Network CN Expands Geographic Reach Announces new out-of-home media project in Nanjing
NEW YORK, Feb. 15 /PRNewswire-FirstCall/ — Network CN Inc. (OTC Bulletin Board: NWCN), a Chinese travel and media network company headquartered in Hong Kong, today announced that it has entered into a business cooperation agreement with Nanjing Yiyi Culture Advertising Company Limited (‘Yiyi’), a company incorporated in China to manage and operate 100 LED outdoor advertising panels in the City of Nanjing, China. The agreement was signed between Yiyi and Network CN’s subsidiary, Shanghai Quo Advertising Company Limited (‘Quo’). Under the terms of the cooperation agreement, Nanjing Yiyi and Quo have obtained the right to install and operate the outdoor panels for a 20-year period.
Godfrey Hui, Chief Executive Officer of Network CN stated, ‘We are delighted to expand our media network beyond Shanghai and into China’s sixth largest city. Located in the Jiangsu province, Nanjing boasts a GDP of USD 31 billion, a population of approximately 8.2 million and annual tourism income of USD 4 billion. Many leading Chinese companies are based there and we will actively pursue media placements for these potential clients. We look forward to further strengthening our position in the out-of-home media business in China.’
Hui continued, ‘Including Nanjing, we could potentially install, manage and operate over 400 outdoor (2m x 2m) LED panels in China by the second half of 2007. While we have not yet generated any advertising dollars in our outdoor LED business, we expect to produce roughly USD 60,000 per LED panel per year once the network is up and running, which should begin later this year.’
Please refer to our website (www.ncnmedia.com) for more details of Nanjing and our media projects.
For details of the agreement, please refer to the Company’s Form 8-K filing with the Securities and Exchange Commission.
About Network CN Inc.
Headquartered in Hong Kong, Network CN Inc.’s vision is to build a nationwide network in China to service the needs of its customers. To achieve its vision, the Company has set out to build and run a Hotel Network, a Media Network and an e-Network. A Hotel Network has already been established. As of September 30, 2006, the Company had eleven hotels and roughly 2,350 hotel rooms under management. In addition, the Company is actively pursuing the development of a Media Network and an e-Network via the Internet and mobile communications.
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, continued 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 Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on April 14, 2006, 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.
SOURCE Network CN Inc. Source: PR Newswire (February 15, 2007 – 2:30 PM EST)