LFP - Large-Format-Printing
China New Media Corp. Announces Billboard Acquisition in Shenyang
Wednesday 26. January 2011 - China New Media Corporation (OTC Bulletin Board: CMDI) ("the Company"), a fast-growing advertising media company operating the largest outdoor media network in Dalian, China, today announced it entered an agreement with Shenyang Golden Hotel for acquisition of the operating rights of a billboard located at key business district on Qingnian Street in Shenyang city for a period of three years.
The Company plans to invest approximately RMB 3 million (US$ 455,000) to upgrade it into a mega-sized LED screen with size over 500 square meters (approximately 5,382 square feet). Once it’s been upgraded, the Company expects that it will become a new landmark for the city.
Taking into account the weather conditions, the Company expects the construction will be completed by March 2011 and generate sales revenue up to RMB 5 million (US$ 759,000) on annual basis.
Golden Hotel, opened in 1997, is one of the best four-star hotels in Liaoning province, and it’s located at the key business district in Shenyang Qingnian Street.Qingnian Street is the main street in Shenyang.
Shenyang, the capital city of Liaoning Province, is located at the center of the Northeast Asian economic zone and Bohai economic rim. Nationally, the city is an important strategic region for economic development and also an engine for reaching the northeastern advertising market. The 12(th) National Games of China in 2013 will be held in Shenyang, an event anticipated as an important opportunity for growth.
China New Media’s founder & CEO, James Wang stated, “We are very pleased with this new acquisition in Shenyang. This new contract has further expanded our outdoor media network in Shenyang. Together with our strategic alliance with Liaoning Daily Press Group, which allows us for the installation and operation of five LED screens in Shenyang, we will become one of the top-tier outdoor advertising companies in the city of Shenyang. We expect all the construction work will be completed by March 2011.”