AsiaDemand in Joint Venture with China's CNPC; AsiaDemand to be Significant Stakeholder in Venture DIAMOND BAR, Calif., Sept. 13 /PRNewswire -AsiaNet/ AsiaDemand, Inc., which provides global trade business solutions for the Chinese industrial market, today announced a joint venture with CNPC (Hong Kong) Limited, a publicly-listed subsidiary of China's state-owned China National Petroleum Corporation (CNPC), and China Petroleum Economics and Information Research Center (CPEIC), the division responsible for the information networks of CNPC. This venture will provide the high-tech infrastructure to enable CNPC's billions of dollars of worldwide procurement to be processed using AsiaDemand's suite of Web-based management tools and services. Through the joint venture, AsiaDemand will be the exclusive provider of a suite of Web-based global trade systems that will power OilChina.com, CNPC's new e-commerce engine. OilChina.com will enable CNPC to manage its procurement process, reduce costs, increase supply chain visibility, and optimize communications between CNPC and its global supplier base. AsiaDemand will also take a significant stake in the venture. AsiaDemand's CEO, Mr. Vijay Fozdar, said, "We are delighted to partner with CNPC, one of China's largest and most technologically advanced companies. This venture will demonstrate exactly how e-commerce can improve companies' operations and produce greater profitability for them." Mr. Fu Zhida, President of CPEIC said, "AsiaDemand will enable us to accelerate the delivery and the benefits of e-commerce to CNPC. They will provide the best technologies integrated into one package. AsiaDemand's solutions will produce substantial savings and benefits for CNPC." Mr. Zhang Ruchun, Executive Chairman of CNPC (Hong Kong), in a separate press release stated, "The rapid development of information technology in recent years has brought about strategic adjustments to modes of trading ...The directors of the Company believe that the establishment of a specialized e-commerce platform ... may help CNPC ... save substantial amounts of administration costs ... " AsiaDemand, Inc. is a business solutions provider that enables industrial companies to manage their procurement and supply chain processes through a complete suite of Web-based trade tools and services. AsiaDemand's hosted services comprise integrated end-to-end solutions for exchange, auction, e-logistics, trade e-finance, and risk management. AsiaDemand, Inc. is a Pequot Capital Management portfolio company. AsiaDemand Inc. is a U.S. corporation based in Los Angeles County with offices in Beijing and Hong Kong. For more information, please visit www.AsiaDemand.com or contact Richard Hornstein at 1.909.860-2960. CNPC (Hong Kong) Limited: http://www.cnpc.com.hk China Petroleum Economics and Information Research Center, CNPC (CPEIC): www.OilChina.com SOURCE AsiaDemand, Inc. CONTACT: Richard Hornstein of AsiaDemand, Inc., 909-860-2960 Web site: http://www.OilChina.com Web site: http://www.cnpc.com.hk Web site: http://www.AsiaDemand.com