DALIAN, China, June 18, 2010 (GLOBE NEWSWIRE) -- China New Media Corp. (OTCBB:CMDI) ("the Company"), a fast-growing advertising media company operating the largest outdoor media network in Dalian, China, today announced that it has completed the acquisition of its first outdoor high-definition LED screen in Shenyang, a major commercial center in Northeast China. With the transaction completed, the LED screen will be in operation immediately.
The screen has an area of 88 square meters and is located near the Shenyang South Railway Station, one of the city's busiest traffic hubs with an average daily flow of 500,000 pedestrians and 350,000 vehicles. The neighborhood is a downtown center for auto exhibit stores including Porsche, BMW, GM, Ford, Nissan, Subaru, Volkswagen and Peugeot, as well as home decoration malls such as IKEA and Red Star Macalline. The media audience in the area is expected to be relatively high-end consumers.
"This is a significant milestone for China New Media Corp.'s expansion in Shenyang City. Considering the current LED media market in Shenyang, we estimate the annual revenue from this will be approximately 1.3 million RMB, or around 190,000 US dollars," said Ms. Linda Wang, a Marketing Director of China New Media Corp. With the increasing effort of expansion in this area, the Company plans to secure more outdoor media resources through either acquisition or its own construction.
About China New Media Corp.
Founded in September 2000, China New Media Corp. is headquartered in Dalian, the commercial center of Northeastern China. The company owns and operates the city's largest outdoor media network encompassing over 600 bus shelters furnished with billboards and displays; 130 taxi stops with displays; and 13 large-size billboards, including 3 large-size LED displays at major traffic conjunctions. The company also furnishes more than 400 buses with advertising posters and 28 metro-trains throughout Dalian Metro Lines. China New Media provides comprehensive advertising services from art design to ad publishing, from daily maintenance to technical upgrading. Launched in Dalian in 2009, China New Media's proprietary LED multimedia display network, City Navigator®, is one of the country's first web-based outdoor advertising networks.
Forward-Looking Statements
This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements", including statements regarding the Company's ability to meet its obligations under its various contracts; the timeliness of payments and other economic benefits the Company expects to receive under such contracts; and the Company's ability to maintain its customer relationships and to maintain its ability to pursue its commercial objectives. In addition, the Company's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe such as risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.