Network CN Signs New Contract for 28 LED Video Panels and 24 Light Boxes on Shanghai’s Nanjing Road
Contract revenues expected to begin by mid-August
NEW YORK, June 26, 2007 (PR Newswire) — Network CN Inc. (OTC Bulletin Board: NWCN), a Chinese media and travel network company headquartered in Hong Kong, today announced that it has entered into an agreement to operate 52 two-sided rolling poster frame outdoor advertising panels located in the pedestrian mall on Nanjing Road (Nanjing Lu) in Shanghai. Network CN plans to convert 28 of the poster frames into LED digital video panels. Network CN will also convert the remaining 24 displays to bigger rolling light boxes to match the size of the new LED digital video panels.
The agreement, which could generate revenues for the Company by mid-August, 2007, extends through January, 2011. It was signed between Shanghai Chuangtian Advertising Company Ltd. and Network CN’s subsidiary, Shanghai Quo Advertising Company Ltd.
“All the panels are located in the pedestrian mall on Nanjing Road, which positions them ideally to capture the attention of our clients’ target audience. Together with the rights to two mega-size digital video billboards that we obtained in May 2007, we will have rolling light boxes, roadside LED panels and mega-size LED billboards covering the whole of Nanjing Road’s pedestrian mall. This is another significant milestone in the expansion of our media network business in Shanghai, one of the key metropolitan areas in China,” Godfrey Hui, Chief Executive Officer of Network CN, commented. “We are committed to creating value for our clients by leveraging our network coverage of the most exciting, highly visible areas in metropolitan China, spanning Beijing, Shanghai, Nanjing, and Wuhan.”
Nanjing Road is one of the most visited tourist attractions in Shanghai, with more than 600 stores, restaurants and art galleries. It is the “Number One Commercial Street in China” in terms of total annual revenues. The prominence of Shanghai is growing as the 2010 Shanghai Expo approaches, spotlighting the Company’s outdoor media presence.
“With the world-class events scheduled to take place in China in the next few years, we have secured a first-mover advantage in providing the highest-profile exposure for our clients’ advertising,” Mr. Hui added.
Please visit 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 March 31, 2007, the Company had obtained rights to install and operate 540 roadside digital video panels and 2 mega-size digital video billboards in the PRC. The Company also had five 2 – 4 star hotels in the PRC and roughly 730 hotel rooms under management.
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 Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission on May 21, 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