Asia Global Holdings Corp. (fka AAGH)

[Alibaba100]

NEWS---NEWS:

http://biz.yahoo.com/prnews/080225/lam036.html?.v=101

Press Release Source: Asia Global Holdings Corporation

Asia Global Holdings Corporation Continues Restructuring of TV Entertainment Business; Appoints Industry Veteran to Spearhead Development
Monday February 25, 9:00 am ET

LOS ANGELES, Feb. 25 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) subsidiary China Media Power Limited (CMP), a 60% owned subsidiary of AAGH, has decided that CMP will discontinue the "Who Wants To Be a Millionaire" project. Further, Mr. Michael Mak has been appointed by the board to be fully responsible for the sale of all assets to be used to pay and satisfy any outstanding liabilities. The decisions were made by the CMP board of directors. The board sites poor performance by the sales and distribution team resulting in the project running at a continuous loss as the reason for the decisions.

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Idea Asia Limited, a wholly owned subsidiary of AAGH and the holding company of CMP, has issued a Demand Note to CMP for a repayment of loans in the amount of US$875,338.18. In the event that CMP fails to repay the loan on or before Feb 29, 2008, Idea Asia Limited will consider initiating liquidation of CMP to recover corresponding assets, possibly including intellectual properties rights.

"The purpose of this Demand Note is to recoup valuable assets from CMP, which is a joint venture 60% owned by AAGH. As the capital investor in CMP, we believe that this action is fully justified and the fair and proper thing to do for AAGH and its shareholders. Further, a positive outcome from this action would have a beneficial impact on the Company's continuing efforts in the TV entertainment business," said a company's spokesperson.

Further to the restructuring of the AAGH TV entertainment business, Idea Asia Limited announced the appointment of Mr. Dominique Ullmann as an Executive Director. Mr. Ullmann will spearhead the development of the TV entertainment business in China. He has over twenty years experience in the media and advertising business in Europe and Asia. Over the last fifteen years Mr. Ullmann has held executive positions in Asia with highly reputable media companies such as ATV of Hong Kong, STAR TV (Hong Kong and Singapore) and MindShare (a subsidiary of Group WPP).

"We are delighted to announce that we are making progress on the restructuring of our TV entertainment business, and even more delighted in the successful recruitment of a high caliber industry expert in Mr. Dominique Ullmann. Our TV Entertainment business will continue to build upon what has been established to date. Dominique's vast experience with TV stations and the media buying industry will contribute greatly toward achieving our goal of delivering quality TV programs in China and bringing in sales revenue along the way," according to AAGH CEO Michael Mak.