GOLI), </B><B>Galaxy OnLine Inc. </B>("GOLI") signed a Memorandum of
Agreement with I-Tec Communications ("I-Tec"), Guangdong Advanced Technology
Development Co., Ltd. ("GAT"), and Pinnacle Technology, Ltd. Co. ("PT"), to form
a joint venture company in the People. s Republic of China. The primary focus of
the company is to:</P>
<P align=justify></P>
<DIR></DIR>
<UL>
<P align=justify>
<LI>Provide high speed and traditional Internet service throughout China
<LI>Provide satellite coverage for government and private voice, data and
video communications
<LI>To implement a voice over IP infrastructure for improved communication
within China
<LI>To jointly explore other e-commerce opportunities in China
<P></P></LI></UL><B>
<P align=justify></P>
<DIR>
<P align=justify>GOLI </B>has signed a memorandum of agreement to acquire 45% of
the outstanding shares of Calgary, Alberta based <B>I-Tec </B>, a privately held
international business services company specializing in business support
services for local and traveling business persons. As part of the transaction,
<B>GOLI </B>will gain a 50+% share of the voting rights in the Company. GOLI
will issue 312,000 shares to the shareholders of I-Tec on completion of the
transaction. Purchase price payable for the shares shall be $250,000. The
transaction between <B>GOLI </B>and <B>I-TEC </B>is completely at arms
length.</P><B>
<P align=justify></P>
<P align=justify>GOLI / ITEC </B>will be the provider of communications
technology that will allow high-speed satellite, wireless, and landwire Internet
access. The agreement calls for I-Tec to be the marketing arm of Internet access
services by <B>GOLI </B>in China. "This opportunity allows <B>GOLI / ITEC </B>to
provide the technology and management operations to help China achieve their
goals for rapid but controlled deployment of Internet services in-country. We
are honored to become a participant in this important mission," stated Glen
Kaiser, President of the GOLI / ITEC joint venture.</P><B>
<P align=justify></P>
<P align=justify>GOLI / ITEC. s </B>China based partners bring considerable
experience and expertise to the joint venture. Guangdong Advanced Technology
("GAT"), a privately Chinese owned and based corporation, specializes in the
marketing of technology and technology services. Pinnacle Technology ("PT"), a
privately Chinese owned and based corporation, engages in the business of
providing technology related services in China and has extensive experience and
goodwill with several infrastructure providers. GAT and PT, as part of the
agreement, will form a wholly Chinese owned company that will perform their
obligations under the agreement to provide Internet service in China via
satellite, wireless and landwire.</P>
<P align=justify></P><B>
<P align=justify></P></B>
<P align=justify>A joint venture company will be formed with 49% owned by
<B>GOLI </B>and 51% owned by the Chinese Companies. <B>GOLI </B>opened an office
in Hong Kong on February 28, 2000, in affiliation with "mwired", a
Montgomery-Watson Company. <B>GOLI </B>will open two additional offices in the
next 30 days in Beijing and Guangzhou, in the province of Guangdong. "The
Guangdong Province is home to 50% of China. s total number of Infotech and
Telecom businesses. As a regional communications hub, Hong Kong plays an active,
complementary role in China's information technology sector. Direct local
representation is critical to the success of our international business
strategy," said Dan Shaffer, Director of Marketing for <B>GOLI </B>.</P><B>
<P align=justify></P>
<P align=justify>GOLI / ITEC </B>will be responsible for all business
relationships in China, maintaining contacts with various established partners
and ensuring that the contracts are completed. <B>GOLI </B>will be the provider
of technical and management support for Internet and wireless phone services in
China. The services include providing Internet Backbone connectivity for the
existing infrastructure, cellular phone systems, Virtual Private Networking
(VPN) for government and private organizations, Voice over IP (VoIP),
International banking services, and additional telecommunications services as
deemed appropriate.</P>
<P align=justify></P><B>
<P align=justify>GOLI / ITEC, </B>pursuant to the Agreement, <B></B>will
initially install two Internet POPs (points of presence). The first POP will be
placed in the Guangdong Province, and the second POP will be located in Beijing.
Both points of presence are to be installed and operating pursuant to the
Agreement by September 30, 2000. The service will be "Content Filtered" per
government specifications and be delivered via high-speed and traditional
dial-up Internet service. High speed fixed wireless capabilities will be
utilized by applying the Internet access technologies supplied by <B>Moby Dark
</B>, <B></B>which <B>Galaxy OnLine Inc </B>has agreed to acquire.</P><B>
<P align=justify></P></B>
<P align=justify>"The integration of the current four core products from <B>Moby
Dark </B>into the <B>GOLI </B>China ISP strategy provides the capability for
expanding our coverage areas in a quick and efficient manner. The fixed wireless
product can provide DSL comparable speeds, regardless of the quality of the
existing telephony infrastructure. The integration of fixed wireless and
satellite technology together allows us to completely bypass the existing
telephony infrastructure and provide rapid penetration into both rural and
metropolitan areas. As a value added service, both traditional voice traffic and
Internet services can be provided from the same fixed wireless technology," said
Jim Eiteljorg, Chairman of Galaxy OnLine Inc.</P>
<P align=justify></P><B><U>High Technology in China </B></U><BR>The following
information was paraphrased from information prepared for the Canadian Embassy
in Beijing by BDA (China) Limited. The complete work can be viewed online at
</FONT><A href="http://www.canada.org.hk/";><FONT size=2>http://www.canada.org.hk
</FONT></A><FONT face=Arial size=2>.
<P></P>
<P align=justify></P>
<P align=justify>China is the world's third-largest telecom market and enjoys
the fastest growth. Every year, China's network increases more than the
equivalent of the entire Canadian network. By the end of 1998, subscribers
surged from 85 to 110 million including 25 million mobile phone users, for a
national penetration rate of 10.64 percent, with 27.7 percent in urban areas. In
1999, total switching is estimated to increase by 23 million lines to exceed 150
million. The government's objective for the year 2000 is to have 170 million
lines with a national penetration rate of 13 percent, and reaching between 35 to
40 percent in urban areas. By 2020, teledensity is expected to top 40
percent.</P>
<P align=justify></P>
<P align=justify>It is estimated that China will spend more than $50 billion
over the next five years on telecommunications and network infrastructure. The
traditional telephone infrastructure sector will remain a pillar of Canadian
exports to China, particularly in the context of the rapid development of the
GSM network, trunk lines and rural telecommunications.</P>
<P align=justify></P>South China, including the provinces of Guangdong, Fujian
and Hainan, as well as the Guangxi Autonomous Region, is one of the most
economically dynamic regions in China. With a population of over 160 million,
South China has been the recipient of over 50 percent of the foreign investment
into China over the past 20 years. The region boasts almost half of the nation's
imports, and the highest income levels in the country, making it an enticing
market for exporters and investors. All of the five national Special Economic
Zones (SEZs) are located in South China. SEZs were set up by the central
government not only to attract investment, but also to provide experience with
experimental policies. Guangdong province has one of the most advanced
distribution systems in the country, with a thriving retail sector. Guangdong is
the wealthiest consumer market in China and is the province with the highest
income levels, the most cellular phones, the most privately owned automobiles,
the greatest volume of imported products, and the greatest amount of foreign
investment. South China is the destination of 47 percent of the nation's total
imports. The Pearl River Delta region, centered around the provincial capital,
Guangzhou (formerly known as "Canton"), and anchored by Macau and Hong Kong,
includes over 10 highly industrious cities, each with populations equal to or
greater than that of Toronto.
<P align=center><IMG height=276
src="http://www.galaxyinternet.net/GetToKnow/NewsReleases/china.gif";
width=429></P><B><U>About Galaxy OnLine </U><BR>Galaxy OnLine Inc. </B>, d.b.a.
<B>Galaxy Internet </B>, ( </FONT><U><FONT
color=#0000ff>http://www.galaxyinternet.net </FONT><FONT color=#0000ff
face=Arial size=2>) </U></FONT><FONT face=Arial size=2>is an Internet Access and
Services provider specializing in delivery of high quality Internet access to
rural and metropolitan areas. <B>Galaxy Internet </B>also provides a co-branded
<B>"Powered by Galaxy" </B>connectivity solution for technology companies, media
companies, school systems, and entrepreneurs. <B>Moby Dark, a Galaxy OnLine Inc.
Company, </B>is focused on the state of the art research and development of
wireless solutions and other embedded products. The "MDZ Wireless Router"
provides high-speed wireless TCP/IP connectivity. <B>Moby Dark's
</B>"LIFE.stre.am" provides high-resolution video and MP3 quality audio over the
Internet with substantially smaller bandwidth requirements than competing
solutions. <B>Galaxy OnLine </B>is positioned through partnerships with top
level hardware, software, and infrastructure companies to offer affordable high
speed internet access via bi-directional satellite, wireless, and traditional
landwire.
<P></P>
<P align=justify></P><B>
<P align=justify>Galaxy OnLine Inc. </B>is presently in the process of
installing ISP "Points of Presence" in the Midwest, Southeastern states,
Ontario, and China offering service to many areas that until now had limited or
no Internet access available. The Company plans to make Internet access
available to additional regions in the US, Canada, China, Caribbean, and Central
and South Americas. <B>Galaxy OnLine </B><B>Inc. </B>has 55,093,118 </FONT><FONT
face=Arial></FONT><FONT face=Arial size=2>shares outstanding and is currently
quoted on the Canadian Dealing Network (CDN) under the symbol <B>GOLI </B>,
(CUSIP 36318D102).</P>
<P align=justify></P>
<P align=justify>This press release was prepared by <B>Galaxy OnLine Inc. </B>,
which accepts the responsibility as to its accuracy. No regulatory authorities
or similar body have approved or disapproved the information contained herein.
The Company relies on litigation protection for "forward looking"
statements.</P></FONT></FONT></DIR></DIV>
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