Enjoy Media Reports 2006 Unaudited Annual Financial Results, Terminates Association With 10 Companies, and Plans For New Hotel Business Direction With Asia Times Enjoy Media Holdings Limited (OTC:EJYM) announced its unaudited financial results for the year ended December 31, 2006.
Highlights for the full year 2006:
-- Net revenues were US$2,075,217
-- Gross profit was US$912,845
-- Net loss was US$71,814
Enjoy Media also announced that it had signed termination agreements with the following companies; Guangzhou Enjoy Media Advertising Company Limited, Guangzhou ZhiRui Advertising Limited, Guangzhou Faxian Media Limited, Guangzhou Enjoy Tianhua Advertising Limited, Guangzhou Yidu Information Technology Limited, www.YYFC.com, Jinan HuiZhi Advertising Limited, Guangzhou U&D Advertising Limited and Elevator Advertising Limited on September 30, 2006; and Shanghai Super Media Advertising Limited on November 30, 2006 (collectively the “Terminated Companies”). Under the terms of the termination agreements, all issued shares related to the relevant acquisition agreements, total of 46,345,875 shares, have been returned and that the Terminated Companies are no longer associated with Enjoy Media.
On December 29, 2006, Enjoy Media entered into an agreement with Asia Times Limited, whereas Asia Times agreed to provide Enjoy Media with a hotel property and a business development plan in China’s lodging industry in exchange for 46,345,875 old shares of its common stock. Preliminary developments may include 3 new projects in Sichuan, Fujian and Guizhou provinces in China.
About Enjoy Media Holdings Limited
Enjoy Media is a media advertising and marketing company based in Guangzhou, China. It operates a diversified portfolio of media and marketing businesses in the southern China region including: outdoor advertising, TV programs, internet media and corporate marketing. It seeks to grow its business by acquiring and operating other complimentary media and advertising businesses across China. For information on the full range of businesses of Enjoy Media, please visit http://www.enjoymedia.com.
Forward looking statement
Certain information contained in these materials is “forward-looking” information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information.
Enjoy Media Holdings Limited Mr. Zhongwen Chen, (86)20-87601877 Fax: (86)20-87752697 ir@enjoymedia.com
Source: Business Wire (February 15, 2007 - 6:02 AM EST)
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