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| Proactively Expands Scale of its New Media Business |
HONG KONG, Dec 21, 2011 - (ACN Newswire) - China Outdoor Media Group Limited (stock code: 254) ("COMG" or the "Group") today announced that the Group and the vendors have commenced negotiations towards the proposed acquisitions of Zhejiang Daily Join-Home Media Holding Group Limited ("Zhejiang Daily Join-Home Media") and Dimension Digital Marketing Limited ("Dimension Digital"), and have already reached mutual agreements in key terms. It is expected that a formal sale and purchase agreement will be signed within the Exclusivity Period.
Mr Sammy Tsui, Chief Executive Officer of COMG, said, "We are pleased with the smooth progress of the negotiations towards the proposed acquisitions of Zhejiang Daily Join-Home Media and Dimension Digital. We believe that these acquisitions can accelerate the Group tapping the vast potential of the new media business. Leveraging the position and experience of Zhejiang Daily Join-Home Media within China's media field, the cooperation can effectively stimulate the Group's business growth in the country."
According to the Group's announcements issued on 18 October 2011, it entered into MOUs regarding proposed acquisitions of Zhejiang Daily Join-Home Media and Dimension Digital on 17 October 2011. Zhejiang Daily Join-Home Media is currently engaging and operating businesses in China and Hong Kong of "Tao" + "Taobao Tianxia" Magazine, Iconhere interactive entertainment and information platform, LED total solution and consultancy, as well as out-of-home media, including large-scale outdoor LED screens and indoor LCD screens. Dimension Digital owns a detection software system for mobile phones, namely i-Marker, and is operating its businesses, including an online shopping business, on a global basis. i-Marker runs on the iPhone4 or Android mobile phone platforms, and can detect Augmented Reality Code via any media. The detected and hidden multimedia information, such as text, images, videos and animation, can then be displayed automatically on the screen of the mobile phone.
On the other hand, the Group has in full force started its new media business cooperation with Zhejiang Daily Join-Home Media in the Greater China including Hong Kong and Macau. The partnership is intended to proactively develop its new media business, including those new media businesses integrating with the newest technologies, such as three-net integration and i-Cloud.
Topic: Merger & Acquisition
Source: China Outdoor Media Group
Sectors: Daily Finance, Broadcast, Film & Sat, Daily News
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From the Asia Corporate News Network
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