Moving Bytes, Inc. Signs Letter of Intent with China International Enterprises Corp.


NEW YORK, Aug. 15, 2005 (PRIMEZONE) -- Moving Bytes, Inc. (OTCBB:MBYTF) announced today that it has signed a non-binding Letter of Intent to acquire China International Enterprises Corp. (CIEC), a Delaware corporation which owns 100% of the issued and outstanding shares of the common stock of Heng Xing Technology Group, a British Virgin Islands corporation. Heng Xing owns 100% of the issued and outstanding shares of Shenzhen Hengtaifeng Technology Co., Ltd. (HTF), which is located in the Hi-tech Industrial Park in the Nanshan District, Shenzhen, China.

HTF is a provider of application software and system integration services in China. Specifically, HTF develops and produces housing accumulation fund software and credit guarantee management software products. It also develops family planning and property management software and provides related system integration service. HTF's core product is housing accumulation fund management software. HTF entered this market in 1996 and currently has more than 110 customers in over 20 provinces throughout China. The Company plans on expanding its business services and products through strategic acquisitions of companies located in mainland China. Closing of the acquisition is expected to take place after the parties complete their due diligence and the appropriate filings have been completed.

The management of both CIEC and MBYTF agree to cooperate with each other in the prompt production of documents for information, including direct access to key employees, legal and accounting staff; and to reasonable requests for access to books, records, contracts and other information pertaining to the businesses of each party.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that future acquisitions may be unsuccessful and the market for the company's current product(s) will be limited. We undertake no obligation to revise or update publicly any forward-looking statements.



            

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