China Media Group Corporation to Pursue Outdoor Advertising Joint Venture With Premium AG Sdn. Bhd.
SAN ANTONIO, TX -- (MARKET WIRE) -- 03/18/08 -- China Media Group Corporation (OTCBB: CHMD) ("CMG") announces today that its wholly owned subsidiary, Ren Ren Media Group Limited ("RRMG"), has entered into a memorandum of understanding ("MOU") with Premium AG Sdn. Bhd. ("PAG") to investigate the opportunity of establishing a joint venture company ("JV Company") focusing on the outdoor advertising market in China.
According to the MOU, the parties will initially work together to investigate a market study and analysis of the outdoor advertising business opportunities in China and to investigate the possibility of a joint venture between PAG and RRMG to operate this business. The business opportunity will be the outdoor advertising business including and not limited to outdoor billboards, light boxes and signs, drawing on the expertise and resources of each party.
PAG is a Malaysian corporation founded in 1997 that focuses on the outdoor advertising industry. They specialize in providing effective advertising and branding solutions to their clients ranging from medium to large size billboards while also including street furniture. At present PAG's coverage of billboards both medium and large, covers nearly every major city in Malaysia, while their street furniture is available nationwide providing urban and rural coverage throughout Malaysia including Sabah and Sarawak.
PAG currently has over 80 billboards of medium and large size in various locations in Malaysia. As for street furniture, PAG holds the concession rights to display advertisements on the back of public payphone booths that cover both Telekoms and Unipoles payphone booths (over 80,000 nationwide).
Mr. Con Unerkov, Chairman of China Media Group Corporation, stated, "We are delighted to work with an experienced outdoor advertising firm like PAG. The initial step is to work together to identify the opportunities as China is a large market both geographically and economically. PAG has the expertise, experience and the broad client base to work with the outdoor media opportunities CMG has in particular to those arising from the Beijing Ren Ren Health Culture Promotion Program. We look forward to the establishment of this JV Company and to develop this lucrative business together."
Mr. Unerkov further added, "The Chinese economy is currently experiencing an exceptional amount of growth and is expected to continue. China's advertising industry is currently ranked one of the largest in the world and its media industry remains one of its most restricted sectors among China's various consumer industries."
About China Media Group Corporation:
China Media Group Corporation (OTCBB: CHMD) is a "Next Generation" advertising / media company focusing on the very lucrative Chinese market. It has offices in China, Hong Kong and Texas, USA. The company was incorporated in Texas on October 1, 2002. The Company is currently entering the fast growing advertising industry in China and plans to expand its offices in key cities such as Beijing, Guangzhou and Shenzhen. The Company will also cooperate with strategic partners in other cities to serve our clients for nationwide advertising coverage.
Additional information concerning other areas and topics of China Media Group can be found on our web site at http://www.chinamediagroup.net.
A number of statements contained in this Report are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Certain written statements in this press release constitute "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Words or phrases such as "should result," "are expected to," "we anticipate," "we estimate," "we project," "we intend," or similar expressions are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include demand for our services, product development, our ability to maintain acceptable margins and control costs, the impact of federal, state and local regulatory requirements on our business, the impact of competition and the uncertainty of economic conditions in general, including the timely development and market acceptance of products, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made, and we undertake no obligation to publicly update these statements based on events that may occur after the date of this document.
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