Network CN Inc. Announces New Contract Out-Of-Home Media Project in Shanghai
NEW YORK, Feb. 13 /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 Shanghai Zhong Ying Communication Engineering Company Limited (‘Zhong Ying’), a company incorporated in China and appointed by the Shanghai City Government to oversee the installation of 200 LED outdoor advertising panels in the Huangpu district of Shanghai, China. The Contract was signed with Network CN’s subsidiary, Shanghai Quo Advertising Company Limited (‘Quo’). Under the terms of the cooperation agreement, Zhong Ying will complete the government approval process and solidify the final locations of the LED panels, while Network CN’s subsidiary, Quo, will invest in and operate the LED panels. The contract grants Network CN exclusive rights to operate the LED panels for a 20-year period, and the Company expects to finish installation by the end of 2007. Additionally, the Company anticipates that it will begin to generate revenue from the installation of LED panels and the sale of advertising and other content during the second half of 2007.
Godfrey Hui, Chief Executive Officer of Network CN stated, ‘We are very excited to announce our second media contract in Shanghai, which represents one more step forward in our overall plan to establish an outdoor media presence throughout key areas of the city. Today’s announcement is particularly exciting because it grants us exclusive management of 200 LED panels in the Huangpu district — a very sophisticated section of Shanghai which, we imagine, could be a compelling area for outdoor advertisers. We are currently in the process of obtaining final rights to proceed with our two announced media projects, and we are operating with the goal of expanding into many more of Shanghai’s leading districts before the World Expo in 2010.’
For details of the agreements, 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.