Network CN Adds 120 Advertising Panels in Changsha to Its Network
NEW YORK, December 13, 2007 (PR Newswire) — Network CN Inc. (OTC Bulletin Board: NWCN), a Chinese media and travel network company headquartered in Hong Kong, today announced that its wholly owned subsidiary Shanghai Quo Advertising Company has contracted to operate 120 roadside LED advertising panels in Changsha, the capital of Hunan province. Under the 5-year agreement with the government entity holding authority over the project, Network CN plans to install 70 of the panels in 2008 and the remainder in 2009.
Changsha, with a population of more than 6 million, is a transportation hub and one of China’s top 20 most economically advanced cities. Its GDP, above the national average, has grown at an average of 14% per year from 2001-2005. The city has attracted a tremendous amount of foreign investment, with nearly $1 billion worth of foreign direct investment recorded in 2005, mainly in high technology, manufacturing, food production and services.
In recent years, Changsha has also become an important creative center for television and entertainment, with its many TV stations producing some of the most popular programs in China, including “Super Girl,” an all-female Chinese version of the UK’s “Pop Idol” or “American Idol” in the U.S., ranking as the most watched program ever to air on Chinese TV.
“Under this agreement, which we negotiated directly without a joint venture partner, our subsidiary Quo will directly hold the media rights for LED panels comprising the Changsha project, so we will retain all of the revenues and profits and expect to achieve a positive return on our investment within three to four years,” commented Godfrey Hui, the Company’s Chief Executive Officer. “We are pleased to further strengthen the nationwide reach of our advertising network and our corporate growth prospects by entering into this agreement.”
Please refer to Network CN’s website (www.ncnmedia.com) for additional details.
About Network CN Inc.
Headquartered in Hong Kong, Network CN Inc.’s vision is to build a nationwide network in China that serves the needs of a variety of customers. The Company operates a Media Network, a Hotel Network and an e-Network. On the media side, Network CN is establishing a multi-media, multi-application advertising network in the key cities of China, focusing on outdoor advertising media. As of September 30, 2007, the Company had obtained rights to install and operate 653 roadside digital video panels, 6 mega-size digital video billboards and 24 rolling light boxes in the PRC. On the hospitality and hotel management side, Network CN is building a travel service platform to link up under one network, all the hotel properties under our management, whether owned by the Company or operated under lease or joint venture agreements. In addition, the Company is actively pursuing the development of an e-Network via the Internet.
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 financing, risks attending 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 Annual Report on Form 10-QSB filed with the Securities and Exchange Commission on November 9, 2007, 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.
Stanley Chu, General Manager
Network CN Inc.
Sean Collins, Senior Partner