FUZHOU, China, Dec. 4 /PRNewswire-Asia-FirstCall/ -- China Yida Holding Co., Ltd. (OTC Bulletin Board: CYID; "China Yida" or "the Company"), a leading media and tourism management company, today announced that it has signed an agreement with the Yongtai County Government, effective November 27, 2008, to develop the largest leisure and tourism destination in the city of Fuzhou, the capital of Fujian Province.
Dr. Chen Minhua, Chairman of China Yida, said, "We are pleased to partner with the Yongtai County government to develop the largest leisure site in Fujian. We are confident that we can transform this site into a world-class leisure and vacation resort attracting visitors from neighboring coastal areas such as Fuzhou, Xiamen, Quanzhou and Putian, as well as from other parts of China and overseas.
"China Yida signed the final agreement with the Yongtai County government only one month after signing the letter of intent, which demonstrates our efficiency and good-standing relationship with the local government. We have already completed a marketing and investment feasibility study, as well as a branding awareness plan allowing us to immediately begin our construction process. With this site, we initiated a new approach of generating revenue early on by launching our operations during the construction process enabling us to reap benefits soon after development begins. This collaboration represents a significant milestone for the Company as it further strengthens our tourism business in the Fujian area," Dr. Chen added.
Under the terms of the agreement with the Yongtai County government, China Yida will own the operational and management rights to this site for 40 years, which reduces the risks and uncertainties related to the investment and contributes to China Yida's ability to secure a long-term return on investment. To its advantage, China Yida will not be required to pay the transfer fee for the management rights up front; rather, the cost of securing the management rights will be sourced from a percentage of site admission revenue and a percentage of revenue from other government-franchised operations associated with the destination. Additionally, in the event of termination or early termination by the Yongtai County government for any reason not related to a change in government regulation, the Yongtai County government will repurchase all of the tangible assets and part of the intangible assets from China Yida relating to the Company's investment in the development process at fair market value.
This tourism site is located in Yongtai County, which is approximately 45 kilometers away from Fuzhou, the capital of Fujian province. Surrounded by the low clouds and fog, the entire scenic site has a total area of 48 square kilometers and an altitude of 1,100 meters. This destination features more than 7 square kilometers of mountainous grassland, a 70 million year-old volcanic geological structure, an aboriginal volcanic waterfall, and a large-scale terrace and village with more than 1,000 years of history.
About China Yida
China Yida Holding Co. is a leading management company focused on China's emerging and fast-growing media and tourism markets. Headquartered in the city of Fuzhou, in China's Fujian province, China Yida provides media operations management services, including channel, column and advertisement management for television stations. It presently operates the Fujian Education Television station (FETV), a top-rated provincial education television station, whose advertisement management rights are wholly-owned by the Company. Additionally, the Company provides tourism management services, including management consultation, and specializes in the investment and development of natural, cultural and historic scenic sites. China Yida currently manages the Great Golden Lake's five scenic attractions: Golden Lake, Shangqing River, Zhuanyuan Rock, Luohan Mountain and Taining Old Town. China Yida has plans to further expand its portfolio in both the media and tourism businesses.
Forward-Looking Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of China Yida Holding Co., Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov .
For more information, please contact:
China Yida Contact:
Ms. Chen Xiao Xing
Vice President
Phone: +86-591-2830-8999
Email: chenxx@yidacn.net
Investor Relations Contacts:
Devin Jin
Taylor Rafferty, Shanghai
Phone: +86-21-6289-5658
Email: ChinaYida@taylor-rafferty.com
Delia Cannan
Taylor Rafferty, New York
Phone: +1-212-889-4350
Email: ChinaYida@taylor-rafferty.com
