Network CN Inc. Management Outlines Multiple Growth Opportunities for 2007
NEW YORK, May 14 /PRNewswire/ — Network CN Inc. (OTC Bulletin Board: NWCN), a Chinese media and travel network company headquartered in Hong Kong, today announced management’s belief that the financing gained in 2006, when combined with earlier-than expected achievement of key growth milestones, position the Company for potential strong growth in 2007.
As noted in the Company’s Form 10K for the fiscal year ended December 31, 2006 and subsequent press releases, the Company’s primary goal for the next 12 months to build a nationwide media network has progressed rapidly, including:
• Completion of the first phase of capital raising, with private placements amounting to over $10 million;
• Securing the rights to install and operate 625 roadside LED video panels and 4 mega-sized digital video billboards in Shanghai, Nanjing and Wuhan, which are undergoing the installation process and which will generate media revenues and business-segment profits very soon; and
• Establishment of a first-mover advantage in the growing specialty of out-of-home digital video billboards.
Godfrey Hui, Chief Executive Officer of Network CN, commented, ‘China’s advertising market is growing at a double-digit rate annually. We believe this pace is sustainable for the next few years. Network CN is seizing an unparalleled business opportunity with first-mover advantage in the relatively new specialty of out-of-home digital video billboards.’
‘The brilliancy and message-delivering flexibility of this new medium has enduring advantages of which our premium brand advertisers Montblanc, Movado and Chopard are already taking advantage. Moreover, we expect their peers and competitors will also recognize these advantages and respond accordingly,’ Mr. Hui continued. ‘With the recent acquisition of Quo Advertising, our expanded team has the expertise and vision to add significant value to both our customers and our shareholders.’
‘Among the fastest growing industries in China is the media sector. It offers investors one of the best ways to participate in the PRC’s robust consumer market growth. With a consumer market comprising 1.3 billion consumers, China ranks first worldwide in total TV households, newspaper circulation, total mobile users and total Internet users. And yet, the PRC’s per capita spending for advertising is currently at only 2% to 3% of U.S. levels. Consequently, we believe we are strategically positioned to capitalize on a long and very exciting growth cycle,’ Mr. Hui concluded.
Please refer to the Company’s website (www.ncnmedia.com) for more 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. As of December 31, 2006, the Company had five 2 – 4 star hotels in the PRC and roughly 730 hotel rooms under management. 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, 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 02, 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.