DIAMOND BAR, Calif., Feb. 15, 2006 (PRIMEZONE) -- Sun New Media, Inc. (OTCBB:SNMD) ("SNMI") today announced the completion of its acquisition of Sun New Media Holdings. The acquisition was finalized on February 15, 2006 according to the terms originally announced on November 29, 2005.
The acquisition gives SNMI stakes in a number of key multimedia content production and technology development companies. Through Sun New Media Holdings, SNMI now has the following assets:
-- An 85% stake in Sun 365 Multimedia Holdings Ltd, a Beijing
based television and multimedia production-company.
-- A 51% stake in Compass Multimedia Ltd. (HK), the creator and
distributor of the Gogosun e-publishing platform and China's
first digital TV Guide.
-- A 30% stake in Global Woman Multimedia Co. Ltd., a TV and new
media company with various online and offline media assets
centered on Ms. Yang Lan, one of China's leading media
personalities.
"The acquisition of Sun New Media Holdings is an important step in SNMI's evolution as a full-service content and interactive marketing platform provider," said Mr. John Li, SNMI's co-CEO. "The assets will allow us to reach a broad range of consumers with some of China's most innovative and compelling new media."
About Sun New Media
Sun New Media Inc. (SNMI) is one of China's first integrated, interactive marketing companies. SNMI plans to create a core group of businesses that includes advanced interactive content development and distribution units, sales and marketing services, and channel management software solutions. SNMI is well positioned to capture a significant share of China's multi-billion dollar interactive marketing services market.
For more information on Sun New Media Inc., visit the Company's website at: http://www.sunnewmedia.net
This press release includes statements that may constitute "forward-looking" statements, usually containing the word "believe," "estimate," "project," "expect," "plan," "anticipate," or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of SNMI's product and services in the marketplace, competitive factors, changes in regulatory environments, and other risks detailed in SNMI's periodic report filings with the Securities and Exchange Commission. In addition, there is no certainty that the transactions described above will be completed or, if completed, that the terms for such transactions may not change before completion. Nor is there any certainty that SNMI will be able to benefit from the described transactions in the manner currently expected. By making these forward-looking statements, SNMI disclaims any obligation to update these statements for revisions or changes after the date of this release.
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