BEIJING, Jan. 30 /Xinhua-PRNewswire/ -- P Phone Mobile Networks, Ltd. (a.k.a. Asia Premium Television Group, Inc.)(Bulletin Board: ATVG)("P Phone"), a China-based mobile services and marketing company, today announced a clarification of its mobile business strategy for Jiangxi Province.
On January 3, 2008, the Company released a press announcement to disclose its mobile business expansion into Jiangxi Province through an agreement with the China Mobile and Communications Association ("CMCA") and its wholly-owned affiliate Union Max Enterprises, Ltd (“Union Max”).
Although the January 3 announcement contained accurate information regarding P Phone’s plans for expansion into China’s mobile sector, the release lacked sufficient detail regarding the company’s agreement with CMCA/Union Max.
Through the current press release, the Company wishes to clarify two points in regard to the January 3 announcement:
(1) P Phone Mobile Networks (a.k.a. Asia Premium Television Group, Inc.)
will not provide “basic” mobile services such as those provided by
China’s leading mobile operators, China Mobile and China Unicom, to
mobile users in Jiangxi province. Rather, P Phone plans to provide
"value-add" mobile services-such as resale of China Mobile minutes,
debit-card based mobile payment and mobile-based marketing services-
in partnership with China Mobile (Jiangxi).
(2) Through its agreement with CMCA/Union Max, P Phone Mobile Networks
(a.k.a. Asia Premium Television Group, Inc.) did not acquire 70%
equity ownership in Jiangxi Hongcheng Tengyi Telecommunication Company,
Ltd ("Jiangxi Hongcheng"), a local mobile services provider in Jiangxi
Province. Rather, P Phone entered into an agreement to work Jiangxi
Hongcheng to re-sell China Mobile minutes in Jiangxi Province.
According to the terms of the agreement, P Phone will be entitled to
70% of Jiangxi Hongcheng’s profits.
With exception to the clarified points above, the Company intends to
pursue its mobile services strategy in Jiangxi province as described
in the press announcement dated January 3, 2008.
About P Phone Mobile Networks, Ltd. (a.k.a. Asia Premium Television Group, Inc.)
P-Phone Mobile Networks Ltd (a.k.a. Asia Premium Television Group, Inc.) was incorporated in Nevada in 1989 and is operating in China. The Company’s principal executive offices are located at Suite 602, 2 North Tuanjiehu Street, Chaoyang District, Beijing 100026, People’s Republic of China: the telephone number is (8610) 6582-7900.
The information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the Company’s capital needs, business strategy and expectations. Any statements that are not of historical fact may be deemed to be forward-looking statements. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included from time to time in other reports or registration statements filed by the Company with the United States Securities and Exchange Commission. These factors may cause the Company’s actual results to differ materially from any forward-looking statements.