Hong Kong Govt Fund Awards US$1 M To Local Company

A Hong Kong firm specializing in Internet
communication systems for the hospitality industry, I-Quest Corp., is the newest
beneficiary of the Hong Kong Government’s Applied Research Fund.

I-Quest has received HK$7.8 million (US$1 million) from the HK$750
million venture capital fund which aims to nurture the local high-tech
industry.

The company will use the investment to expand and accelerate installation of
its WorldRoom workstations and its new laptop connectivity
solution, WorldRoom Connect!.

“I-Quest has developed a valuable service for travelling executives in Asia
giving a welcome boost to the hotel industry around the region.” said Hanson
Cheah, executive director of AsiaTech
Ventures
, a venture capital firm which
manages part of the fund on behalf of the government.

“As a local enterprise that has applied advanced technology in an important
market,
I-Quest is an ideal candidate for support from the fund,” added Cheah.

The funding will accelerate deployment of I-Quest Corp.’s
WorldRoom Connect! solution, which provides high-speed, plug-and-play
Internet access for laptop-reliant business travelers. I-Quest
Corporation relies on existing telephone wires to deliver its high-speed
solution.

“By targeting the high-end hotel sector to provide value-added services to
business executives, I-Quest helps leading hotels to differentiate their
service and add value,” Cheah said.

“We are delighted to receive this support from AsiaTech Ventures and from
the Hong Kong Government,” said Anthony Blass, chief executive officer of
I-Quest Corp. “It represents a terrific endorsement, not only of the
strength of I-Quest but it also acknowledges the value and viability of the
products we have developed.”

Founded in Hong Kong in 1996, I-Quest Corp. has grown since then with
40 staff employed in its Hong Kong headquarters and offices in Manila and
Singapore.

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