Network CN Announces Sale of NCN Management Services and Additions to Executive Team
- Media veteran William Au becomes President of China Media Operations
- Advertising executive Larry Rinaldi named Chief Strategy Officer of Media Operations
- Accounting professional Danny Chung joins Company as Sr. V.P. Finance
NEW YORK, September 4, 2008 /Xinhua-PRNewswire/ — Network CN Inc. (OTC Bulletin Board: NWCN – News), a Chinese media company headquartered in Hong Kong, today announced the sale of its NCN Management Services business unit in order to continuously focus on developing its media business. Included in the sale are NCN Management Services subsidiaries NCN Hotels Investment Limited and NCN Pacific Hotels Limited, both British Virgin Islands corporations, and a 55% interest, held in trust, in Guangdong Tianma International Travel Service Co., Ltd.
The Company also announced key additions to its management team.
“We have shifted our business direction from travel to out-of-home media since late 2006 and have been trying to sell our non-core business since Q2 2008. The sale of NCN’s travel services business will allow us to focus 100% on growing our media presence in China’s booming consumer economy,” commented Network CN Chairman Godfrey Hui. “As we focus on growing our media business, we are pleased to add to our management roster Bill Au, who will head our China media operations, Larry Rinaldi, who will advise on corporate and sales strategies, and Danny Chung, a seasoned accounting professional with multifaceted international experience and extensive knowledge of the taxation and compliance landscape of China.”
William Au, the new President of China Media Operations, has held senior management positions in advertising, distribution, digital media development and satellite channel operations and has also served as a consultant to overseas investors seeking to gain entry into the China market. His extensive experience includes executive positions with Chinese Art Channel, New World Allmedia and New World Digital Multi-Media Technology, members of the New World Group, Hong Kong’s MATV Limited satellite television channel, Asia Television Limited (Hong Kong), the ATV subsidiary of Asia Television Limited, Chinese Television Limited of Hong Kong and Taiwan, and Hong Kong’s Television Broadcasts Limited (TVB).
“Bill Au has over 30 years of media industry experience, practical knowledge and strategic contacts to lead our China media operations to a new and higher level of success,” commented Mr. Hui. “His background and enthusiasm position him perfectly to succeed, and to lead our success, in his role as President of China Media Operations as we look toward the 2010 Shanghai Expo and beyond.”
“It is an honor and an exciting opportunity to be named to this position,” said Mr. Au. “I look forward to working with the Network CN executive team and applying my experience to the growth potential of the Company’s innovative out-of-home media operations.”
Long based in Asia, Larry Rinaldi has held senior executive and management positions with various large advertising and media companies including Joy Media Group (China), the Personal Communications sector of Motorola (China), Wunderman Group (China), which merged with the direct and sales promotion segment of J. Walter Thomson, and Ogilvy & Mather (China, Tokyo, New York, Sydney, Los Angeles). He studied History and Pre-medical at the University of Hawaii and the Chaminade University in Honolulu, respectively.
“To build upon our success to date in media operations, we are pleased to welcome Larry Rinaldi to our management team as Chief Strategy Officer of Media Operations,” commented Mr. Hui. “His wide-ranging advertising background and track record of success in various capacities in Asia will provide us with an encyclopedic command of Asia’s booming media landscape and innovative strategic approaches to achieving further growth.”
“The strategic growth potential of Network CN is extremely exciting,” said Mr. Rinaldi, “and I am eager to explore that potential in all respects.”
Danny Chung has held senior finance, accounting and audit positions with Camelot Information System, Bausch & Lomb’s China joint venture, the Asia-Pacific Division of Bausch & Lomb and Lafe Computer. He gained audit experience with Ernst & Young’s Toronto office between 1988 and 1991. He holds a Professional Diploma in Accountancy from Hong Kong Polytechnic and is a member of several professional associations including the Canadian Institute of Chartered Accountants, Hong Kong Institute of Certified Public Accountants and the American Institute of Certified Public Accountants.
“Danny Chung brings wide-ranging finance and managerial experience and strong business acumen to Network CN,” Mr. Hui said. “We are pleased to add an accountancy professional to our team with proven experience working with internationally renowned Asian, Canadian and China-based organizations and significant expertise in China taxation and compliance regulations.”
“I look forward to joining Network CN at this exciting phase of its growth and development,” commented Mr. Chung.
About Network CN Inc.
Headquartered in Hong Kong, Network CN Inc. is building a multi-media, multi-application out-of-home advertising network in the key cities of China. As of June 30, 2008, the Company had obtained rights to install and/or operate 12,997 out-of-home advertising panels and billboards in China. The first phase of its network, consisting of 10 mega-size LED billboards, 117 roadside LED panels, 167 light boxes and one mega-size roller-sheet billboard, was launched in June, 2008.
This press release includes statements that may constitute “forward- looking” statements, usually containing the word “believe”, “estimate”, “project”, “expect”, “plan”, “anticipate” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, risks related to new management additions, the build- out of the Company’s media network, acceptance of the Company’s products and services in the marketplace, competitive factors and changes in regulatory environments. These and other risks relating to Network CN Inc. business are set forth in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for the period ended June 30, 2008, and other reports filed from time to time with the Securities and Exchange Commission. By making these forward-looking statements, Network CN Inc. disclaims any obligation to update these statements for revisions or changes after the date of this release.
Stanley Chu, Chief Communications Officer
Network CN Inc.
Sean Collins, Senior Partner
CCG Investor Relations and Strategic Communications