BEIJING, Jan. 17 /Xinhua-PRNewswire-FirstCall/ -- P Phone Mobile Networks, Ltd. (a.k.a. Asia Premium Television Group, Inc.)(OTC Bulletin Board: ATVG)("P Phone"), a China-based mobile services and marketing company, today announced that it has entered into an agreement with the Globstream Technology, Inc. to acquire technology for the development of its P Phone personal media services.
Founded in 2004, Globstream Technology, Inc. ("Globstream") is a leading provider of mobile media services in the Great China Region. The company develops and owns mobile technology to facilitate the efficient delivery of multimedia content such as audio and video clips on mass-market feature phones over 2.5G-3G networks ("content delivery software").
According to the terms of agreement, P Phone will acquire exclusive, permanent global rights to Globstream’s content delivery software (in all areas except for financial or business-related content) for a consideration of US$960,000. The consideration is to be satisfied through the issuance of 240,000 new shares of P Phone (a.k.a. Asia Premium Television Group, Inc.) at US$4 per share. The agreement is expected to close within 30 days.
P Phone plans to use Globstream’s technology for the development of its P Phone personal media services. These services -- expected to launch in late 2008 -- will initially enable users to access targeted news and media content on their mobile phones. Later, the services will enable users to search and retrieve audio-video files with best-of-breed performance using Globstream’s content delivery software.
In conjunction with the signing of the agreement, the Company has announced two new management and director appointments.
The Company has appointed Dr. Wenjun Luo, to serve as a Chief Technical Officer and director of the Company, effective January 16, 2008.
Dr. Luo is a leading IT and mobile services professional with over 10 years of experience in the global handheld industry. While at Globstream, Dr. Luo rolled out the first wireless streaming audio/music portal for the mass mobile phone market in China and built strategic partnerships with major media companies and mobile carriers in China. Prior to Globstream, Dr. Luo served as a management consultant at McKinsey & Company’s Great China Office and held various management positions at Sun Microsystems, Palm, Inc. and 3 Com Corp. Dr. Luo earned an MBA from the University of California’s Haas School of Business in Berkeley, CA, a PhD from the University of Pennsylvania’s School of Electrical Engineering in Philadelphia, and a B.S. from Shanghai Jiao Tong University’s School of Electrical Engineering in Shanghai, China.
The Company has also appointed Mr. Pat McVeigh, former CEO of PalmSource, Inc., to serve as Chairman of the Advisory Committee of the Company, effective January 16, 2008. Mr. McVeigh brings to P Phone more than 20 years of experience in the high technology and consumer electronics industry. Prior to joining PalmSource, Inc., Mr. McVeigh served as CEO of Aliph Corporation, a developer of next-generation audio and speech technologies for mobile communications devices. At Aliph, McVeigh prepared the company for the commercial launch of their technology to the consumer electronics and cellular after-markets. Prior to that, Mr. McVeigh spent nearly 10 years with Apple Computer in the sales department. McVeigh holds a bachelor’s degree in psychology from Clark University in Worcester, Massachusetts.
Mr. Lo Pei De, Co-Chairman of P Phone, Inc. commented, "It is with pleasure that we welcome aboard Dr. Luo (as CTO and director) and Mr. McVeigh (as Chairman of the Advisory Committee). We have acquired rights to Globstream’s content delivery software because we believe it has strong synergies with our current technology portfolio. We look forward to working integrating this software into our personal media service platform to enhance the overall user experience of our mobile-based payment, media and marketing business in Jiangxi province."
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 operates in Mainland 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.
