Greater China Corp.,
New York, has signed a letter of intent to merge with the Hong-Kong based International Technology Group in an effort to develop fiber- optics opportunities in the China market. The International Technology Group, through its operating subsidiaries, manufactures and sells fiber-optic cable materials and supplies to telecommunications providers in China and the greater Asian market. Greater China Corp. is a management group with experience throughout China and the global technology community. Under the proposed agreement, expected to close by Sept. 19, Greater China Corp. will provide $5 million in financing over the next nine months. At the time of closing, the shareholders of the Greater China Corp. and International Technology Group will each own 50% of the public entity if the merger goes through as anticipated. The companies expect the merger to be the base for building an international publicly traded company in China`s information technology field.