China Youth Media Enters into Joint Venture with Xinhua Finance Media
13 Gennaio 2009 - 3:09PM
Business Wire
China Youth Media, Inc. (OTCBB: CHYU), a China focused youth
marketing and media company, announced today that its operating
subsidiaries, Youth Media Hong Kong (YMHK) and Youth Media Beijing
(YMBJ), have entered into a Joint Venture Agreement with Xinhua
Finance Media Limited (Nasdaq: XFML), a leading China based media
and entertainment company, and China Youth Interactive, a Chinese
government controlled company.
The Joint Venture Agreement with XFML will provide working
capital for the purposes of deploying and marketing a Campus
Network for video distribution built on the existing broadband
infrastructure connecting colleges and universities throughout
China. The Agreement will provide working capital for a minimum of
twelve months ending December 31, 2009.
The Joint Venture Agreement builds upon the 30-year Cooperation
Agreement YMHK entered into on June 10, 2008, with three Chinese
government controlled companies to develop and operate the Campus
Network.
XFML will work with CHYU�s subsidiaries to market and develop ad
sales for the Campus Network. Additionally, XFML will collaborate
on the sale and operation of brand sponsored campus events and the
supply of sports and other commercial content to the Campus
Network.
Jay Rifkin, CEO of China Youth Media, commented, �Xinhua Finance
Media is an ideal JV partner for us, bringing immediate and
extensive resources along with deep China media and advertising
experience. We can now focus on deploying the Campus Network and
building the revenue streams.�
"Youth Media�s Campus Network is a compelling opportunity to
penetrate one of the most sought-after demographics in Asia and
build a loyal following,� commented XFML's CEO, Fredy Bush. "Xinhua
Finance Media is committed to supporting and capitalizing on this
unique value proposition."
About China Youth Media, Inc.
China Youth Media, Inc. is a China focused youth marketing and
media company whose business is to deliver advertising and content
to one of the most sought after and fastest growing demographics in
the world. Through its wholly owned subsidiary Youth Media (Hong
Kong) Limited, China Youth Media is engaged in the business of
providing advertisers and corporations with direct and centralized
access to China�s massive but hard-to-reach student population. For
more information, please visit http://www.chinayouthmedia.com.
About Xinhua Finance Media Limited
Xinhua Finance Media is a leading media group in China with
nationwide access to the upwardly mobile demographic. Through its
synergistic business groups, Broadcast, Print and Advertising,
XFMedia offers a total solution empowering clients at every stage
of the media process and connecting them with their target
audience. Headquartered in Beijing, the company has offices and
affiliates in major cities of China, including Beijing, Shanghai,
Guangzhou, Shenzhen and Hong Kong. For more information, please
visit http://www.xfmedia.cn.
Forward-Looking Statements
This press release contains certain forward-looking statements.
These forward-looking statements can generally be identified as
such because the context of the statement will include words such
as China Youth Media "expects," "should," "believes," "anticipates"
or words of similar import. Stockholders, potential investors and
other readers are cautioned that these forward-looking statements
are predictions based only on current information and expectations
that are inherently subject to risks and uncertainties that could
cause future events or results to differ materially from those set
forth or implied by the forward-looking statements. Certain of
those risks and uncertainties are discussed in the China Youth
Media filings with the Securities and Exchange Commission,
including China Youth Media�s annual report on Form 10-KSB and
quarterly reports on Form 10-Q. These forward-looking statements
are only made as of the date of this press release and China Youth
Media does not undertake any obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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