CHMD news--China Media Group Corporation Secures Online Advertising Rights
SAN ANTONIO, TX, Oct 08, 2007 (MARKET WIRE via COMTEX) -- China Media Group Corporation (OTCBB: CHMD) ("CMG") announces today it has entered into a cooperative agreement with Guangzhou Waho Culture & Media Co., Ltd ("GWCM") to provide the directory search engine and website for the China TieTong Communications Co., Ltd. Guangdong Branch ("Guangdong TieTong") Yellow Page Online directory. Under the agreement, CMG will obtain the advertising rights to certain advertising spots on the directory website. CMG is currently a minority equity holder in GWCM.
Mr. Con Unerkov, Chairman of China Media Group Corporation, stated, "Both internationally and in China, online advertising is the fastest growth area in the advertising industry. In China, the online advertising revenue is expected to grow from USD621 million in 2006 to USD2,188 million in 2010, an annualized growth rate of 37%. We believe that by providing the search engine and the directory listing services, we can commence selling online advertising by end of the fourth quarter this year."
Mr. Unerkov further added, "It is important to enter the online advertising sector with a recognizable brand name which Guangdong Tietong Yellow Page is. Guangdong Tietong is the provincial arm for China Tietong Telecommunications, one of the 6 licensed telecom carriers in China. Guangdong is next to the affluent market of Hong Kong and Macau, thus it provides an excellent opportunity for us to tap into the online advertising market for these locations."
GWCM was incorporated in the People's Republic of China in August 2006. Its mission is to become a leading new age "Online Advertising" and "Information Portal Website" for the Chinese Market. It focuses in 5 specific areas: "Online Directories," "Advanced Information Portals," "Online Advertising," "Print Media" and "Valued Added Services."
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