DALIAN, China, February 27, 2012 /PRNewswire-Asia/ -- China New Media Corp. (OTCBB: CMDI) (the "Company"), China's fast-growing advertising media company with a current outdoor media network located in Dalian, Shenyang, Tianjin, Shanghai and Beijing, today announced that the Company secured a one-year lease agreement for a LED screen located at No. 1 Times Square, New York City, effective March 1st, 2012, with a size of about 684 square feet. This is the first LED screen that the Company ever operates outside of China. China New Media will have a launching ceremony at Times Square on March 1st, 2012, 5:30 pm EST, and the screen will be switched on concurrently.
The 684 square-foot LED screen is a full color, high resolution LED display, and is located at One Times Square Building in New York City, one of the landmark buildings in New York City. Times Square is a major commercial intersection in Midtown Manhattan, New York City, United States. Iconified as "The Crossroads of the World" and the "The Great White Way", Times Square is the brightly illuminated hub of the Broadway theater district, one of the world's busiest pedestrian intersections. According to Travel + Leisure magazine's October 2011 survey, Times Square is the world's most visited tourist attraction, bringing in over 39 million visitors annually.
We are thrilled to launch China New Media's first LED screen outside of China, it is a significant milestone for our Company," stated Mr. James Wang, Chairman and CEO of China New Media. "While we continue to grow our business and market share in China, we have begun to expand our media platform and sales network directly to overseas market. This LED screen, which is named 'China Screen', will become a platform for Chinese enterprises to expand globally, a platform that facilitates more China domestic brands into international brands. We believe that we will significantly enhance our brand name by having this high profile media space located at one of the busiest district of New York City, and officially establish our footprint outside of China."
About China New Media Corp.
Founded in September 2000, Dalian Vastitude Media Group Co., Ltd., now known as 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 adverting 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.
Company Contact:
Rita Jiang, Executive Vice President of Finance
646-691-5047
Rita.jiang@gmail.com
www.gywj.cn
